Business Planning

Question 1

What procedures does your firm adopt to ensure they are profitable?

Answer 1

• Job management platform Client IQ - enter active jobs and business developmen to budget and forecast our project fees. Regularly updated and reviewed on a weekly basis
• Yearly perfomrance reviews
• Team meetings
• Business development strategy

Question 2

What issues would a company expereince with a high staff turnover?

Answer 2

• Increased recruitment costs
• increased training costs
• inconsistent performance
• poor morale
• reputational damage

Question 3

What is an investment appraisal?

Answer 3

Used to determine whethere a business or project would generate the required levels of return and be considered financially viable

rate of return, pay back period etc

Question 4

What components would you identify within a business plan?

Answer 4

• Executive summary
• marketing summary
• vision and mission statements
• products and services
• management team / organisational structure
• financial forecasts
• targets
• swot
• pestle

Question 5

How can a business plan help a company remain profitable?

Answer 5

• Help secure new investment
• Grow existing client base
• highlight key objectives
• supports accurate forecasting and budgeting

Question 6

What is a business model?

Answer 6

Strategy implemented by organisation to generate revenue and make a profit from its operations

May detail the following components:
* The products/ services being offered to client base
* the niche / sector operating in
* taget customers
* route to market

Question 7

What is meant by the term business strategy?

Answer 7

• Outlines the actions and decisions a company plans to take to reach its goals

Question 8

What is a business plan?

Answer 8

• Formal statement of the businesses goals, reasons why they are attainable and the plan for reaching the goals.

Question 9

What is a SWOT analysis?

Answer 9

• Analysis of the market
• Analyses internal strength and weaknesses and external opportunities and threats to exploit / mitigate

Question 10

PESTLE

Answer 10

• Political
• economic
• socio demographic
• tech
• legal
• envrionment

Question 11

Porters 5 forces

Answer 11

• Analyse competitiveness of industry
  1. barriers to entry
  2. substitute
  3. bargain power of suppliers
  4. bargain power of customers
  5. Rivalry among existing firms

Question 12

Whats contained in an appointment document?

Answer 12

1. Clarification of scope
2. agreed fee bid
3. terms of business
4. Contact details

Question 13

What are in your firms terms of business?

Answer 13

1. intro
2. our general obligations
3. your general obligations
4. additional services
5. liability
6. remuneration
7. termination / suspension
8. force majeure
9. intellectual prop rights