Business Planning Flashcards
Why are budgets, cash flows and financial/audit controls important to business planning?
They ensure the correct allocation of resources and expenditure
How does Cluttons incorporate sustainability into its business decisions?
- Just moved in to a new head office, that has an EPC A and BREEM Excellent
- Encouraging the use of more sustainable forms of transport (offers cycle to work scheme) - check
What must be included in a business plan?
- The executive summary
- A description of the business
- The market(s) the business will operate in
- A SWOT analysis - analysis of opportunities and threats
- Management team and personnel
- The products or services offered
- Marketing
- A financial plan
What is a SWOT analysis?
Strengths, Weaknesses, Opportunities, Threats
How is SWOT analysis helpful to business planning?
Helps you assess and identify your business’s strengths, weaknesses, opportunities and threats
What are the different forms of business vehicles?
- Sole practitioner
- Partnership
- LLP (Limited Liability Partnership)
- Limited company
- PLC
What is a limited liability partnership (Cluttons)?
Allow for a partnership structure where each partner’s liabilities are limited to the amount they put into the business.
LLP members are both owners and managers of the business.
What is a debtor?
A company or individual who owes money.
Why is the use of fee forecasts crucial for business planning?
They help plan future business activities and ensure attainment of desired minimum profit margin
