Business Plan Flashcards
1
Q
What is a business plan and what would you need it for?
A
- Strategy implemented to generate revenue
- Model the services being offered
- Identify business niche or sector
- Route to market entry
- Costs associated with bringing the service to the market
- Identify a company’s aims and objectives and how they planned to achieve them
2
Q
What would you expect to see in a five-year plan for a business?
A
- Executive summary
- Key personnel
- Details of the services that are key to the business
- Market analysis -any pitfalls / opportunities? SWOT.
- Financial forecasts”
3
Q
Name some legislations that impact a business
A
- Minimum wage
- Pensions (Contributions)
- Parental Leave
- Sick Pay
- Holiday Pay
4
Q
What is a SWOT Analysis?
A
Illustrates market position, risks and potential . Informs strategic planning for objectives
* Strength – business characteristic
* Weaknesses – business characteristic
* Opportunities – Environmental Elements
* Threats – Environmental Elements
5
Q
What is a Pestel Analysis
A
- Political
o Economic
o Social
o Technological
o Environmental
o Legal
6
Q
What issues would a company experience with a high staff turnover?
A
- Increased recruitment costs
- Increased training costs
- Inconsistent performance
- Poor morale
- Lower customer satisfaction / reputation damage
- Loss of customers /repeat businesss
- Reduced profitability
7
Q
What is an investment appraisal?
A
- Used to determine whether a business of project would generate required levels of return and be financially viable
- Consider - ROI, NPV
8
Q
What components would you identify in a business plan?
A
- Exec summary
- Marketing strategy
- Mission statements
- Products & services
- Management team & organisational structure
- Financial forecasts
- Responsibilities & targets
- SWOT
- PEST
9
Q
How can a business plan help a company remain profitable?
A
- Assist securing new funding & investment
- Grow existing client base & projects pipelines
- Highlight key business obejectives
- Help respond to change
- Identifying new markets
- Resource planning
