Business Planning Flashcards
What is a SWOT analysis?
-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
What is a PESTLE analysis?
- is a way of examining market conditions through examining the Political, economic, social, technological, Legal, and Environmental
What are Porters five forces?
Porter’s five market forces are Substitute products, bargaining power of suppliers, bargaining power of customers, Rivalry amongst existing firms
What are porters three marketing differentiation strategies?
- Market focus, price differentiation, Quality differentiation
How do companies write a business plan?
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
What is a client account planning session?
- 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
What is a business plan?
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
What is contained within an appointment document?
It should contain the terms of business, the scope of the works, exclusions and limitations, the agreed fee, contact details.
Does your firm produce a annual account?
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.
Would you be able to interpret & understand an annual account?
I understand the general principles; however, before a high-level review, I would need to seek assistance from a chartered accountant.
What are your firms terms of business?
With the engagement letter and the terms and conditions, they form the contract between the client and the company.
Our terms of business are made up of….. TO BE ADDED
What is your firms business plan?
Ridge’s vision is to ……
We have a team business plan….
How do you contribute to your companies goals?
- 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
How do you think an up to date business plan can help an organisation in the current economic climate?
- 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
