2. Business Planning Flashcards
What is a business planning?
A business plan is a formal written document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved.
What are the different sections included in a business plan?
- Business Summary - Owner Background - Products and Services - The Market - Marketing Strategy - Market Research - Competitor Analysis - Operations and Logistics - Cost and Pricing Strategy - Financial Forecasts - Back Up Plan
Why is Business Planning Important?
Business Plans can help: - Secure investment or bank loans - Clarify business ideas - Set goals - Measure progress - Spot potential obstacles - Determine current market position
How would COVID-19 impact a Business Plans?
With the UK entering into recession, a companies objectives could change with it - key to reviewing: - The Market - Marketing Strategy - Operations and Logistics - Cost and Pricing Strategy - Financial Forecasts
What are short-term and long-term business goals?
Short-term strategies typically within a period of 1 year. Short-term goals: - Quickly implements to achieve change. - Contribute to long-term goals. Long-term strategies typically within a period of 5 year. - Give a business purpose to work towards. - Organise a company’s short-term goals to achieve visions.
What are SMART goals?
Goal setting tool for setting defined goals, these must be: o Specific o Measurable o Achievable o Relevant o Time-Bound
What is SWOT analysis?
A review by a business to identify its strengths, weaknesses, opportunities and threats.
What are Business Support Services?
Non-revenue generating roles within a company - providing internal support to professionals helping them focusing on their revenue producing roles. - Human Resources - Personal Assistance - IT Support - Accountants
What are 5-year Plans?
5-year business plans - typically used by start-up companies to obtain finance from banks or investors.
What is the relationship between staffing levels and company turnover?
Higher staffing levels = more projects = higher turnover produced.
Why is resourcing important?
Determines staffing levels which determined fee producing activity.
What are the different methods of resourcing?
• Training. • Recruitment – internal and external.
What is a Key Performance Indicator?
A measurable value to determine the success of project/venture.
What does the RICS business plan state?
The 2018 to 2021 business plan looks to to provide increased market confidence through our professional and ethical standards. - Influential thought leader -collaborating with others - Trusted by our stakeholders and society - Professional qualifications remain in demand - Sustainability in 21st century - (5% increase year on year, efficiency)
What are the three levels of business management?
- Corporate Level 2.Management Level 3.Operational Level
