Business Planning Flashcards
What is a business plan?
A written document that describes your business, objectives, strategies, marketing and financial forecasts.
Why is having a business plan important?
It helps to;
- spot potential problems / weaknesses
- set goals for the business
- measure progress
What is a strategic plan?
Differs form a business plan as it sets out the company’s goals and defines the actions required to get there. Such as;
- training
- resource
- recruitment
- technology
What is a department plan?
A plan written up focused on a department, such as building surveying.
- details responsibilities of the department
- department goals
- alignment to the wider business plan
- budget, resource and pipeline
What is a SWOT analysis?
An analysis tool used to evaluate a company or departments competitive position and develop strategic planning.
- This assesses internal and external factors as well as current and future potential.
S - Strengths
W - Weaknesses
O - Opportunities
T - Threats
What is a PESTLE analysis?
This is a structured analysis of key factors influencing market conditions.
P - Political
E - Economic
S - Social
T - Technological
L - Legal
E - Environmental
What is a organisational structure?
A hierarchy outlining a company’s roles, teams and employees. It describes who employees report to and how decisions are made across the business.
What is financial benchmarking?
When a company runs a financial analysis and compares findings to other firms to assess the company’s competitiveness and productivity.
What does “working capital” mean?
The capital (money) the business has which can be used in day-to-day trading operations, calculated as the current assets minus the current liabilities (money owed).
What does “stock” or otherwise known as “equity” mean?
A security that represents ownership of a fraction of the business. Units of stock are called “shares” which entitles the owner to a proportion of the business assets and profits.
What are “debtors”?
Business entities that owe money to another respective business.
What are “creditors”?
Business entities that are owed money by another respective company.
What is a client account planing session?
A review of current workload, resources and fees.
It involved identification of key client personnel who have influence over job opportunities, pipeline and identification of who the firm should build relationships with.
How do you contribute to your company’s goals?
- Maintaining quality in my work
- keeping up to date with new technology
- working in a safe manner
- upskilling junior or new colleagues
- maintaining client relationships and networking
- selling wider business skills and services
