Business Planning Flashcards
What is your employers business plan and objectives?
- Short-term objectives: Continue to provide a service for schools in the form of the Service Level Agreement visits
- Long-term: Expand our services to the wider geographic and reach out to academy schools to expand our business services
How does your employer aim to deliver a cost-effective service?
- ## Promotes remote and agile working
What does you employers business plan include?
Speak with PK
Why is it important that an individuals workload is monitored?
To provide the best service for our clients.
Acting in the best interests of the client.
Individuals mental health
What is forecasting?
Forecasting involves making predictions about the future.
In finance, forecasting is used by companies to estimate earnings or other data for subsequent periods. To identify trends.
Forecasts are often predicated on historical data. i.e we may use previous repair data to predict a spend against a budget
What is budget monitoring?
In practical terms, budget monitoring involves examining monthly monitoring reports and taking action to tackle any significant variances.
This process should be carried out at all levels and include any devolved budget elements.
What is an S-curve?
In project management, an s-curve is a mathematical graph that depicts relevant cumulative data for a project—such as cost or man-hours—plotted against time.
An s-curve in project management is typically used to track the progress of a project
How might department structure contribute towards successful project delivery?
What is a SWOT analysis?
It is a structure analysis of the market (demand side). It is used to analyse internal strength and weaknesses and external threats and opportunities to exploit strengths and opportunities and mitigate weaknesses and threats.
S - Strengths
W - Weaknesses
O - Opportunities
T - Threats. Competitors, prices of services, and consumer trends
How can/have you measure performance on a project?
With the use of KPI. On a recent project, one of my clients key performance indicators were time. By regularly reviewing the project programme and ensuring the contractor was on schedule, I was able to measure how well the project was meeting the KPI’s
What is the purpose of a business plan?
A business plan is a document usually provided to lenders and investors. It sets out the reasoning and evidence to obtain funding.
The plan should highlight the reasons for set up as well as provide an outline of goals and objectives as well as assess the value of the business idea.
The business plan should be continuously updated using a feedback system and measuring performance.
What is the difference between a Sole Trader, Partnership, Limited, and a LLP?
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 (unlimited liability).
Partnership A business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.
Limited In a limited company, the shareholders’ liability is limited to the capital they originally invested. If such company becomes insolvent, the shareholders personal assets remain protected. Shares in a private limited company are not offered to the general public (distinguishing it from a public limited company - plc.)
Limited Liability Partnership (LLP)A limited liability partnership (LLP) is a partnership in which some or all partners have limited liabilities. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.
What are the main headings you would see under a business plan?
- Executive summary
- Company description
- Market analysis
- Competition analysis
- Description of organisation structure
- Breakdown of services offered
- Marketing plan strategy
- Funding requests
- Financial records
What are the different types of business plans?
Start up plan – how the business will operate long term
Annual Growth Plan – financial, marketing and operations
Scenario Plan – for companies in rapidly changing industry
What is a LLP?
A limited liability partnership. This requires 2 or more members. Each member pays tax on their share of profits and is liable for their responsibilities within the partnership.
What is a limited company?
General form of incorporation that limits the liability undertaken by shareholders. The liability of a company’s members is limited to their stake in the company.
What is a sole trader?
A Self employed person running their own business as an individual. There is no separate legal identity to the owner. The sole trader is liable for the business’s debt.
What is the difference between LLP and Ltd?
Partnership must have a minimum of 2 partners, a Ltd company can be non-profit/charity whereas LLP is always profit making. Ltd pays Corp tax and LLP doesn’t as they are classed as self employed.
What is a PESTEL Analysis?
This is a structured method of analysing the key factors influencing markets (demand side)
These factors are:
- Political
- Economic
- Social
- Technological
- Environmental
- Legal
What is contained in a Letter of Appointment document?
- Clarification of work scope
- Agreed fee bid (aligned to work scope)
- Terms of Business
- Contact Details
- Detail of CHP
- Date
- Unique identifier
- Fee basis
- Inclusions
- Exclusions
What are the three levels of business management?
Corporate Level
Management Level
Operational Level
What is a Mission Statement?
A formal summary of the company aims and values.
Can you give me some example of Economic Factors from PESTLE analysis?
Examples include :
- Economic growth
- Interest rates
- Exchange rates
- Inflation,
- Disposable income of consumer
Can you give me some example of Social Factors from PESTLE analysis?
Examples include :
- Population growth
- Age distribution
- Health consciousness
- Career attitude
Can you give me some example of Technological Factors from PESTLE analysis?
Examples include :
- New ways of producing goods and services
- New ways of distributing goods and services
- New ways of communicating with target markets
Can you give me some example of Environmental Factors from PESTLE analysis?
Examples include :
- Availability of raw materials
- Pollution targets
- Doing business as an ethical and sustainable company
- Carbon footprint targets
Can you give me some example of Legal Factors from PESTLE analysis?
Examples include :
- Health and Safety
- Equal opportunities
- Advertising standards
- Consumer rights and laws
- Product labelling and product safety
Can you give me some example of Ethical Factors from PESTLE analysis?
Examples include :
- Fair trade,
- Modern Slavery acts
- Child labour
- Corporate social responsibility
How did you generate the fee? what other methods could you use?
- Hourly charge
- % of project value
- Fixed fee
How often might you update a business plan?
Dependent on market conditions, growth and the direction of the business, following feedback. An example could be every 12 months.
What would you expect to find in a business plan?
The vision, objectives and goals, strategies and actions:
- The executive summary
- A description of the business
- The market(s) the business will operate in
- A SWOT analysis
- Management team and personnel
- The products or services offered
- Marketing
- A financial plan
Can you tell me about your company’s current business plan?
- Growing the economy
- Empowering and supporting communities
- Valuing the environment
- Help children and young people achieve
- Protecting the vulnerable
What is your company’s management structure/business model?
What are you company’s values?
What tools does your company use to manage its business?
How do you ensure that you contribute to the achievement of your company’s objectives / business plan?
- Act within my competence and expertise
- Provide good client care
- Sharing knowledge with other co-workers
- Regular training to keep up with industry changes
What is contained within an appointment document? What are your company’s terms of business?
What is the relevance of a SWOT or PEST analysis to business planning?
It helps you make the right decision and to evaluate the pros and cons of your ambition.
What is Client Account Planning session?
Review of current workload, resources, fees etc.
It is the process of mapping out important details about a new prospect or existing customer, including information about their decision-making process, the companies you’re competing with to close them, and the overall strategy to win them over, retain and grow them
What is a business plan?
A formal statement of businesses goals, reasons why they are attainable and the plan for reaching the goals. Provides employers with common ground to focus upon.
What is contained in an appointment document?
- Clarification of work scope
- Agree fee bid
- Terms and Conditions of Engagement
- Contact details
