Business Planning Flashcards
What tools does your company use to ensure profits are made?
Timesheets.
Resource planners.
Project reviews.
Performance reviews.
What is benchmarking?
Performance of a project is compared to other similar projects, to highlight value-for-money.
What is a PESTLE analysis?
Political
Economic
Social
Technological
Legal
Environment
What is SWOT?
Strengths
Weaknesses
Opportunities
Threats
Issues created for firms, related to high staff turnover?
Expensive and time consuming.
Training new staff.
Team dynamics.
SMART targets?
Specific
Measurable
Achievable
Realistic
Time related
What is an investment appraisal?
Assess whether business/project is worthwhile in terms of return.
Examples of staff that are fee earning vs non-fee earning staff?
Fee - QS, PM, Architect.
Non-fee - Admin, IT tech.
How do you contribute to your company’s goals?
Vision 2025 - transforming performance for a green, inclusive and productive world.
- Knowledge sharing.
- Delivering on deadlines and responsibilities.
- Bring in new business.
- Focus on safety.
What are parts of your company’s values?
Love a challenge.
Stronger Together.
Bringing out the best in everyone.
Porter’s 5 forces model?
SBSEC
Supplier power
Buyer power
Threat of substitutes
Threat of new entrants
Competitive rivalry
What is a Joint Venture?
Business arrangement in which two or more parties agree to pool resources. Separate entity.
What is working capital?
Amount available for day-to-day use. Describes ability to meet current liabilities.
What is meant by business strategy?
Outline of actions and decisions to reach goals and objectives.
What is meant by strategic planning?
Managerial process of maintaining a fit between a firms objectives, resources and market.
Difference between business strategy and business planning?
Business strategy is concerned with whole organisation.
Business plans are concerned with details implementation after big choices are made.
Difference between a vision statement and a mission statement?
Vision is a focus on tomorrow and what it wants to be.
Mission is a focus on today and what they must do to achieve it.
What is a business plan?
Summarizes operational/financial objectives of a business.
Timescale of 3-5 years minimum.
What is a business model?
Plan implemented to generate revenue and profit.
Contains: product/service, market niche, expense of going to market.
How can a business plan help a company in the current climate?
Help secure funding.
Gain new clients.
Focus on priorities.
Budgeting.
What would you find in a business plan?
Objectives
Strategies
Forecasts
Marketing
What is in my companies business plan?
Growth
NewLeaf
CBRE
Purpose
Sectors
CR
How do personal objectives contribute to T&T’s business plan?
Contribute to bids such as TfL.
Contribute to SV Charter with NH.
Contribute to risk management improvement.
Client care at Heathrow is of high quality.
Difference between objective and goal?
Goal is a long term general target.
Objective is more short term and includes how its to be achieved.
Different types of business plan?
Strategic
Departmental
Operational
Corporate
What elements are included in a business plan?
Exec Summary.
Business description.
Market analysis.
Marketing plan.
Competition analysis.
Financial analysis.
Objectives/goals.
