Business planning Flashcards
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.
What is the SMART criteria you mention?
SMART goals are Specific, Measurable, Attainable, Relevant and Time specific
PEST Analysis is analysing Political, Economic, Social and Technological Factors Achieving a certain revenue/turnover by a specific time that is measurable against previous years.
What might be included in a SWOT analysis?
SWOT analysis is analysing Strengths, Weaknesses, Opportunities and Threats.
competitors, prices of services, and consumer trends
How often might you update a business plan?
Business plans should be reviewed and possibly updated at least once a year, especially for younger companies
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
Do you know what is included in your employer’s business plan?
1-Sustained growth
2-Meet market requirements a)SCS’s, CA, PD, QS, PM, BIM, Fire and thermal, Invest in staff, APC, Social value 20:20
What are some of your business targets & objectives for the current year?
20 for 20 - To have 4 pass in one year
Develop a specialist fire remedial team
Develop a party wall department
Give me some examples of some new business areas you could considering moving into.
Party Walls
Disrepair Claims
Intrusive Rainscreen Cladding Inspections
Explain how you manage your own time to ensure you deliver projects in a cost-effective manner.
I set out my in house programmes and align with my diary and shared calendar
I logically assess inspection locations and delegate to individuals who live nearer.
What current challenges is Covid and/or Brexit bringing to Business Planning?
Brexit has caused a shortage of staff and materials. It has changed the prices of material and resources causing prices to increase.
What goes in a long term strategy?
A description of the strategy, identification of stakeholders, SWOT/PEST/SMART, potential marketing strategies, resources, KPI’s, regular review.
How can/have you measure performance on a project?
With the use of KPI. On a recent project, one of my clients 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 porters 5 forces?
A tool to analyse the attractiveness and profitability of a business. The forces include:
a. Competitive Rivalry (amount of competition),
b. Supplier power (how easy it is for supply cost to increase),
c. Buyer power (how easy it is for buyers to drive your prices down),
d. Threat Substitution (likelihood of customers finding a different way of doing what you do) and
e. Threat of new entry (the ability for others to enter the market)
How does a feasibility study differ to a business plan?
A feasibility study will determine the viability of a business which if positive, will allow you to create a business plan which details how it will function.
How do you calculate the profit of a company?
Sales minus cost of goods sold. Gross profit divided by sales = profit margin.
