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 your firm incorporate sustainability into its business decisions?
What key factors must be included in a business plan?
An analysis of the opportunities and risks of the business and the resources required to service clients.
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?
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.
What are your annual targets?
What is discussed in your weekly team meetings?
Tell me about your company’s recent performance and strategy.
Tell me about some recent market developments.
