Business Planning Flashcards
What procedures does you firm put in place to ensure that they are profitable ?
- Resource Planners
- Projects reviews
- Performance reviews
- Target setting
- Clear KPI’s.
What issues would a company experience with a high staff turnover ?
- Increased recruitment costs
- Increased training costs
-Poor staff moral - Reputational damage
What components are in a business plan ?
- Executive Summary
- Marketing Strategy
- Competition
- Visions and Mission Statements
- Products/ Services
- Organisational Structure
- Targets
- SWOT Analysis
- PEST Analysis (Political, economic, social, technological)
What is a business model?
A business model is a strategy implemented by an organisation to generate revenue and make a profit.
It consists of: products and services, targets clients,
What are KPI’s ?
Key performance indicators.
These can be long term, medium term, short term
What is meant be the term business strategy ?
Actions and decisions planned by a company to reach goals and objectives.
What is a SWOT analysis ? Can you give an example of when you have used this.
Strengths, Weaknesses, Opportunities and Threats.
What are the differences between a sole trader and limited company /
Being a sole trader is a very simple way to set up a business, but you are then personally liable for its debts. T
o avoid such liability, you could form a limited company or limited liability partnership (LLP), each of which has its advantages and disadvantages.
For example, both are treated very differently for tax purposes, with the former paying corporation tax, and the partners in a latter being taxed individually on their share of the profits. Advice from a tax specialist is always recommended when business planning or considering company structure.
How do you calculate Net profit ?
