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APC > Business planning > Flashcards

Business planning Flashcards

1
Q

What is a business plan ?

A

is a comprehensive document outlining a company’s goals, strategies, financial forecasts, and other key elements to guide its operations and attract investors or stakeholders.

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2
Q

What does AECOMs Business plan outline ?

A

short, medium, and long-term goals, considering both national and international factors.

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3
Q

What does London CM’s Business plan focus on ?

A

health and safety, positive client feedback, and networking

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4
Q

What is SWOT analysis?

A

a strategic planning tool that identifies a company’s internal strengths and weaknesses, along with external opportunities and threats, to assess its overall business environment and inform decision-making.

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5
Q

What is PESTLE analysis ?

A

is a strategic management tool that examines the external macro-environmental factors affecting an organization, encompassing political, economic, social, technological, legal, and environmental aspects.

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6
Q

What tools do your company use to ensure you’re making a profit ?

A

⁃ time sheets
⁃ Using resource planners
⁃ Fee/ cost reconciliation tools
⁃ Project reviews
⁃ Yearly performance reviews
⁃ Team meetings
⁃ Director one to ones

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7
Q

What is benchmarking in a construction project?

A

A process by which the estimated performance often cost of a project is compared to other similar projects. This can highlight areas of design that are not offering good value for money.

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8
Q

What is PESTLE analysis?

A

This is a structured method of analysing the key factors influencing market conditions.

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9
Q

What does PESTLE stand for ?

A

Political
Economic
Social
Technological
Legal
Environmental

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10
Q

What is a SWOT analysis?

A

Is a strategic planning method used to evaluate strengths, weaknesses, opportunities and threats involved in a project or business venture.

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11
Q

What are 3 issues relating to staff turnover ?

A

⁃ it can be expensive and time consuming to hire staff
⁃ Training new people is time consuming and expensive
⁃ Turnover can also affect team dynamics, productivity and continuity

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12
Q

What does SMART stand for?

A

Objectives which are:
Specific
Measurable
Achievable
Realistic
Time related

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13
Q

What is an investment appraisal ?

A

It is used to assess whether a business or project would be a worthwhile investment in terms of return

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14
Q

Give an example of fee earning and non fee earning staff ?

A

Fee earning - QS, PM, Architect
Non fee earning - Administration staff, IT technicians

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15
Q

What is the purpose of an organisation chart ?

A

It is a graphical representation of the roles, responsibilities and relationships between individuals within the organisation.
It can be used to depict the structure of an organisation as a whole or a breakdown by smaller business units.

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16
Q

How do in contribute to my companies goals ?

A

⁃ sharing knowledge within my team,
⁃ Keeping up to date with new technologies and systems
⁃ Delivering and exceeding my responsibilities
⁃ Bringing in new business
⁃ Focus on safety

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17
Q

What is the objective of porters 5 forces model ?

A

It is a model that identifies competitive forces that shape every industry and helps determine an industry’s strengths and weaknesses

18
Q

What are Porter’s five forces?

A

These typically include:
o Substitute products.
o Bargaining power of suppliers.
o Bargaining power of customers.
o Rivalry amongst existing firms.

19
Q

What does the porters 5 forces model help identify?

A

An industry’s structure to determine business strategy.

20
Q

What is meant by business strategy?

A

A business strategy is an outline of the actions and decisions a company plans to take to reach its business goals and objectives.

21
Q

What does a business strategy define ?

A

The strategy defines what the business needs to do to reach its goals, which can help guide the decision making process for hiring and resource allocation.

22
Q

What is meant by strategic planning ?

A

The managerial process of developing and maintaining a strategic fit between the organisation objectives, resources and changing market opportunities

23
Q

What is the difference between business strategy and business planning ?

A

Strategy is concerned with the entire organisation.
Business plans are concerned with the detailed implementation after the big choices have been made.

24
Q

What is a business vision statement ?

A

A vision statement focuses on tomorrow and what an organisation wants to ultimately become.

25
Q

What is a mission statement?

A

A mission statement focuses on today and what an organisation does to achieve it

26
Q

What is a business plan ?

A

A business plan is a document that summarises the operational and financial objectives of a business. It is a road map to success with detailed plans and budgets.

27
Q

How many years at least do business plans timescale ?

A

Three to five years

28
Q

What do written business plans often require ?

A

To obtain a bank loan or other financing.

29
Q

What would typically be included in a business plan?

A

⁃ executive summary
⁃ Marketing strategy
⁃ Vision and mission statements
⁃ Products and services
⁃ Management team and personnel
⁃ Financial forecasts
⁃ Responsibilities and targets
⁃ Training, resource strategy and hierarchy plans
⁃ SWOT analysis

30
Q

What is a business model ?

A

Is the plan implemented by a company to generate revenue and make a profit from operations.

31
Q

What may a business model contain ?

A

⁃ The product/ service the business believes has value for the customer
⁃ The market niche and main target demographic
⁃ The expense of brining your product/ service to the target market

32
Q

How can a business plan help a company in the current economic climate ?

A

⁃ to help secure additional funding from banks or external investors
⁃ To gain a new clients and commissions
⁃ To help focus the business priorities and respond to change
⁃ Focus on key priorities
⁃ For budgeting
⁃ For setting targets for staff

33
Q

How do companies write a business plan?

A

They undertake an analysis of the market and industry to identify business opportunities and critical success factors.

34
Q

What is a Client Account Planning session

A
  • A review of current workload, resources & fees.
  • It involves the identification of key client personnel who have influence over job opportunities and
    identification of who the firm should look to build relationships with.
35
Q

What is a Business Plan?

A
  • A formal statement of the business’s goals with reasons why they are thought to be attainable and the
    plan for reaching the goals.
36
Q

What is contained within an appointment document?

A
  • It includes a clarification of the work scope.
  • The agreed fee bid.
  • The firms terms of business.
  • Any agreed amendments to the firms’ terms of business.
  • Contact Details.
37
Q

Does your firm produce an annual account?

A
  • Yes it produces a statement of turnover, gross profit & net profit.
  • This must be submitted to Companies House in accordance with the Companies Act.
38
Q

Would you be able to interpret & understand an annual account?

A
  • At a high level but I would seek further advice from one of our internal Chartered Accountants if necessary.
39
Q

What are your firms Terms of Business?

A

Together with the Engagement Letter, the T&C’s will form the contract between our Firm and the Client

40
Q

How do you contribute to your company’s goals?

A
  • Focus on safety.
  • Maintain excellence in my work.
  • Sharing knowledge within integrated teams.
  • Keeping up with new technologies.
  • Upskilling new and junior team members.
41
Q

How do you think an up to date business plan can help an
organisation in the current economic climate?

A
  • To support with gaining additional investment, funding or finance
  • To gain new instructions from new and existing clients.
  • The business plan will help focus on key priorities.
  • It allows the organisation to respond to change.
  • For budgeting purposes.

APC (20 decks)

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