Business planning Flashcards
What is a business plan?
Document that summarises the operational and financial objectives of a business. Likely timescales are 3 - 5 years at least.
What elements make up a business plan?
Exec summary
Marketing strategy
Vision and mission statements
Products and services
Resource strategy
Training strategy
Financial forecasts
SWOT Analysis
How does a business plan meet corporate objectives?
To gain new clients
To help securing additional funding from banks or external investors
To assist in focusing the business priorities and respond to change
For budgeting
For setting targets to staff
What is SWOT analysis and how does it inform a business plan? Give me an example.
A strategic planning method used to evaluate strengths, weaknesses, opportunities and threats involved in a project of business venture.
Example = The project is an extremely large scale (strength) with global recognition but the team requires must be seconded and we don’t have to resource allocation to do that (weakness).
What is PESTLE analysis and how does it inform a business plan? Give me an example.
It’s a way of understanding and reviewing the impact of political, economical, social, technological, legal and environmental.
Economical - market crash may affect ?
Legal - when the government enforced lock downs, which is why I mention in my submission that they should remain flexible.
What is your employers 2028 vision? Give me an example of some visions?
Growth in terms of numbers of staff and also expanding sectors that are doing very well.
How does your role at Gleeds assist with your employers 2028 vision?
My role is to keep doing what I’m doing with clients, which has led to repeat work, and also helping the business attract more people to join.
What is a mission statement?
Focuses on today and what an organisation does to achieve it
What is a vision statement?
Focuses on tomorrow and what an organisation ultimately wants to become.
What tools does your company use to ensure you are making a profit?
-Timesheets
-Resource tracker
-Fee tools
-Project reviews
-Yearly performance reviews
-Team meetings
-Quarterly reviews (also known as check ins)
What are SMART objectives?
S - Specific
M - Measurable
A - Achievable
R - Realistic
T - Timebound
Give me an example of a fee earner and non fee earner
*Fee earner = QS, PM, Architect
*Non-fee earner = IT Techs/Admin staff
What is a business STRATEGY?
An outline of the actions and decisions a company plans to take to reach its business goals and objectives.
What is a business model?
A plan implemented by a company to generate revenue and make a profit from operations. A BM may contain;
- Market niche and main target demographic
- The expense of bringing your product/service to the target market.
What is working capital?
This is the difference between current assets and current liabilities and is the amount available to a company for day-to-day use and describes the ability of a company to meet its current liabilities.
