Business Planning

Question 1

What is a SWOT analysis?

Answer 1

-SWOT is a way of examining a business by identifying the Strengths, Weaknesses, opportunities and threats it can be used as part of a business plan

Question 2

What is a PESTLE analysis?

Answer 2

• is a way of examining market conditions through examining the Political, economic, social, technological, Legal, and Environmental

Question 3

What are Porters five forces?

Answer 3

Porter’s five market forces are Substitute products, bargaining power of suppliers, bargaining power of customers, Rivalry amongst existing firms, new competitors

Question 4

What are porters three marketing differentiation strategies?

Answer 4

• Market focus, price differentiation, Quality differentiation

Question 5

How do companies write a business plan?

Answer 5

By analysing the market conditions and industry to identify business opportunities. Set targets such as time, financial, growth and set out a strategy for how those targets can be reached

Question 6

What is a client account planning session?

Answer 6

• a review of current workload, resources and fees
• It involves the identification of key client personnel who influence job opportunities and identification of who the firm should look to build relationships with.
  -A review of pipeline opportunities with that client

Question 7

What is a business plan?

Answer 7

A formal statement of how a business plans to meet set goals. The justification for setting those goals and the KPI’s

The business plan also helps to give teams a common focused goal

Question 8

What is contained within an appointment document?

Answer 8

It should contain the terms of business, the scope of the works, exclusions and limitations, the agreed fee, contact details.

Question 9

Does your firm produce a annual account?

Answer 9

Yes, my company provides an annual account including turnover, profit and loss, and net profit. This is submitted to Companies House as required by the Companies Act.

Question 10

Would you be able to interpret & understand an annual account?

Answer 10

I understand the general principles; however, before a high-level review, I would need to seek assistance from a chartered accountant.

Question 11

What are your firms terms of business?

Answer 11

With the engagement letter and the terms and conditions, they form the contract between the client and the company.

Our terms of business limit our liability to providing reasonable skill and care and not fitness for purpose.

Any dates given are estimates only

For clients at acknowledge thier duties under the BSA and CDM

Ridge provides no warranty on third party work

Question 12

What is your firms business plan?

Answer 12

Ridge’s vision is to ……
We have a team business plan….

Question 13

How do you contribute to your companies goals?

Answer 13

• I ensure I provide quality work and client care
• I support my team and share knowledge with them
• I work to my company’s guidelines for working safely

Question 14

How do you think an up to date business plan can help an organisation in the current economic climate?

Answer 14

• A business can use a business plan to identify new and emerging opportunities
• For securing loans and investment
• to gain new work opportunities
• Help the business to evolve and respond to change

Question 15

Name a type of bussiness plan?

Answer 15

there are 4 types of plan:
strategic - Mid to long term goals
departmental - focus areas, objects in teams
operational - objectsives of a comapny and how to acchive
corporate - employees stratgies for meeting the companies goals

Question 16

What is a organisational structure?

Answer 16

This is how a bussiness is structured, it provides a framework for management hierarchy

these can be flat, vertical, circular

Question 17

What are financial ratios?

Answer 17

performance indicators created from finiacal statments

Question 18

Working capital?

Answer 18

The differnce between the money or assets that can be converted into money within a years and its liabilities e.g. payroll

The availble funds

Question 19

What are stocks?

Answer 19

a share in the ownership of a company

Question 20

What is the differnce between dedtors and creditors?

Answer 20

Debtors owe money or services, creditors provide money or services

Question 21

What is bussiness forecasting?

Answer 21

making informed guesses about of bussiness metrics regardless of spesifics of a bussiness.

Question 22

describe corporate planning?

Answer 22

the process of developing stratgies to meet bussiness goals and achiveing objectives

Question 23

How does bussiness planning contribute to the success of a company?

Answer 23

it faciliates decison making and allows setting of time frames for achiving goals and sets KPIS and owners

Question 24

What is ROI

Answer 24

the ratio between income and investment - take costs of goods and services from overal reveune and then dividing this by the cost of goods or services sold.