Business Planning Flashcards
What is a business plan?
Sets out a strategy of what you are going to do and how you are going to do it. Sets up how a business intends to meet its targets. Analyses opportunities and risks.
Why is business planning important?
Allows you to analyse past performance in order to establish your future strategy. Allows you to plan against any risks.
How can a business monitor its performance?
Through setting and assessing goals, looking at competitors, geographical expansion.
What are the main headings you would see under a business plan?
- Executive summary
- Company description
- Market analysis
- Competition analysis
- Description of organisation structure
- Breakdown of services offered
- Marketing plan strategy
- Funding requests
- Financial records
What are some short- and long-term commercial targets?
Short – meet annual targets
Medium – gradually increase targets, increase staff
Long – build relationships with new clients to continue the business and new revenue streams
How would you prepare a long-term strategy?
- Create a description of the strategy
- Identify the key stakeholders and their needs
- SWOT analysis
- PEST analysis (political, economic, social, technological)
- SMART goals (specific, measurable, attainable, realistic, time)
- Prepare a marketing strategy – identify audience, market research, promotions etc
- Organise resources – funding, staff etc
- Review performance indicators areas of development, improvement, and growth
- Monitor and review the progress on a regular basis
What do you need to set up as a company?
Registration
* RICS
* Companies House
Insurance
* Building
* Contents
* Business Interruption
Cover
* Employer
* Directors and officer’s
Other: Suitable policies
What is a fee forecast?
Allows the future financial position to be assessed and ensure records are maintained for potential fees.
What is an LLP?
In Short: Partner’s liability is limited. Not responsible for others’ negligence
Limited liability partnerships – requires min 2 members, each member pays tax on their share of profits and liable for their responsibilities.
What is a limited company?
In Short: Responsible for debt to extent of capital invested
Long version: General form of incorporation that limits the liability undertaken by shareholders. The liability of a company’s members is limited to their stake in the company. If the company owns money, you are separated from the company and you don’t pay it out of your pocket.
What is Vision 2025?
- Projects the direction of the company
- Area of we want to focus and grow in such as ESG, diversity and life sciences.
