BUSINESS PLANNING Flashcards
Q+A Mock Interview
What is a business plan?
It is a logical decision making process based on market analysis and forecasting to set a company’s goals and objectives. The plan is continuously updated using a feedback system and measuring performance.
What is a SWOT analysis?
It is a structure analysis of the market (demand side). It is used to analyse internal strength and weaknesses and external threats and opportunities to exploit strengths and opportunities and mitigate weaknesses and threats.
What is a PEST analysis?
This is a structured method of analysing the key factors influencing markets (the demand side).
These factors are;
Political influences
Economical influences
Socio-demographical influences
Technological influences
Environment
What are Porter’s five forces?
They are used to analyse the competitiveness of the industry. (the supply side)
Barriers to entry
Substitute products
Bargaining power of suppliers
Bargaining power of customers
Rivalry among existing firms
What do you find in a Business plan?
The vision
Objectives and goals
Strategies and actions
How do companies write a business plan?
The analysis of the markets and industry enable companies to identify business opportunities and critical success factors in their markets and industry.
Companies should focus their resources in developing their competences in the critical success factors.
This then leads to the development of goals and objectives with their associated strategies and actions.
What is a Client Account Planning session?
Review of current workload, resources, fees etc. Identification of key client personnel who have influence over job opportunities and who from ECH shall build up the relationship with them. Review of pipeline opportunities with that that client.
What is a Business Plan?
A formal statement of the businesses goals, reasons why they are attainable and the plan for reaching the goals. Provides employers with a common ground to focus upon.
What is contained in an appointment document?
1) Clarification of workscope
2) Agreed fee bid (aligned to workscope)
3) ECH Terms of Business
4) Agreed amendments to ECH terms approved by GLS
5) Contact Details
Do ECH produce an annual account?
Yes - produces statement of turnover, gross profit, net profit etc. Must submit to Companies House in accordance with the Companies Act 2006.
Would you be able to interpret / understand an annual account?
At a high level but would seek further advice from one of our internal Chartered Accountants.
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. Consists of 14 Sections:
1) Introduction - Members of the LLP are referred to as Partners.
2) Our General Obligations - Provide ‘Services’ detailed in Engagement Letter with the skill, care and diligence expected of professional person.
3) Your General Obligations - Not solicit any Partner/Employee, if occurs then must pay ECH £35k.
4) Additional Services - Entitled additional fees if work scope varies.
5) Our Liability - Claims are against ECH and not Partner/Employee.
6) Remuneration - Paid interest on late payments in accordance with Late Payment
of Commercial Debts (Interest) Act 1998.
7) Termination and/or Suspension - Minimum 7 days notice to suspend work.
8) Force Majeure - Not liable for failure to carry out obligations if occurs.
9) Intellectual Property Rights - Copyright of documents provided by us, belongs to
us. When fee is paid, you can use.
10) Assignment and Subcontracting - Written consent from other party.
11) Communications - All in writing to address in Engagement Letter.
12) Problems and Complaints - Copy available on request.
13) Adjudication - Contact details for Notice of Adjudication to be issued.
14) Governing Law - Governed by English Law.
What is your firms business plan?
People
Innovation
Excellence
Growth
How do you think an up to date business plan can help an
organisation in the current economic climate?
to seek funding;
to gain new instructions, new clients, new customers;
to help focus on key priorities;
to allow the organisation to respond to change;
for budgeting;
for setting targets for staff.
