2.5 Business Plan

Question 1

Methods of Business analysis?

Answer 1

PESTLE or SWOT

Question 2

What is PESTLE analysis?

Answer 2

Political
Economical
Social
Technological
Legal
Environmental

Question 3

What is SWOT analysis?

Answer 3

Strength
Weaknesses
Opportunities
Threats

Question 4

What are issues related to staff turnover?

Answer 4

Expensive and time consuming to hire new staff
Expensive and time consuming to train staff
Affects team dynamics and productivity

Question 5

What are SMART objectives?

Answer 5

Specific
Measureable
Achievable
Realistic
Time-bound

Question 6

What is a joint venture?

Answer 6

A business arraingement, two or more parties pool their resources

Question 7

What is the difference between a business plan and strategy?

Answer 7

Strategy affects the fundamental choices of the business. Business plan deals with specific aspects and how they will be implemented to achieve the strategy.

Question 8

What is typically found in a business plan?

Answer 8

Executive summary
Strategy
Vision and mission Strategy
Products and services
Management team and personnel
Financial forecast
Responsibilities and targets
Training, resource and heirachy plans
SWOT analysis