Business Planning Flashcards
What is SWOT analysis?
Analysis used to identify the
-stengths
-weaknesses
-opportunities
-threats
of a business
What is PEST analysis?
Structured method of analysing market conditions including :
Political
economical
socio-demographical
technical
environmental
What are porters five forces?
Used to analyse the competitiveness of an industry
-substitute products
-bargaining power of suppliers
-bargaining power of customers
-rivalry amongst existing firm
How do companies write a business plan?
Undertake analysis of the market and industry to identify business opportunities and critical success factors, companies should focus their resources on developing their competences in the critical success factors, leads to the development of goals and objectives
What is a client account planning session?
review of current workload, resources and fees
identification of key client personnel
review of pipeline opportunities
What is a business plan?
Formal statement of the business’ goals , how they will be sustainable and the plan to reach those goals
-provides employers with a common ground to focus on
What is contained within an appointment document?
work scope
-agreed fee
-terms of business
-agreed amendments to terms
-contact details
How do you contribute to your companies goals?
- helping to upskill junior and new staff members
- Taking pride in my work
- communication with all team members
- Keeping up with current affairs and technologies
- CPD
How do you think an up to date business plan can help an organisation in the current economic climate?
- support if additional funding/investment is needed
- Focus on top priorities
- Can be used for budgeting purposes
What makes up a business plan?
Executive summary
company description
market analysis
competition analysis
description of organisation structure,
breakdown of services,
marketing plan,
funding requests,
financial reports
How does a feasbility study differ to a business plan?
A feasibility study is a document produced before a business is started to determine if the business is viable or not- if it is this study can then be used to create a business plan.
What would you need to set up a company?
Public/employer liability insurances
-Building insurance
-register with companies house
-professional indemnity
-suitable policies
-register with RICS
-complaints procedure
What is a limited liability partnership (LLP)
Some or all partners have limited liabilities - one partner is not responsible for another partners misconduct or negligence
What are the different types of business plans?
Start up plan
Annual growth plan
Scenario plan
What is a sole trader?
A person who is the exclusive owner of a business and is entitled to keep all profits after tax
