Business planning Flashcards
What is a business plan ?
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.
What does AECOMs Business plan outline ?
short, medium, and long-term goals, considering both national and international factors.
What does London CM’s Business plan focus on ?
health and safety, positive client feedback, and networking
What is SWOT analysis?
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.
What is PESTLE analysis ?
is a strategic management tool that examines the external macro-environmental factors affecting an organization, encompassing political, economic, social, technological, legal, and environmental aspects.
What tools do your company use to ensure you’re making a profit ?
⁃ time sheets
⁃ Using resource planners
⁃ Fee/ cost reconciliation tools
⁃ Project reviews
⁃ Yearly performance reviews
⁃ Team meetings
⁃ Director one to ones
What is benchmarking in a construction project?
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.
What is PESTLE analysis?
This is a structured method of analysing the key factors influencing market conditions.
What does PESTLE stand for ?
Political
Economic
Social
Technological
Legal
Environmental
What is a SWOT analysis?
Is a strategic planning method used to evaluate strengths, weaknesses, opportunities and threats involved in a project or business venture.
What are 3 issues relating to staff turnover ?
⁃ 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
What does SMART stand for?
Objectives which are:
Specific
Measurable
Achievable
Realistic
Time related
What is an investment appraisal ?
It is used to assess whether a business or project would be a worthwhile investment in terms of return
Give an example of fee earning and non fee earning staff ?
Fee earning - QS, PM, Architect
Non fee earning - Administration staff, IT technicians
What is the purpose of an organisation chart ?
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.
How do in contribute to my companies goals ?
⁃ 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
What is the objective of porters 5 forces model ?
It is a model that identifies competitive forces that shape every industry and helps determine an industry’s strengths and weaknesses
What are Porter’s five forces?
These typically include:
o Substitute products.
o Bargaining power of suppliers.
o Bargaining power of customers.
o Rivalry amongst existing firms.
What does the porters 5 forces model help identify?
An industry’s structure to determine business strategy.
What is meant by business strategy?
A business strategy is an outline of the actions and decisions a company plans to take to reach its business goals and objectives.
What does a business strategy define ?
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.
What is meant by strategic planning ?
The managerial process of developing and maintaining a strategic fit between the organisation objectives, resources and changing market opportunities
What is the difference between business strategy and business planning ?
Strategy is concerned with the entire organisation.
Business plans are concerned with the detailed implementation after the big choices have been made.
What is a business vision statement ?
A vision statement focuses on tomorrow and what an organisation wants to ultimately become.
What is a mission statement?
A mission statement focuses on today and what an organisation does to achieve it
What is a business plan ?
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.
How many years at least do business plans timescale ?
Three to five years
What do written business plans often require ?
To obtain a bank loan or other financing.
What would typically be included in a business plan?
⁃ 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
What is a business model ?
Is the plan implemented by a company to generate revenue and make a profit from operations.
What may a business model contain ?
⁃ 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
How can a business plan help a company in the current economic climate ?
⁃ 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
How do companies write a business plan?
They undertake an analysis of the market and industry to identify business opportunities and critical success factors.
What is a Client Account Planning session
- 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.
What is a Business Plan?
- A formal statement of the business’s goals with reasons why they are thought to be attainable and the
plan for reaching the goals.
What is contained within an appointment document?
- 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.
Does your firm produce an annual account?
- Yes it produces a statement of turnover, gross profit & net profit.
- This must be submitted to Companies House in accordance with the Companies Act.
Would you be able to interpret & understand an annual account?
- At a high level but I would seek further advice from one of our internal Chartered Accountants if necessary.
What are your firms Terms of Business?
Together with the Engagement Letter, the T&C’s will form the contract between our Firm and the Client
How do you contribute to your company’s goals?
- Focus on safety.
- Maintain excellence in my work.
- Sharing knowledge within integrated teams.
- Keeping up with new technologies.
- Upskilling new and junior team members.
How do you think an up to date business plan can help an
organisation in the current economic climate?
- 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.
