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 and is longer term. Business plan deals with specific aspects and how they will be implemented in the shorter term to reach goal.

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