Business Planning Flashcards
What tools can be used to ensure a business makes profit?
- Timesheets
- Using resource planners
- Project reviews
- Performance reviews
What is benchmarking (in construction)?
The process whereby the performance (usually cost) of a project is compared to other similar projects. Can be used to ascertain value for money.
What is a PESTLE analysis?
An acronym for Political, Economic, Social, Technological, Legal and Environmental.
It is a tool used to understand and review how external forces may impact a business.
What is a SWOT analysis?
Strategic planning method to identify the Strengths, Weaknesses, Opportunities and Threats in a project or business venture.
What are the issues relating to staff turnover?
- Expensive and time consuming to hire staff
- Training new people is expensive and time-consuming
- Can impact team dynamics, productivity and continuity
What is an invesment appraisal?
Used to determine whether a business or project would be a worthwhile investment in terms of financial return.
Consider; rate of return, payback period and NPV
Give examples of fee earning vs non fee earning staff?
Fee earning: QS, PM, Architect
Non-fee earning: IT, administration, accounts
What are SMART targets as part of a business plan?
Objectives which are: Specific, Measurable, Achievable, Realistic and Time related
What is the purpose of an organisation chart?
It is a graphical representation of the roles, responsibilities and relationships between individuals within an organisation.
Used to depict the structure of an organisation of smaller business units.
How do you contribute to your company’s goals?
- Sharing knowledge within my team
- Keeping up to date with new technologies (CPD)
- Delivering and exceeding my responsibilities
- Bringing in new business/repeat business
What is a business strategy?
The outline actions and decisions a company plans to take to help reach its business goals, helping to guide decision making.
What is the difference between business strategy and business planning?
Business strategy deals with the choices that will affect an entire organisation, business plans are concerned with the implementation of aspects of the overall strategy.
What is a business plan?
A formal statement of business goals, reasons why they are achievable and a plan to reach them over a period of time.
Mission statement vs business plan?
A mission statement is the permanent objective of a business. A business plan is less static and is usually measured over a period of time and has changing goals.
What would be included in a business plan?
- Exec summary
- Market analysis
- Financial info
- Management team
- Clarification of business ideas
- Identification of potential problems
- Goals
- Measurement of progress
