Business Planning

Question 1

What is a SWOT Analysis? (for Business Plan)

Answer 1

Analysis used to identify:
internal strengths and weakness, and
external opportunities and threats
View to exploiting the positives and mitigating the negatives

Question 2

What is a PEST Analysis? (for Business Plan)

Answer 2

Key factors influences market conditions:
Political
Economic
Socio-Demographic
Technological (and Environmental)

Question 3

What are Porter’s 5 Forces? (for Business Plan)

Answer 3

Used to analyse the:
-competitiveness of an industry
-barriers to entry
Typically include:
-substitute products
-bargaining power (of suppliers/of customers)
-rivalry among firms

Question 4

How do companies write a Business Plan?

Answer 4

Analyse the market [PEST]
Analyse the industry [Porter]
Identify opportunities and success factors [SWOT]
Focus on developing competencies leading to goals and objectives and their associated strategies and actions

Question 5

What is a Client Account Planning Session?

Answer 5

Review of:
Workload
Resource
Fees
Identification of key personnel influencing job opportunities
Review of pipeline opportunities

Question 6

What is a Business Plan?

Answer 6

A formal statement of:
Business goals
Why attainable
How attainable
and Focus for employees to work to

Question 7

What is contained within an Appointment Document?

Answer 7

Scope
Fee
Terms and Conditions
Amendments
Contact Details

Question 8

Does your firm produce an Annual Account?

Answer 8

Yes
A statement of turnover
gross profit and net profit
[cashflow statement]
which are submitted to Companies House in accordance with the Companies Act

Question 9

Are you able to interpret an Annual Account?

Answer 9

At high level, but would seek advice from chartered accountant if necessary.

Question 10

What is an Annual Account?

Answer 10

Financial Statement that provides a snap-shot of a company’s financial performance and position for a specific period, including income, expenses, assets, liabilities, and equity

Question 11

What are typical Terms of Business contents?

Answer 11

An engagement letter and the Terms and Conditions will form the contract between the firm and the client.
Around 14 Sections: ObObAdLiPaTeFcInAsCoCo

Question 12

Your firm’s Business Plan?

Answer 12

Vision:
Current Plan: 5 years
Example goals: FiDiLIExPrSe

Question 13

How do you contribute to your firm’s goals?

Answer 13

Safety; excellent work; sharing; new technologies; upskilling new members

Question 14

How can a Business Plan help a company?

Answer 14

FuNePrChBuReTa