Business Planning Flashcards
What is business plan?
A formal statement of business’ goals with reason why they are thought to be attainable and the plan for reach the goals
Why is business planning important?
It helps your team and investors understand your vision for the company.
How do companies write business plans?
Market research, focus on resources, then leads to development of goals and objectives with associated strategies and actions
What is your company’s 5-year plan?
Refer to BCS
What is your company’s vision?
Refer to BCS
What is the typical content of business plan?
Objective, Staffing, Market Research, Financials, Strategy and Planning, Legals
What is Invesment Appraisal?
Analysis done to consider the profitability of an investment over the life of an asset alongside considerations of affordability and strategic fit
How do you contribute to your company’s goals?
Safety, maintaine excellence on work, sharing knowledge with teams, keeping up with technologies
What is KPI?
Key Performance Indicator. Quantifiable measure of performance over time for business objectives
Example: Satisfaction Rate, Time over Work Efficiency, etc.
What are some examples of Key Performance Indicators?
Cost Estimation Accuracy, Cost Control, Risk Assessment, Time Management, Quality of Work, Client Satisifaction
What is SWOT Analysis?
Used to analyse strength, weakness and external threats and opportunities of a company.
What is PESTLE Analysis?
Structured method of analysing key factors influencing market conditions. Political, Economical, Social, Technological, Legal and Environmental
Why are business plans need to be up to date?
- Business helps focus in key priorities
- To gain new instructions from new and existing clients
- Allows organisation to respond to change
- Budgeting purposes
What resources might your firm adopt to ensure they are profitable?
Timesheets, resource planning, fee/cost reconciliation, Project reviews, yearly performance reviews, Team meetings, director one-to-ones, Business Development Strategy, Pipeline monitoring
How could a Business Development Strategy help make your business more profitable?
Targeted strategy to generate revenue at profit. The business model should focus on sectors or niche business activities, target clients/customers and evaluate the cost and route to market . The Strategy must outline the actions and decisions necessary to achieve the goals and act as a guide to investment
