Business Planning Flashcards
What is your firms overall objective?
To improve the capability of the military across live, work, and train by improving the provision and quality of our infrastructure.
What are some examples of strategic objectives of your firm?
- Delivering of our programme of works including SFA and DEO.
- Safety and compliance to ensure the defence estate is safe.
- Excellent advice by improving the development of JSP 850.
- Sustainability performance to meet legislative targets making our infrastructure resilient to climate change.
What do you expect to see in a business plan?
A business plan will include some or all of the following:
- Executive summary
- Business description
- Market analysis and strategy
- Marketing and sales plan
- Operating plan
- Detail of company structure
- Financial analysis
- Objectives/goals
- Summary of the strategy
What are the 4 types of business structures?
Sole trader
Partnership
Limited liability partnership (LLP)
Limited liability company
What is a SMART objective?
Specific
Measurable
Achievable
Relevant
Time
What is a KPI?
Key Performance Indicators are quantifiable measures of performance over time for a specific objective. They help to track progress and identify trends, or put in place improvement plans.
What is liquidity in business terms?
Measure of how quickly a business can convert assets into cash, thus being able to meet short-term financial obligations.
What is net profit?
Net profit, also known as the bottom line, is calculated as follows:
Gross profit - fixed costs of the business = net profit
What is a PESTLE analysis?
It is used to assess the context in which a business operates.
Political
Economic
Sociological
Technological
Legal
Environmental
What is a sole trader?
A person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses (unlimited liability).
What is a partnership?
A business in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.
What is a limited company?
Shareholders’ liability is limited to the capital they originally invested. If such company becomes insolvent, the shareholders personal assets remain protected. Shares in a private limited company are not offered to the general public (distinguishing it from a public limited company - plc).
What is a limited liability partnership (LLP)?
A partnership in which some or all partners have limited liabilities. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.
