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.
