Business planning Flashcards
What procedures does your firm adopt to ensure they are profitable?
- Time sheets
- Resource planners
- Fee and cost reconciliation tools
- on going team meetings
- 1 to 1
- Business development strategies
- Yearly performance reviews
What issues would a company face with high turnover of staff?
- Increase recruitment costs
- training
- inconsistent performance
- low morale
- loss of customers/ representational risk
What is included within a business plan?
- An executive summary
- Marketing strategy
- Visions and missions statements
- Products and services
- Management team and organisational structure
- Financial forecasts
- Targets
- SWOT and PEST analysis
How can a business plan help a company remain profitable?
- highlight key business objectives
- Assist with responding to change
- Grow existing client base
Name the differnet types of business structures?
- sole practitioner
- partnership
- Limited liability partnerships - run by partners, liability shared between how much they’ve invested
- public limited company - run by shareholders
What are the different forms of businesses?
Sole Practioner Partnerships Limited liability partnerships Limited companies Public Limited company
Whats the difference between LLP, limited companies and PLC?
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.