Business planning

Question 1

What are some key factors to include in a business plan?

Answer 1

1. Analysis of the opportunities and threats
2. Risks of the business
3. Resources required to service clients

Question 2

Explain the use of fee forecasts.

Answer 2

They plan future business activities and ensure attainment of a desired minimum profit margin

Question 3

Explain the use of budgets, cash flows and financial/audit controls.

Answer 3

They ensure the correct allocation of resources and expenditure

Question 4

What is a business plan?

Answer 4

Formal written document containing the goals of the business and the methods for attaining those goals

Question 5

What are Workman’s business aims and objectives?

Answer 5

1. Achieve sustainable and profitable growth
2. Expand customer base and meet Clients needs
3. Make positive impact on the communities
4. Always deliver a high quality of service
5. Maintain a culture where people thrive and reach their full potential

Question 6

What is a SWOT analysis?

Answer 6

Strategic business planning tool used to assess the Strengths, Weaknesses, Opportunities, and Threats of business

Question 7

What is a PEST analysis?

Answer 7

Analysis of Political, Economic, Social and Technological factors that could affect a business now and in the future

Question 8

What do you find in a business plan?

Answer 8

1. Description of business
2. The vision
3. Objectives and goals
4. Strategies and actions

Question 9

How do companies write a business plan?

Answer 9

1. Analyse markets and competitive environment to identify business opportunities and critical success factors
2. Then develop goals and objectives with the associated strategies and actions

Question 10

What is a Client Account planning session?

Answer 10

1. Review of current workload, resources, fees, etc
2. Identification of key Client personnel who have influence over job opportunities
3. Review of pipeline opportunities with that Client

Question 11

How do you contribute toward your companies goals?

Answer 11

1. Focus on safety
2. Excellence in my work
3. Sharing knowledge
4. Keeping up with new technologies

Question 12

How do you think an up to date business plan can help and organisation in the current economic climate?

Answer 12

1. To seek funding
2. To gain new instructions, new Clients, new customers
3. To help focus on key priorities
4. To help with budgeting
5. Help setting targets for staff

Question 13

What are KPIs?

Answer 13

Key Performance Indicators

Question 14

What are your firms KPIs?

Answer 14

For arrears/rent:
- 90% collection at day 7 of quarter
- 95% collection at day 14 of quarter
- 98% collection at day 28 of quarter