Business Planning

Question 1

What is the purpose of a business plan?

Answer 1

To set business goals/objectives, the methods for attaining those goals/objectives and the time frame within which those goals/objectives need to be achieved.

It also describes the nature of the business, gives background information on the organization.

Question 1

What is business planning?

Answer 1

The process of determining a commercial enterprise’s objectives, strategies and projected actions in order to promote its survival and development within a given timeframe.

Question 2

What are the different types of business plans?

Answer 2

Financial
Marketing
Operations

or all three, which can be short, medium or long term strategic.

Question 3

What are the key elements of a business plan?

Answer 3

Strategic Plan
Executive Summary
Management Team
Products/Services
Financial projections.

Question 4

What tools do Brown & Co use to monitor business performance?

Answer 4

Access - CRM system.

Question 5

What are some KPI’s

Answer 5

Key performance indicators are quantifiable measure of performance over time for a specific objective.

E.g.:

Number of new clients
Average response times to emails
Operating expense ratio

Question 6

What would be the objectives of your own organisation?

Answer 6

• More clients
• Higher fees
• Better client retention
• High level of client satisfaction
• Less costs

Question 7

What is a business plan?

Answer 7

A business plan is a formal written (usually) document containing business goals/objectives, the methods for attaining those goals/objectives and the time frame within which these goals/objectives need to be achieved.