Business Planning

Question 1

What is SWOT analysis

Answer 1

• A swot analysis can be used to analyze the internal strengths and weaknesses and external threats and opportunities of a company
• This is carries out to with a view to exploiting strengths and opportunities and mitigating weaknesses and threats.

Question 2

What is a PEST analysis

Answer 2

• This is a structured method of analysing the key factors influencing market conditions
• These factors are:
• Political Influences
• economical influences
• Socio - demographical influences
• Technological influences
• Environmental influences

Question 3

what are porters 5 forces?

Answer 3

• They are used to analyse the competitiveness of an industry and the barriers to entry
• these include
• substitute products
• bargaining power of suppliers
• bargaining power of customers
• Rivalry amongst existing firms

Question 4

How do companies write a business plan?

Answer 4

• they undertake an analysis of the market and industry to identify business opportunities and critical success factors
• companies should focus their resources in developing their competencies in the critical success factors
• this then leads to the development of goals and objectives with their associated strategies and actions

Question 5

What is a client account planning session?

Answer 5

• A review of current workload, resources and fees
• It involved the identification of key client personnel who have influence over job opportunities and identification of who the firm should look to build relationships with
• A review of pipeline opportunities with that the client is also undertaken

Question 6

What is a business plan?

Answer 6

• A formal statement of the business goals with reasons why they are thought to be attainable and the plan for reaching the goals
• The business plan also provides employees with a common ground to focus upon

Question 7

What is contained withing an appointment document

Answer 7

• It includes a clarification of the work scope
• the agreed fee bid
• the firms terms of business
• Any agreed amendments to the firms terms of business
• Contact Details

Question 8

Does your firm produce an annual account?

Answer 8

Yes it produces a statement of turnover, gross profit and net profit
- this must be submitted to companies house in accordance with the companies act

Question 9

Example of a business plan

Answer 9

Vision - to enhance and sustain the world build natural and social environment
- Business plan name and duration
- Example goals
- Financial performance
- Diversification
- increase market share