Business Planning Flashcards
What is SWOT analysis?
Analysis which identified the following within a company setting:
S - Strengths
W - Weaknesses
O - Opportunities
T - Threats
What is PEST analysis?
A structured method of analysing key factors influencing market conditions. The factors are:
P - Political influences
E - Economical factors
S - Socio-demographic influences
T - Technological influences
E - Environmental influences
What are Porters 5 Forces?
They are used to analyse the competitiveness of an industry and the barriers to entry. They typically include:
1 - Substitute products
2 - Bargaining power of suppliers
3 - Bargaining power of customers
4 - Rivalry amongst existing firms
How do companies write a business plan?
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 competencies in the critical success factors. This then leads to the development of goals and objectives with their associated strategies and actions.
What is a Client Account Planning session?
A review of the current workload, resources and fees.
It involves the identification of key client personnel who have influence over job opportunities and identification of who the firm should look to build relationships with.
What is a Business Plan?
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 plan also provides employers with a common ground to focus on.
What is contained within an appointment document?
It provides the following:
1 - Clarification of the works scope.
2 - The agreed fee.
3 - The firms terms of business.
4 - Any agreed amendments to the firms terms of business.
5 - Contact details.
Does your firm produce an annual account?
Yes, it produces an annual turnover, gross profit and net profit. It is submitted to Companies House in accordance with the Companies Act.
Would you be able to interpret and understand an annual account?
At a high level, but I would seek further advice from a Chartered Accountant if necessary.
What are your firms Terms of Business?
There are a number of sections which include the following:
1 -General obligations of both the firm and the client.
2 - Any additional service terms.
3 - Liability arrangements.
4 - Payment terms.
5 - Termination and suspension terms.
6 - Force Majeure terms.
7 - Intellectual property rights relating to copyright of documents provided by the firm.
8 - Assignment and sub-contracting terms.
9 - Formal communication arrangements.
10 - Complaints handling procedures.
What is your firms Business Plan?
The core purpose of the company is to make a critical intervention in the private rented market in the inner areas of Blackpool.
The intention is to acquire poor quality property and improve it to provide high quality homes that set a new standard in the market, and in turn try to reverse decades of decline in the town and help to tackle the high levels of social deprivation associated with that.
How do you contribute to your company’s goals?
Being part of the development team, I contribute to the refurbishment and maintenance of acquired properties to ensure we achieve a good standard within our portfolio.
I use my knowledge of building pathology and building technology to advise and upskill other team members and provide assistance wherever else it may be required.
How do you think an up to date business plan can help an organisation in the current economic climate?
1 - It can help to focus on key priorities and aid budgeting.
2 - Allow the organisation to respond to change.
3 - It can support with gaining additional investment, funding or finance.
