Business Planning Flashcards
What is considered under L1?
Demonstrate knowledge and understanding of how business planning activities contribute to the achievement of corporate objectives
How do Cluttons market its business over the short, medium and long term?
What key factors would be included in a business plan?
Analysis of the opportunities
Risks of the business
Resources required to service clients
What are the benefits of using a SWOT?
It facilitates an understanding of the strengths and weakness of the organisation
It can be utilized to address a variety of business issues
Disadvantages can be that is is subjectives
How can fee forecasts be used?
Crucial to plan future business activities and ensure attainment of a desirable minimum profit margins
Why are budget, cash flows and financial/audit controls important?
To ensure the correct allocation of resources and expenditure
How would you set up a practice as a sole practitioner and how would you prepare a business plan?
What are the different forms of business vehicles?
Sole practitioners
Partnership
LLP
Limited Company
PLC
How can a business monitor its performance and what key management tools would be needed?
How have business plans been adapted to cope with the pandemic?
