Business planning Flashcards

1
Q

What procedures does your firm adopt to ensure they are profitable?

A
  • Time sheets
  • Resource planners
  • Fee and cost reconciliation tools
  • on going team meetings
  • 1 to 1
  • Business development strategies
  • Yearly performance reviews
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2
Q

What issues would a company face with high turnover of staff?

A
  • Increase recruitment costs
  • training
  • inconsistent performance
  • low morale
  • loss of customers/ representational risk
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3
Q

What is included within a business plan?

A
  • An executive summary
  • Marketing strategy
  • Visions and missions statements
  • Products and services
  • Management team and organisational structure
  • Financial forecasts
  • Targets
  • SWOT and PEST analysis
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4
Q

How can a business plan help a company remain profitable?

A
  • highlight key business objectives
  • Assist with responding to change
  • Grow existing client base
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5
Q

Name the differnet types of business structures?

A
  • sole practitioner
  • partnership
  • Limited liability partnerships - run by partners, liability shared between how much they’ve invested
  • public limited company - run by shareholders
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6
Q

What are the different forms of businesses?

A
Sole Practioner 
Partnerships
Limited liability partnerships
Limited companies
Public Limited company
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7
Q

Whats the difference between LLP, limited companies and PLC?

A

LLP - run by partners, liability depends on how much interest you have in the company
Limited company - run by shareholders, liability limited to how many shares you have in the company
PLC - run by shareholders, but the shares can be
transferred freely on the stock exchange to anyone, a private limited company cannot sell shares this way. Accounts must be made available for public viewing.

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