Business Planning Flashcards
What is the purpose of a business plan?
A formal statement of the business goals, how they are obtainable and the strategic plan for reaching these goals. It can help seek funding, gain new clients, focus priorities, set targets and budget plan
What might be included in a SWOT analysis?
S - operating hours, location W - marketing strategy, follow up procedures, O - resources underused T - competition, market growth
How often might you update a business plan?
Once a year, with a 3 year forecast
Do you know what’s in your employers business plan?
- To increase profit
- To reduce claims
- Raise standards
Explain how you manage your own time to ensure projects are cost effective?
I plan my day on an economic route, visit problem sites more frequently to reduce issues and manage potential claims
What’s in a business plan?
Executive summary, financial forecasts, marketing strategy, business opportunities, goals, SWOT
What might be included in a SWOT analysis?
S - operating hours, location W - marketing strategy, follow up procedures, O - resources underused T - competition, market growth
How often might you update a business plan?
Once a year, with a 3 year forecast
Do you know what’s in your employers business plan?
- To increase profit
- To reduce claims
- Raise standards
Explain how you manage your own time to ensure projects are cost effective?
I plan my day on an economic route, visit problem sites more frequently to reduce issues and manage potential claims
What’s in a business plan?
Executive summary, financial forecasts, marketing strategy, business opportunities, goals, SWOT
What would you expect to put in a short term (6-12month) business plan when setting up own practice?
Review market regularly given COVID situation, monitor clients needs, monitor market direction/growth, monitor client habits. Funding?
With Covid, do you think a short term business plan is feasible?
Yes, but I would review regularly, every 4 weeks, just to monitor situation depending on lockdown etc
Would you approach a business plan differently since COVID?
Yes, I would factor in funding and protecting firms money in case of lockdown.
What types of business plan are there?
Strategic, internal, departmental, growth, start up
