Business Planning Flashcards
Can you give an example of short term business goals set in you previous job?
These were a combination of financial targets, KPI’s and staffing goals such as:
- Quarterly revnue targets
- KPI’s such as weekly call targets and site visits
- Addition of 2nr new staff members
Can you give an example of long term business goals set in your previous job?
These involved more strategic targets surrounding training infrastructure, market share and staff retention such as:
- Overhaulng and creating formal training procedures for new and existing staff
- Increasing vendor managemnt market share securing longer term contracts at reduced margins
- Staff incentive and welfare schemes to promote staff longevity
What tools does your companyuse to ensure you are making a profit?
- Weekly resource planners and meetings
- Director one-on-one’s
- bi-annual perfomrace reviews
- Lesons learnt workshops
- Yearly company performance review
What are common business planning tools used by companies?
PESTLE analysis: Political, Economic, Social, Technology, Legal and Environmental analysis of external forces affecting the business and industry
SWOT analysis: Strengths, Weaknesses, Opportunities and Threats analysis of internal factors within the business
SMART: Specific, Measurable, Achievable, Realistic and Time related as a means of achieveing company objectives/goals
How do you contribute to your companies goal’s
- Understanding my role and performng to the best of my ability
- Representing my company externally by being professional and courteous
- Undertaking CDP
- Sharing knowledge/experience within my team
What is meant by business strategy?
- An outline of a the actions and decisions a company plans to take to reach it’s business goals and objectives.
- Helps guide the decision making process for accepting work, resource allocation and talent acquisition
What is the dofference between business strategy and business planning?
Business strategy defines the goals and objectives the company wishes to achieve while a business plan details the actions required to meet the objectives
What is a business plan?
- Business plans summersie the goals and objectives set by the company and provides a detailed plan and budget on how they are to be achieved.
- Usually set over 5 years, or at least 3 years
- Can often be required to help with external financiing
What is likely to be included within a business plan?
- Executive summary
- Marketing strategy
- Staff map, including roels and responsabilities
- Financial forecasts
- Targets
- Personnel stetegies incl retention, aquisition and training
- SWOT analysis
What is a business model?
A plan implemented by a company to generate profit from set operations including:
- Product/service offered
- Market niche and target demographic
- Expense required to bring your product/service to the market
What are the benefits of a business plan?
- To help secure additional funding from external investors/banks
- To gain new clients
- To help focus business activities on what is profitable
- Budgeting
- Resource allocation and function
