Business planning Flashcards
What is your invoicing procedures? What timeframe must an invoice be paid?
Job owner checks invoice against fee proposal
Admin team processes for payement incorporating dispursements fee shares and expenses.
How do you forecast targets?
We look at the previous years finances, consider changes in team, adjustments are made for market conditions and team changes, WIP and secured fees from monitoring or project work assist fee projections.
How would you set up as a sole practioner?
From a business planning perspective; i would look at my strength, weakness, opportunities and threats. Potnetially look for a USP. I would also need to follow procedures
Sole practitioner vs. limited company
Sole trader is a single entity whereas a LTD has shareholder and directors.
Sole trader is the easiest business structure to set up and it involves a limited amount of paperwork and obligations, but you might be at a disadvantage when it comes to accessing business finance, benefiting from tax reliefs and attracting customers.
Setting up as a limited company is more complicated and involves more costs and paperwork, but it can open you up to many advantages including raising funding, boosting your reputation among customers and being more tax efficient.
