Business Planning Flashcards
What is the importance of internal staff performance reviews?
- To understand their staff more and give the staff incentives and work towards a personal goal in their own development.
- It gives the staff an opportunity to request for additional training.
- Staff can voice concerns that they have and reflect on what has gone well and what may not have gone well.
It allows the senior members of staff to make changes where necessary and plan.
What is the purpose of a business plan?
It is a formal statement used to identify business goals and objectives and the strategy for which the business will meet them. It also identifies business opportunities and critical success factors.
What is included in a business plan?
The vision, mission statement, objectives, aims/goals, strategies and actions to be undertaken.
Why is it important to have objectives?
The business can cascade the plan down to their employees, so they know what they are working towards achieving. It is an incentive for a business.
How does Synergy intend to meet their long term objectives?
Through growth and improving collaboration using the technology we have available today. The use of Microsoft Teams and Go Report allow us to collaborate more effectively as a business working towards the same goals.
Why would a company need to identify it customers every year?
It is important for a business to analyse their market every year as they may have to change the target markets.
What is included in an appointment document?
- Parties
- Service Provided
- Timescales
- Exclusions
- Agreed Fee
- Payment
- Insurance Liability
- Synergy’s Terms of Business
What is the difference between the different types of company?
- Sole Trader
- Partnership
- Limited Company (Ltd)
- Limited Liability Partnership (LLP)
What is a Sole Trader?
Sole Trader – A person who is the exclusive owner of a business entitled to keep all profits after tax has been paid but liable for all losses.
What is a Partnership?
Partnership – One or more partners who arrange and operate the business. All equally liable for the debts from the business.
What is a Limited Company?
Limited – Shareholders liability is limited to the capital they originally invested. Shareholders personal assets remain protected if business becomes insolvent. Shares not offered to the general public.
What is a Limited Liability Partnership?
Limited Liability Partnership – Where some or all members have limited liabilities. One partner is not responsible for another partner’s misconduct or negligence
