Business Planning Flashcards
What is a business plan? Why is it needed?
Documented strategy that highlights a business’ goals and plans for achieving them. It summarises an organisations strategy to execute goals, secures investors and helps forecast business demand.
What should be included in a business plan?
Executive summary, company description, business opportunity, competitive analysis, target market, marketing plan, financial summary, team, funding requirements.
What is included in your company’s business plan?
aims to improve people/clients/services/commercial. Develop apprentice / graduate programme, job sharing strategy, monitor flexible working arrangements, focus on client workshops, understand services across business, secure new work and increase turnover by 10%.
What is the purpose of a business plan?
To set out the goals and objectives of a business.
To create an effective strategy.
To inform employees, investors and others of the plans of a business.
To ensure appropriate decisions are made on recruitment, investment, etc.
How can morale in a team be improved?
Ensure regular meetings are held with the team.
Ensure there are clear communication links with the team.
Ensure that the team’s motivational factors are met, e.g. - praise, bonus, growth opportunity, etc
Ensure that the teams hygiene factors are met, e.g. - positive environment, equality, job security
Ensure theres a clear whistleblowing policy and complaints handling procedure.
What is SWOT analysis? What is the purpose of SWOT?
strengths, weaknesses, opportunities, threats. Helps to understand the market, what your company does well and devise a future strategy.
What is PESTLE?
analyses external factors (political, economic, sociological, technological, legal, environmental).
How can you feed into a business plan?
Through meetings with the employer or providing any comments to HR.
How might regular team meetings help a business?
improve morale, coordinate resource, gain employee understanding and can explain rationale.
Name some mandatory policies that your company has in place?
- Staff handbook
- Hospitality policy
- Travel policy
- Environmental policy
- Lone working policy
What is the difference between a business plan and a business strategy and a business model?
Business Plan – Documented strategy that highlights a business’ goals and plans for achieving them.
Business model – Sets out the main idea of the business and a description on how it is working.
Business strategy – Specific long term guidelines for achieving business goals or outcomes.
What are Porter’s five forces?
(model analysing competitive forces) –
Barriers to entry
Substitute products
Bargaining power of suppliers
Bargaining power of customers
Rivalry among existing firms
What is in included in normal Terms of Engagement?
Covers scope of service, limitations, insurance cover, CHP and fees
Does RICS have a business plan?
RICS Business Plan provides a detailed strategy for the next three years (2018 – 2021) and the year following the financial implications of the pandemic (2021-2022)
Name some policies that your company has?
staff handbook, lone working policy, H&S policy, data protection policy, environmental policy, travel policy.