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APC - Building Surveying > Business Planning > Flashcards

Business Planning Flashcards

LEVEL 1

1
Q

What is a Business Plan?

A

A document that defines in detail the objectives of a company and how it will achieve them.

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2
Q

Why are Business Plans important?

A

Business plans are important to keep firms accountable to their short-term and long-term objectives.

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3
Q

Can you list the different types of Business Plan?

A
  • Strategic
  • Departmental
  • Operational
  • Corporate
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5
Q

What are the essential elements of a business plan?

A
  • Company description
  • Mission Statement
  • Market analysis
  • Organisation structure
  • Breakdown of services offered
  • Marketing plan strategy
  • Financial records
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5
Q

What can business plans be used for?

A

1) raising funds or finance
2) gaining new clients
3) responding to change
4) setting staff targets

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6
Q

How often should you review a business plan?

A

Ideally annually but also anytime there are market or business changes which need to be captured

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7
Q

Can you list the different types of organisational structure?

A
  • Sole Trader
  • Partnerships
  • Private Limited Company
  • Public Limited Company
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8
Q

What are some methods for financial benchmarking?

A
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9
Q

What is forecasting?

A

Forecasting is a method used to predict future outcomes such as sales and supply and demand.

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10
Q

What is working capital?

A

Money that is immediately accessible for day-to-day activities which isn’t tied up in investments or property. It is calculated by subtracting current liabilities from current assets.

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11
Q

What are some forecasting techniques?

A

1) Time series model
2) Econometric model
3) The Delphi method

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12
Q

What is stock?

A

Any item stored by a business for use in production or sales, including raw materials and components and finished goods.

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13
Q

What are debtors and creditors?

A

1) Debtors - is someone who owes me money
2) Creditor - is someone who provides me with money

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14
Q

What is SWOT analysis?

A

An analytical tool which considers an organisations strengths, weaknesses, opportunities and threats.

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15
Q

What is PESTLE analysis?

A

An analytical framework for assessing the influence of the external environment. These influences include - Political, Economic, Social, Technological, Legal, Environmental.

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16
Q

What is a SMART objective?

A

Specific
Measureable
Achievable
Realistic
Timed

17
Q

What is a Sole Trader?

A

A person carrying on in business with sole responsibility for his/her actions. He/she is personally responsible for all debts and liabilities of the business and is not a separate legal entity.

18
Q

What is a Partnership?

A
19
Q

What is a Private Limited Company?

A
20
Q

What is a Public Limited Company?

A

Is a company limited by shares or limited by guarantee and having a share capital.

21
Q

What are Financial Ratios?

A

They are basic calculations using quantitative data from a company’s financial statements. They are used to gain insight on the company’s performance and financial health.

22
Q

Can you name some Key Financial Ratios?

A

1) Liquidity ratios
2) Leverage ratios
3) Efficiency ratio
4) Profitability ratios
5) Market value ratios

23
Q

What are Porter’s five forces?

A
24
Q

What are some available options for raising finance or investment for businesses?

A

1) bank finance
2) peer-to-peer lending
3) crowdfunding
4) equity finance
5) government loan
6) venture capital

25
Q

What is Market Research and why is it important?

A
26
Q

How might you conduct Market Research?

A
27
Q

Explain the concept of supply and demand

A
28
Q

How do you contribute towards your firms business plan on a day-to-day basis?

A
29
Q

What are the characteristics of a good business plan?

A

1) short concise and to the point
2) regularly updated
3) includes relevant information
4) realistic
5) formal presentation

30
Q

What is the key legislation that relates to businesses in the UK?

A

The Companies Act 2006

31
Q

What is VAT?

A
32
Q

When is VAT payable?

A
33
Q

What is a liability?

A
34
Q

What is an asset?

A
35
Q

What are the short, medium and long term goals of your company?

A

Short term,
Medium term,
Long term,

35
Q

What is a feasibility study and how does this differ to a business plan?

A
35
Q

How would you assess a contractor’s financial accounts?

A
36
Q

What steps would you take to set up a new surveying business?

A
37
Q

What information would you include within an appointment document?

A

share of the company
name of the appointee
address of the appointee

APC - Building Surveying (24 decks)

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