Business Planning Flashcards
What methods of marketing does your firm use?
a. Radio, signage and branding
How do you keep up to date with your company’s business objectives?
a. Regular department meetings
i. We discuss monthly and annual targets and progress on business objectives
b. Weekly planning applications – National developments
c. Investment news
d. National property sales information
What are the different forms of business vehicles?
a. Sole practitioner - A professional who practices independently.
b. Partnership - A business with a formal agreement made by two or more parties to jointly manage and operate a company
c. LLP – Limited Liability Partnership - Business which allow for a partnership structure where each partner’s liabilities are limited to the amount they put into the business.
d. Limited Company - Private company whose owners are legally responsible for its debts only to the extent of the amount of capital they invested
e. PLC – Public Limited Company - A business that is managed by directors and owned by shareholders.
What is a LLP?
Limited Liability Partnership - Business which allow for a partnership structure where each partner’s liabilities are limited to the amount they put into the business.
How does your firm monitor its performance and what key management tools are implemented?
a. KIPs – Key performance indicators
b. SLAs – Service level agreements
c. Sale data / monitoring of targets etc / business growth data
What is the importance of Business Planning?
a. Defines objectives and sets goals
b. Provides a performance benchmark to compare against
c. Improves efficiency
What is the typical period of time a Business Plan is made for?
a. Usually 12-24 months with longer term goals constantly being re-evaluated
What are the typical headings you would find in a business plan?
a. Executive summary
b. Industry overview
c. Market analysis
d. Competitive analysis
e. Sales/Marketing plan
f. Management plan
g. Operating plan
h. Financial plan
i. Appendices
Who would provide input in to the preparation of a business plan?
a. All stakeholders should have an input but it should be written up by the management team
How are you involved in business planning?
a. G&S project 30
