Business planning Flashcards
What are the three key factors you should include in a business plan?
Analysis of opportunities
Risks to the business
Resources required to service clients
What goes into a SWOT analysis?
Strengths, Weaknesses, Opportunities and Threats. S & W Internal. O & T external
Strength - Eg what the business is good at (Brand, customer loyalty, product etc)
Weakness - Areas where the business is not performing at it’s optimum level
Opportunities - Favorable external factors (area undergoing regeneration).
Threats - External factors that could cause harm to the business
What is a SWOT Analysis
A strategic planning assessment that identifies internal and external forces in the form or strengths, weaknesses, opportunities and threats.
Why are fee forecasts important for businesses?
Crucial for planning future business activities and attainment of desired minimum profit margin
How do you ensure the correct allocation of resources and expenditure?
Budgeting, Cash Flows, financial/audit controls
If you where to set up a practice as a sole practitioner, how would you prepare a business plan?
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What are the different forms of business vehicles
Sole practitioner, partnership , LLP, limited company, PLC WRITE INDIVIDUAL FLASHCARDS QUICKLY ON WHAT EACH OF THESE ARE
How can a business monitor its performance?
KPIs?
How have business plans adapted to cope with the pandemic?
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What is your organisation’s strategy and objectives?
How does your team measure performance?
What are the requires of the RICS and statutes for establishing a new business?
