Business Planning Flashcards
1
Q
What is the KF 3 year plan?
A
2
Q
What is the KF 5 year plan?
A
3
Q
What is a SWOT analysis?
A
- Strengths, Weaknesses, Opportunities and Threats
- Business tool used to gain understanding at a given point in time of
- Strengths – experience/ broad client base
- Weaknesses – pressure on fees
- Opportunities – New markets emerging/growing sectors
- Threats – Change in wider economy
4
Q
What is a business plan?
A
- Defines objectives and suggests stratagies for acheiving these within time frames
Key Factors include
- Analysis of oppertunities and risks
- Rescoures required to service clients
5
Q
What is a KPI?
A
-Key Performance Indicator
-Quantifiable measures of performance over time for a specific objective
- useful tool for business planning
6
Q
Why are KPI’s important?
A
- Track progress allowing you to identify trends
- Allows you to put plans in place for where indicators are not met
- useful tool for business planning
7
Q
What are some internal factors that affect performance?
A
- Rescourses
- Staff Productivity
- Expertise
8
Q
What are some external factors that affect performance?
A
- Economy
- Interst Rates
