Business Planning

Question 1

What is a business plan?

Answer 1

Formal statement of the company goals, reasons why they are attainable and the plan to reach them. Essential components include the executive summary and market analysis such as SWOT.

Question 2

What is a SWOT analysis?

Answer 2

Structured market analysis that analyses internal Strengths and Weaknesses to capitalise on Opportunities and mitigate Threats.

Question 3

What is a PESTLE analysis?

Answer 3

Analysis of key market factors:
Political
Economic
Sociodemographic
Technological
Legal
Environmental

Question 4

What do you find in a business plan?

Answer 4

The vision
Objectives and goals
Strategies and actions

Question 5

How do companies write a business plan?

Answer 5

Market analyses are carried out to identify business opportunities and success factors in their sectors. The business then develops goals and objectives along with strategies and actions to capitalise on these opportunities.

Question 6

What is your firms business plan?

Answer 6

TBA - asked Giles for a copy

Question 7

What tools do Blackrock use to manage its business?

Answer 7

Timesheet management system

Workplans including resource allocations

Question 8

How do you think an up to date business plan can help an organisation in the current economic climate / pandemic?

Answer 8

To seek funding
To gain new business
To help manage change / disruption
Business continuity
Budgeting