4 - Business Planning

Question 1

What do you do to help you business remain solvent ?

Answer 1

Forecasting, reviewing profit margins, marketing, ensuring repeat custom, ensure to avoid claims, work within my competence.

Question 2

What could you sue to help evaluate the business

Answer 2

SWOT Analysis

PESTLE Analysis

Question 3

What is a business plan and when would you use it ?

Answer 3

A business plan is a formal written document containing the goals of a business, the methods for attaining those goals, and the time-frame for the achievement of the goals. It is used when seeking funding or expansion.

Question 4

What is the contents of a business plan ?

Answer 4

The overview, executive summary; general company description; the opportunity; industry and market; your strategy; the team; a marketing plan; operational plan; financial plan and the appendix

Question 5

What is solvency ?

Answer 5

the possession of assets in excess of liabilities; ability to pay one’s debts.

Question 6

When would you use a business plan ?

Answer 6

Seeking funding or expansive to justify and explain the case for this.

Question 7

What are the types of business plans ?

Answer 7

Start up business pans
internal business plan
growth business plan

Question 8

What is a creditor ?

Answer 8

Someone who you owe money

Question 9

What is a debtor ?

Answer 9

Some who owes you money

Question 10

What would you include in a business plan?

Answer 10

Executive summary
 Background
 management and organisation structure
 Markets
 Financial overview
 operational details

Question 11

What is a SWOT analysis?

Answer 11

SWOT analysis is analysing Strengths, Weaknesses, Opportunities and Threats. Competitors, prices of services, and consumer trends

Question 12

Why might you use this?

Answer 12

Within a business plan

Question 13

What is the purpose of a business plan?

Answer 13

The 3 most important purposes of a business plan are 1) to create an effective strategy for growth, 2) to determine your future financial needs, and 3) to attract investors (including angel investors and VC funding) and lenders.

Question 14

How often might you update a business plan?

Answer 14

Dependant on market conditions and growth .// direction of the business - every 12 months in some cases

Question 15

Why might financial information be included in a business plan?

Answer 15

They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders’ equity

Question 16

Give some examples of what is included in your employer’s business plan?

Answer 16

The company organogram, financial information and SWOT analysis - growth section drones and the use of technology

Question 17

What are some of your employer’s business targets & objectives for the current year?

Answer 17

Grow the team, reach the target set, recover and progress following covid and further promote our presence within the north east market place

Question 18

Give me some examples of some new business areas your employer could considering moving into.

Answer 18

The inclusion of technology such as laser scanning and drones into our offering to provide additional data within our services.

Question 19

Explain how you manage your own time to ensure you deliver projects in a cost-effective manner.

Answer 19

Consider my fee proposals, weekly and monthly invoicing, reference involvement and any increase

Question 20

Briefly explain your employer’s cost recovery fee model.

Answer 20

Cost recovery is a method of accounting in which a business only records the revenue it earns from a transaction at the time that the client has paid enough of the invoice that the business has recouped all its costs on the transaction.

Question 21

What other methods of fee recovery could be used?

Answer 21

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