Business Planning

Question 1

What is a business plan?

Answer 1

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

Question 2

What is a SWOT analysis?

Answer 2

It is a structured 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.

Question 3

What is a PEST analysis?

Answer 3

This is a structured method of analysing the key factors influencing markets (thedemand side).
These factors are;
* Political influences
* Economical influences
* Socio-demographical influences
* Technological influences
* Environment

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 competences 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 contained within an appointment document?

Answer 5

• 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 6

What is financial benchmarking?

Answer 6

Tool used by companies to analyse business stands and performance against other companies

Question 7

What is your QS business plan?

Answer 7

• Retain key clients
• Drive for employment

Question 8

How do you contribute to your company’s goals?

Answer 8

• Focus on safety.
• Maintain excellence in my work.
• Sharing knowledge within integrated teams.
• Keeping up with new technologies.
• Upskilling new and junior team members.

Question 9

How do you think an up to date business plan can help an
organisation in the current economic climate?

Answer 9

• To support with gaining additional investment, funding or finance.
• To gain new instructions from new and existing clients.
• The business plan will help focus on key priorities.