Business Planning

Question 1

If you were setting up your own practice, what would be included within your business plan?

Answer 1

What my goals, targets and aims of the business.
What will you be doing
Who are your clients
Fee forecasting
Branding
Plans for attracting new business

Question 2

What keys factors would you find in a business plan

Answer 2

Analysis of the opportunities and risks of the business and the sources required to serve clients

SWOT analysis

Budgets, cash flows and financial audit controls are important to ensure the correct allocation

Question 3

What are the different forms of business vehicles ?

Answer 3

Sole practitioner
Partnership
LLP
Limited company
PLC

Question 4

What would firms short, medium and long term plans be for a business?

Answer 4

Include in business plan: SWOT analysis of opportunities, risks, resources to service clients

Fee forecasts to plan business activities and ensure minimum profit margin

Budgets, cash flows, financial controls important to ensure correct allocation of resources/expenditure