Business Planning Flashcards
what is a business plan
written document that describes the core business objectives and outlines the strategies to achieve them
what is the average time frame for a business plan
3-5 years
what would a business plan include
- description of the business
- financial position and budget
- timescales
- marketing strategy
- organizational structure
what’s your firms current strategy and objectives
Driven: They celebrate determination and are constantly solving complex problems for their clients and communities.
Resilient: They find answers and opportunities for their clients.
Inclusive: They grow stronger teams with diverse viewpoints on client and community challenges.
Visionary: They rely on insights, experience, technology, AI, data, and analytics.
Entrepreneurial: They keep a startup mind and ensure their entrepreneurial spirit never gets lost.
what is the purpose of a business plan
focus the business on achieving key objectives
gain new clients
budget
set employee targets
respond to change
help seek funding
how does a business plan for the future
- identifies objectives
- sets out a programme to achieve them
- sets out a plan to achieve them
how can social media be used to manage a business
- can be used for marketing
- reach a greater pool of people
- use it for recruiting
- financial backing
- research
how do strategic asset management meetings help with business planning
- Opportunity to think across department about how we can collaborate in order to achieve the wider companies long term goals, beyond just the individual departments
what is SWOT analysis
- used to analyse internal strengths, weaknesses, opportunities and strengths
- used for business decisions and planning
- carried out with the view of exploiting strengths and opportunities and mitigating threats and weaknesses
what is the PESTLE analysis
- structured method of analysing the key factors influencing market conditions
- used to assist with business decision making
- political
- economical
- social
- technological
- legal
- environmental
what types of business plan are you aware of
start up- sets out steps to start up the business eg services, market evaluation, team
internal - project specific
strategic - business goals and how they will be achieved
what levels of business plan are you aware of
strategic - long term objectives and strategies for achieving them
operations - short term planning, sets out day to day business activities such as quality standards and measuring performance
departmental - sets out day to day business activities such as quality standards and measuring performance
how do you think an up to date business plan can help an oganisation in the current market
- to support gaining additional funding
- to gain new instructions
- help focus on key priorities
- allows the organisation to respond to change
- budgeting
- facilitate setting of targets for staff
how do you contribute to your companys goals
- focus on safety
- maintain excellence in my work
- sharing knowledge within integrated teams
- keeping up with new technologies
