BUSINESS PLANNING Flashcards
What is Business Planning?
It is the ongoing conscious decision making process with the companies best interest in mind based on understanding the companies financial positions and market analysis
What is a business plan
A formal statement with the business’s goals, why they believe the goals are attainable and a plan for reaching the goals
It provides direction and growth and profitability
Why is a business plan important
It sets goals and timeframes to provide direction
Provide shareholder faith
It provides a path for growth
What is a SWOT analysis
They are used to analyse
Strengths,
Weaknesses,
Opportunities
Threats for a company
What is a PEST analysis
A method of analysing key factors which influence market conditions
Political
Economical
Socio-demographical
Technological and
Environmental influences
What are SMART aims and objectives?
Specific
Measurable
Achieveable
Relevant
Time Related
What do firms take into account when writing their business plans
They analyse the market and the industry to identify opps, and direct resources towards bids and opps
This leads to development of goals and objectives
What elements may a business plan contain
Marketing Strategy
Financial forecasts
Training and resource strategy
Management Team & personel
What is RLB’s business plan
RLB 2030 Strategy
The current 10 year business plan
Increase in number of new hires, especially younger, with good training
Plan to be net zero by 2025
New Sectors - Data Centres & Life Sciences
New Services - Sustainability Consultancy, Social Value
How do you contribute to your company’s goals
Share knowledge within teams
Keep up with new technologies
Training and upskill new and junior team members
Networking
Levels of a business plan
Short term and long term
Local
Global
What does insolvency mean?
Insolvency is concerned with the inability to pay debts in a reasonable time
What are the different types of insolvency
1) Liquidation- compulsory by court order if a petition has been raised or voluntary (both require the appointment of a liquidator)
2) Receivership - Administrative reciever is appointed by secured creditor to ensure creditors are paid.
3) Administration - Administrator aims to keep the company going by renogotiating with creditors.
4) Voluntary arrangement - to pay creditors in full or part over a period of time.
What is liquidation?
Winding up of a company because it cannot pay its debts
Trading ceases, assets are collected and used to offset liabilities
What is an administration order?
A formal, legally binding agreement between a company and its creditors to repay debts over a period of time
