Business Planning Flashcards
What would you include in a business plan
An executive summary.
A business description.
A market analysis and strategy.
A marketing and sales plan.
An analysis of the competition.
An operating plan.
Detail of company structure.
Financial analysis
Objectives or goals
Summary of the strategy
Name some taxes limited businesses need to take into consideration in their business plan
VAT
Corporation tax on profits (limited company)
What does SWOT stand for
Strengths
Weaknesses
Opportunities
Threats
How can you make goals most effective
Can make them SMART goals
Specific
Measurable
Achievable
Relevant
Time bound
What does KPI stand for
Key performance indicators
What are KPI’s
quantifiable measures of performance over time for a specific objective
What analysis can be carried out to assess the external factors influencing a business.
Name the factors
PESTLE
Political
Economic
Sociological
Technological
Legal
Environmental
Can a company have multiple business plans … if so how
Yes
An overall corporate one and then separate lower level plans for departments but overall objectives need to align
Define liquidity
this is a measure of how quickly a business can convert assets into cash,
Difference between a sole trader and a limited company?
As a limited company, you are only ever liable for the amount you invested in the business.
But, as a sole trader, you are personally responsible for all losses that your business might make
Sole trader pays income tax and national insurance
Limited pays corporation tax on profits
What are your companies corporate objectives
Market leader of fund monitoring services
All employees to be chartered with the RICS
Remain independent
What’s the difference between fee earning and non fee earning staff
Fee earning: QS and Monitors
Non-fee earning: Admin and operations
What is a business model
The strategy implemented by an organisation to generate revenue and make a profit
What may a business model include
The products or services the business plans to sell
Anticipated expenses
Target markets and clients
What are the different types of business planning
Strategic - high level view of a companies goals
Departmental - focus on objectives of a project or team within a company
Operational - plans relating to specific elements of a companies operation
Corporate - a wider business plan which guides a company with multiple departments
