This is a big struggle of mine

Answer:

According to the scenario, the individual wants to set up a travel business where they would provide cycling tours for desired locations. They have decided to accommodate 20-30 cyclists at a time while assisting coordinating members. They will conduct a 7-14 days trip where the cycles and equipment will be moved by shipping containers to the starting point. They will also provide accommodation in a caravan for overnight and BBQ breakfast and meals.

 

The individual needs to follow several steps to make a business plan based on the proposal:

 

1. SWOT analysis:

Based on the proposal, the SWOT analysis will be conducted that will explain the positive and negative aspects of the business which are as follows:

 

Strength: The travel business has human as well as financial resources to carry out the daily operations and has a proposed budget.

Weaknesses: The company has limited budget as well as experience in the market. 

Opportunities: The business proposal has the potential to attract more customers and create their USP (Unique selling point) by providing cycling tours and accommodations at caravan.

Threats: The business proposal has a very high competition in the tourism industry. 

 

2. The business proposal is viable in the market. There are certain determinations on the viability of the business proposal which are as follows:

 

a. Unique value proposition: It explains the uniqueness of the solution provider and differentiate from competitors by providing cycling tours and caravan accommodations.

 

b. Competition: It explains the competitive environment so the business can perform differently and resolve queries more effectively than others.

 

The business proposal has risks of high competition, and risk of accidents and damage of bicycles and equipment. But the company would adopt risk management strategies to encounter such issues. While considering the risk management, the company needs to decide whether they should develop the business or not.

 

3. The individual would go for the business. Now, the team would like to agree on a business name which could be Happy Tours and Travel. 
 

4. The mission statement of the company will be 'To fulfil the dreams of travellers and clients by providing unique experience while maintaining a sustainable environment.' 

 

5. The vision of the company will be 'to become innovators and leaders in the travelling sector and expand the business chain into several countries.'

 

The value statement of the company will be providing customised and quality services to the customers, close interactions and ensure their safety. 

 

6. The preliminary organization chart showing the different functions is attached in the explanation section. The following are the important functions involved:

 

a. Operations- The operations of the tour business include providing cycling tours in the capital city and international tours to several nearby areas. Separate managers are appointed to run the departments efficiently.

b. Administration- The administration function is extremely important as it includes managing all the day to day activities involved to execute the business efficiently. It includes the general manager and the logistics manager. 

c. Accounting- The accounting function is also essential to manage the funds and costs involved in running the business efficiently. 

d. Human resources- This function is involved in appointing the right candidate for the business to run efficiently. 

e. Customer service- The customer service function deals with the complaints and addressing the requirements of the clients. 

 

7. The functional unit selected is the human resources department. This department deals with all the activities related to the employees in the business and ensures that the appropriate candidates are hired for the job responsibilities. A draft management plan for this department is as follows:

 

Goal- The goal of this department is to hire employees who have complete knowledge of cycling and the areas they reside in to manage the operations department. The employees for the other departments also need to be proficient and have sufficient knowledge and be appointed carefully. 

 

Responsibilities- The responsibilities of the HR department include the following:

a. Appoint efficient workforce for each department. 

b. To provide the employees the necessary resources to help them work efficiently.

c. Ensure that the employees are satisfied with their responsibilities and benefits that they are receiving.

d. Provide them training as and when required to help them perform better. 

e. To ensure that they are receiving their perks and salaries on time. 

 

Forecast - The HR department needs to forecast the budget for appointing the appropriate employees in each department so that all the tasks are carried out effectively. The estimated budget forecast is added in the explanation part.

 

Approval- The estimated budget is shared with the accounting department and the owner for approval of the budget and the requirements. 

 

Final review- Once the department gets the approval it is important to review the proposal and check if all the parts are covered in the plan. 

 

8. The company would consider following two key result areas (KRAs) for the team:

a. Customer satisfaction level: The company would consider customer satisfaction level as a KRA element as it allows the team to understand whether the customers are happy with their services and showcase overall performance.

 

b. Profitability: This KRA element would help the team to analyze the position in the industry and to measure its profitability in terms of revenue and expenditure of the business. 

 

9.  The following operational plan is developed to accomplish two mentioned KRAs along with the list of operations within the unit:

 

a. Mission and Vision: The mission of the company is to provide an unique experience to the travellers and the vision of the company is to expand their business worldwide by fostering innovation.

 

b. Define goals and strategies: The main aim of the business is to achieve two KRAs that are customer satisfaction and profitability. 

The company would adopt some strategies such as outsourcing food suppliers, and collaborating with carrier service provider in order to accomplish KRAs.

 

c. Plan list of operations or activities: The company needs to perform several operations:

I. Marketing and promoting agency: The company will promote the agency and create an awareness among the customers.

II. Ticket booking: The company also needs to book the tickets for the customers as well as arrange the accommodations.

III. Design tour package and prepare documentation: The company needs to design the routes of the tour and process the travelling documents of the customers such as passports and other documents.

Iv. Conducting tours: The company needs to execute activities according to the designs and the supporting teams will be responsible for their food, luggage, travelling, and safety. 

 

d. Assign responsibilities: Supporting and coordinating teams are responsible for managing the travellers. The HR department is responsible for hiring people and the finance department is responsible for calculating budget, and fixing financial requirements.

 

e. Control and monitor: Lastly, the managers would monitor the actions of staff and evaluate the gap so that corrective actions can be taken before the occurrence of any heavy loss.
 

10.  The following resources will be required for the implementation of the operational plan:

 

a. Proficient Manpower: The most important resource is the manpower which is required to perform the tasks related to management, logistics, mechanics, carrier servicing, and administrative tasks. 
 

b. Shipping container: A shipping container will be required to transport the bicycles and the other equipment of the cyclists with full safety and security to the starting point.

 

c. Support vehicle: A support vehicle is required to travel along with cyclists during the tour.

 

d. Camping equipment: The equipment that can be used in the camping for the night stay need to be arranged and carried during the tour. 

 

11. Additional resources that are currently not available:

a. Photography and cinematography equipment: The company can use photographers and cinematographers to capture the moments of the tour. These would require high-tech cameras, high efficiency laptops and other devices. 

 

b. Vending machines and tools for beverages:  The company can use vending machines for children as well as younger people in summer and other machines for beverages.
 

12. The company need to introduce the following strategy to obtain the additional resources such as team of cinematography and photography:

 

Recruitment process for professional photographers: The HR department will conduct a hiring process to screen the applications, take interviews, and select appropriate candidates.

 

13. The following milestones are identified while implementing the operational plan:

 

a. 80% distribution of tickets: The company would focus on distributing at least 80% of their tickets that will help to generate more revenue as well as maximise the customers. 

 

b. Safe transportation of Bicycle and equipment: The company would focus on transporting bicycle and equipment safely to the starting point of the cycling tour while controlling the cost. It would help them to reduce their expenditures .

 

c. 95% success in documentation process: The company would focus on fulfilling compliance requirements and successfully process 95% of documents.

 

14. The checklist is developed on the basis of an operational plan which has monitored the progress and effectiveness of the plan. The checklist is given in the explanation part.

 

The monitoring factors for aforementioned checklist are as follows:

a. Progress: The aforementioned checklist clearly shows progress in each and every component of operational planning.

b. Performance: The day-to-day target completion and strategic objective completion is showing great performance of the company.

c. Budget: The company is making expenditures as per their budget and strictly following the expected financial figures to control the cost and generate revenue.

 

15. To monitor and review the implementation of the operational plan, the business owner needs to consider various features and aspects which will help them manage effectively. They are as follows:

 

a. By creating accurate monitoring frameworks and reviewing the operational plan the company can identify the exact lacking areas.

b. By consistently including aspects the owner can identify ongoing changes in the tour business and make the entire team aware of it.

c. By comparing the services with competitors and conducting initial research the tours business can understand the possible improvements that are needed.

d. By using appropriate controlling and monitoring tools efficiently measure the progress of the plan.
 

16.  The following contingency plans are identified on the basis of certain operational risks such as risks of accident and damage, risk of lack of resources, and risk to the health and safety of travellers:

 

a.  Insurance for the equipment and resources: The company can buy insurance for the equipment and all the resources that need to be moved.

b. Creation of a backup plan: The company can procure the resources from their local suppliers at urgent situations.

c. Hiring and assisting medical staff: The company can hire medical staff to encounter health related issues as such issues are very uncertain.

 

17. Intellectual property is the illustration of intangible things, such as patents, copyrights, trademarks, ideas, and concepts.

 Few strategies included in a plan to protect the intellectual property are as follows:

a. Proper scrutiny: The organization needs to have world-class proper security for protecting or securing the IP. 

b. Expert consultancy: The company can take advice from certified attorneys to maintain the safeguarding of the trademark, patent, or any other IP security.

c. Separate terms:  The company can provide separate access to different departments as providing full access to any department can misuse the information.

d. Ideas should be innovative: Continuous and proper research ensures the idea developed is unique. It will eventually help in protecting IPs from rivals.

e. Keep record of everything: In order to protect IP from unwanted loss or theft, proper record of progress is required at daily intervals. 

 

Step-by-step explanation

According to the scenario, the individual wants to commence a start-up for a travel business. They are planning to provide cycling tours for desired locations, for instance, tours to Tasmania in summer, tours of wine regions in hotter temperature, and tours to tropical areas in winter. They are also planning to accommodate 20-30 cyclists at a time and assign team members to support and coordinate the tour. The individual is planning to equip a shipping container for carrying and moving the bicycles and equipment to the travelling points.  They will conduct the tour for 7-14 days. The MAMIL's will pay for their travelling cost to come to the starting point and return from the point. The facility of camping and caravan will be also provided to the travellers for overnight accommodation and will offer BBQ breakfast and evening meal.

 

After considering the business idea, the individual needs to propose it into the business plan where they need to perform several tasks which are as follows:
 

1. SWOT analysis:

The SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis will be conducted for the proposal that will explain the positive and negative aspects of the business and help to make a decision regarding whether the individual should go for the business or not. The conducted SWOT analysis is given below:

 

Strength: After considering the business proposal, it is cleared that the travel business has human as well as financial resources to carry out the daily operations smoothly. The business is also having a proposed budget and plan for the operations which would help to bring efficiency and effectiveness.

 

Weaknesses: Based on the business proposal, the company is new to the travel and tourism industry so they lack experience. They do not have all the resources as well as have a limited budget to perform their daily operations.

 

Opportunities: The business proposal has the potential to attract more customers and travellers and create more customer base in the market. They have the opportunity to create their USP (Unique selling point) by providing cycling tours and accommodations at caravan.

 

Threats: According to the business proposal, they have a very high competition in the tourism industry as lots of other travelling agencies are providing different facilities and offers at lower prices. 

 

2. From the mentioned SWOT analysis, it is cleared that the business proposal is viable in the market. There are certain determinations on the viability of the business proposal which are as follows:

 

a. Unique value proposition: The uniqueness of the business is one of the important determinants that shows the viability of the business proposal. It explains why the solution given by the business is unique and why customers will attract and buy services from the business over other competitors. The unique value proposition of the business is providing cycling tours and caravan accommodations which would attract more travellers.

 

b. Competition: Analysing and understanding competitors is a very important task as it explains how the business can perform differently and resolve queries more effectively than others. In simple terms, the travelling business will be able to understand what facilities can target more people and create a different place in the market.

 

The business proposal has several risks such as high competition, risk of accidents and damage of bicycles and equipment, and other risks. But the company would adopt risk management strategies to encounter such issues. While considering the risk management, the company needs to decide whether they should develop the business or not.

 

3. Based on the determination of viability, risk management, and SWOT analysis, it is assumed that the individual has decided to develop the business. Now, the team would like to agree on a business name which could be Happy Tours and Travel. 

 

4. After deciding a name for the business, the company needs to set the mission statement. The mission statement of Happy Tours and Travels will be 'To fulfil the dreams of travellers and clients by providing an amazing and unique experience while maintaining a sustainable environment.' 

 

5. The company needs to establish a vision statement along with the value statement. 

The vision of Happy Tours and Travels will be 'to become innovators and leaders in the travelling sector and expand the business chain into several countries.'

 

The values statement of the company will be providing customised and quality services to the customers and resolve their queries as soon as possible. The company will also interact with customers regularly to understand their requirements and ensure their safety. They will also act as a professional towards their customers as well as teams.
 

6. The preliminary organization chart indicating the operations of the business is as follows:

 

The organizational chart for the tour business shows the different functions which will play an important role to conduct successful business operations. The tour business also requires different departments to manage the activities efficiently and help to provide their clients the best possible services. The following are the different departments based on the functions that will be included in the tour business:

 

a. Operations- The operations of the tour business include providing cycling tours in the capital city and international tours to several nearby areas. These operations are required to be handled separately as it includes several minor complexities. Thus, there are two separate managers appointed for the operations.

 

b. Administration- The administration function is extremely important as it includes managing all the day to day activities involved to execute the business efficiently. It includes the general manager looking after all the paperwork and management for smooth running of the business. Along with this, there will be several activities to manage for the logistics involved in case of international tours. To manage the logistics a manager is appointed to make sure the clients are provided with everything required.

 

c. Accounting- The accounting function is also essential to manage the funds and costs involved in running the business efficiently. It will keep a track of the profits or losses incurred from the operations and take necessary actions to manage the overall expenses involved.

 

d. Human resources- This function is involved in appointing the right candidate for the business to run efficiently. It is extremely important to select appropriate candidates for the jobs in the business so that the activities are carried out efficiently and without any hindrance. Thus the HR department plays a vital role in the business.

 

e. Customer service- The customer service function deals with the complaints and addressing the requirements of the clients. This department is essential as it helps in setting the right image of the business in front of the customers. By providing good customer service to the clients it is possible for them to retain the clients and create a strong market among the competitors.

 

7. The functional unit selected is the human resources department. This department deals with all the activities related to the employees in the business and ensures that the appropriate candidates are hired for the job responsibilities. A draft management plan for this department is as follows:
 

Goal- The goal of this department is to hire employees who have complete knowledge of cycling and the areas they reside in to manage the operations department. The employees should be healthy and fit to manage the client requirements and if any complex situations come up during the tour. The employees for the other departments also need to be proficient and have sufficient knowledge to manage the tasks and lead the business towards profits and make it the market leader in the industry.

 

Responsibilities- The responsibilities of the HR department include the following:

a. Appoint efficient workforce for each department and ensure they are fulfilling their responsibilities.

b. To provide the employees the necessary resources to help them work efficiently for the benefit of the business.

c. Ensure that the employees are satisfied with their responsibilities and benefits that are provided to them.

d. Provide them training as and when required to help them perform better and improve the business operations.

e. To ensure that they are receiving their perks and salaries on time and they do not have any trouble working for the company.

 

Forecast - The HR department needs to forecast the budget for appointing the appropriate employees in each department to ensure they are attaining the required experience and expertise in managing the operations efficiently. The following is an estimated budget for the employees required in the different departments.  
 

Department	No. of employees	Estimated salary/ each
Operations	3( one in capital city and two for international operations)	$ 3500- Capital city $5000- International
Administration	2- Administrative activities 3- Logistics	$ 2000- Administrative activities $ 3000- Logistics activities
Accounting	1- Accounting professional	$4000
Human resources	2- HR professionals	$ 3200
Customer service	3 - Handling complaints and managing queries	$ 2500

 

Approval- The estimated budget is shared with the accounting department and the owner for approval to ensure that the required budget is sanctioned for the business to hire the required professionals. 

 

Final review- Once the department gets the approval it is important to review the proposal and the requirements highlighted to ensure they have not missed any important aspect and will be able to provide the best outcome with the team they will appoint.

 

8. The company would consider following two key result areas (KRAs) for the team to define the scope as well as goals of the business and helps to measure their outcome and overall performances on regular  basis:

 

a. Customer satisfaction level: It is considered as a KRA element as it helps to measure the satisfaction level of the customers. It allows the team to understand whether the customers are happy or not with their services. One of the main aims of the business is to provide unique experiences to the customers so the expansion of business depends on its services and customer's satisfaction level.

 

b. Profitability: The company would consider profitability as a KRA element as it would help the business to analyze the position in the industry. It will also allow the team to measure its profitability in terms of revenue and expenditure of the business. In case the business fails to earn profits, the team would not be able to provide quality services to their customers and manage their finances.

 

9.  The following operational plan is developed to accomplish two mentioned KRAs along with the list of operations within the unit:

 

a. Mission and Vision: The mission of the travel business is to provide an unique experience to the travellers while maintaining sustainability. The vision of the company is to expand their business worldwide by fostering innovation and creativity.

 

b. Define goals and strategies: The main aim of the business is to achieve two KRAs that are customer satisfaction and profitability. They would design their operations and strategies in such a way that would help to get innovative ways to provide tour services while charging less and controlling their expenditures.

 

The company would adopt some strategies in order to accomplish KRAs such as outsourcing food suppliers who will provide food items at lower cost, and collaborating with carrier service provider who will charge less to move bicycles and equipment by shipping containers.

 

c. Plan list of operations or activities: The company needs to perform several operations which are as follows:

 

I. Marketing and promoting agency: The company will firstly promote the agency and create an awareness among the customers regarding the travel services as well as unique offerings of the business.

 

II. Ticket booking: The company also needs to book the tickets of the customers as MAMILs are responsible for their own travelling expenses so in that case, the company can charge for their ticket booking process.

 

III. Design tour package and prepare documentation: The company needs to design the routes of the tour in order to create a smooth functioning of the business. The routes will be informed to the customers so that they can engage with the trip. The company also needs to process the travelling documents of the customers such as passports and other identity documents.

 

Iv. Conducting tours: Once the company prepares the plan, they need to execute every activity according to the designs. In this stage, the supporting teams such as the logistic team will be responsible for their food, luggage, travelling, and safety. 

 

d. Assign responsibilities: The company will assign different people to perform different tasks such as the supporting and coordinating teams which come under the logistics department are responsible for managing the travellers and ensure that they are getting better experiences. The HR department is responsible for hiring people who can attract more customers, and take care of them on the trips. The finance department is responsible for calculating budget, and fixing financial requirements.

 

e. Control and monitor: Lastly, the leaders or managers need to control and monitor the actions of staff in order to maintain an efficient process as well as evaluate the gap so that corrective actions can be taken before the occurrence of any heavy loss.

 

10.Operational plan is concerned about alignment and connection of  all the resources which are necessary for the successful implementation of the business plan. The resources which are 

required for the implementation of the operational plan are discussed below:

a. Proficient Manpower: The most important resource is the man power which is required to perform the task in the project. The skilled personnel who have a knowledge of touring, cycling, managing people and business operation management need to be hired. The manpower must be competent in performing all the tasks well and solving all the issues in order to ensure that the customers get the best experience during the tour. The team must include a mechanic, who will repair the bicycle when it breaks down, a medical expert or a doctor who will be traveling with the cyclists and a tour manager, who will be responsible for monitoring the activities in the tour. 

 

b. Shipping container: A shipping container will be required to transport the bicycles and the other equipment of the cyclists with full safety and security to the starting point from where the tour will start and then transport back to the cities of the cyclist.

 

c. Support vehicle: A support vehicle is required to travel along with cyclists during the tour. The support will be carrying all the necessary equipment that the cyclists will need during the tour and the things that will be useful in emergencies.The support vehicle will carry a first aid box that can be used in case there is an accident during the tour, especially in the remote areas where the medical facilities are not easily accessible. The repairing tools are needed to carry so that the cycle can be repaired as and when required.

d. Camping equipment: The equipment that can be used in the camping for the night stay need to be arranged and carried during the tour. The camping equipment will include the tents, cooking equipment, food items etc.

11. Additional resources that are currently not available:

a. To get on-sight data of what goes on in the cycling tours, a preliminary team of photographers and cinematographers can be used. These would require high-tech cameras, audio recorders, high efficiency laptops with purchased editing softwares. The media equipment can also be rented with other rentals in the operational plan.

 

b. As the program is going to be held during multiple holiday seasons, there is a high possibility of maximum population inflow which means more opportunities for vending machines and children refreshments, amusements, and games. According to the season, the kind of festivals and special events should also be considered keeping the various cultural sensitivities of diverse groups in mind so that there are no date clashes or conflict of interest.

 

12. The company need to introduce following strategy to obtain the additional resources such as team of cinematography and photography:

Recruitment process for professional photographers: The HR department will be responsible for obtaining the team of photographers and cinematographers. They would screen the applications, conduct interviews and selection process, approve the finances, provide training to the selected candidates, and provide appointments to the candidates. They may also outsource the consultancies to hire professional candidates on behalf of them.

 

13. The following milestones are identified while implementing the operational plan:

 

a. 80% distribution of tickets: The company would set a milestone of distributing at least 80% of their tickets while performing their operation plan. The more distribution of tickets will help to generate more revenue as well as maximise the customers. The milestone would help the company to accomplish their KRAs and improve their customer base.

 

b. Safe transportation of Bicycle and equipment: The company would set a milestone of transporting bicycle and equipment safely to the starting point of the cycling tour while controlling the cost. It would help them to reduce their expenditures and improve customer services which would accomplish the KRAs. It would also help them to move the equipment and bicycle without causing any damage and losses.

 

c. 95% success in documentation process: The company would set a milestone of fulfilling 95% of document process and meeting the compliance requirements regarding travelling abroad. They need to process the documents of the customers such as travelling passports, identity cards, and other documents. Failure to meet the compliance requirement can reduce the reliability and goodwill of the company.

14. The operational plan usually has one year of time horizon. It helps to justify the annual budget request. Operational plans are the part of bigger strategic plans. The main motive of operational planning and its monitoring is to check the progress of the organization on a timely basis like within the horizon of one year. This can be addressed with the help of a checklist which is as follows:

 

The monitoring factors for aforementioned checklist are as follows:

 

a. Progress: The overall progress shows effectiveness of the operational plan. When the vision, mission, and day-to-day objectives are accomplished the company shows positive results and achievement of the assigned targets. The aforementioned checklist clearly shows progress in each and every component of operational planning.

 

b. Performance: Progress and performance are directly related to each other. When there is progress in the components, it will show positive results and performance. The day-to-day target completion and strategic objective completion shows great performance of the company.

c. Budget: Allocation of budget is very important in every department. Operational plans include planning of daily activities. Sanctioning the budget for daily operations is another monitoring factor. If the managers effectively analyse daily fund needs, it will be easy for the company to arrange funds and manage their portfolio on time.  Therefore, proper budget allocation with justification is important for a company's progress and overall performance.

15. To monitor and review the implementation of the operational plan, the business owner needs to consider various features and aspects which will help them manage effectively. They are as follows:

a. By creating an accurate monitoring framework and being focused on it while reviewing the operational plan for the tours business. This will help them to understand the exact areas where the business is lacking and address them accurately.

b. By consistently including all the important aspects which can lead to managing the issues efficiently and help in implementing the plan successfully. This will help the owner to identify ongoing changes in the tour business and make the entire team aware of it to achieve continuous effectiveness.

 

c. By carefully identifying the comparison points from various different sources such as the competitors and the initial research conducted for the tours business to understand the possible improvements that can be included at every point of the plan to gain success.

 

d. By using appropriate tools efficiently to periodically monitor and review the progress of the plan and help the entire team to understand and analyze better ways to reach the outcome successfully.

 

16.  The contingency plans are identified on the basis of certain operational risks such as risks of accident and damage, risk of lack of resources, and risk to the health and safety of customers. Such plans would help to mitigate the risk and minimise its impact which are as follows:

a.  Insurance for the equipment and resources: The company can buy insurance for the equipment and all the resources that need to be moved. In case of any accident or damage, the insurance will help the company to claim their losses. It would help them to mitigate the risk of loss.

 

b. Creation of a backup plan: The company can make a backup plan for emergencies. In case the existing suppliers fail to supply food items and other resources, the company can use their back up plan and procure the resources from their local suppliers. They can hire suppliers from outside of the countries also. It will help them to mitigate the risk of lack of resources and maintain customer satisfaction.

c. Hiring and assisting medical staff: The company can hire medical staff as they would help during health emergencies. Every tour should have a medical staff to encounter health related issues as such issues are very uncertain. It would help the company to conduct their tours smoothly.

 

17. Intellectual property is the illustration of intangible things, such as patents, copyrights, trademarks, ideas, and concepts.

 Few strategies in a plan to protect the intellectual property are as follows:

a. Proper scrutiny: In the organization, if most of the work is outsourced from global partners or domestic partners, it becomes a key responsibility to check out whether they have employed world-class proper security for protecting or securing the IP. So, it is mandatory to safeguard the IP with strong access control and non-disclosure agreements.

 

b. Expert consultancy: Advice from certified attorneys helps in getting standard solutions. It will help in safeguarding the trademark, patent, or any other IP security under proper guidance of attorney. It will be always helpful for organization to have knowledge, guidance, and control of the rights. In the long run, if there are any legal issues, confusion, threatening of the security with the aid of attorney standard solutions in such cases will ensure protection from such issues.

 

c. Separate terms: It is feasible that engineering or technical teams should be geographically divided and should not be provided full access to the whole product. This is because in order to undermine the sanity and security of the products, numerous teams are required to work together to have complete access to the product. Thus, separation of duties is a key principle of information security that can help in the protection of IP.

 

d. Ideas should be innovative: Continuous and proper research ensures the idea developed is unique. This is the reason it explains that creativity helps in making quick revolutionary leaps. It somehow becomes crucial to keep the ideas creative and innovative; this will eventually help in protecting IPs from rivals.

 

e. Keep record of everything: In order to protect IP from unwanted loss or theft, proper record of progress is required at daily intervals. From the inception of ideas, the multiple meetings held, when and where to be held, to the name of person who were at the meeting or was the part of the events is required to be properly maintained. So, if the proper copy of each event is maintained it makes it easier to work and works as a proper evidence of ownership of the product or idea developed by the owner.

Reference:

https://www.smartsheet.com/content/key-result-areas

https://www.lucidchart.com/blog/org-chart-templates

https://smallbusiness.chron.com/effective-hr-travel-agency-38813.html

https://smallbusiness.chron.com/write-department-business-plan-58704.html

https://cleartax.in/s/how-to-protect-your-intellectual-property

https://researchforevidence.fhi360.org/5-features-of-a-monitoring-evaluation-and-learning-system-geared-towards-equity-in-education

https://edge.siriuscom.com/infrastructure-operations/5-key-factors-of-a-successful-monitoring-program

https://www.forbes.com/sites/accenture-india/2021/08/04/indias-community-changemakers/?sh=3913f2c640b0