Business planning Flashcards
What are the elements of a business plan?
An executive summary
Business description
Products and services
Market analysis and strategy
Marketing and sales plan
Analysis of competition
An operating plan
Detail of the company structure
Financial analysis
Objectives and goals
Summary of strategy
How do you establish goals?
Specific
Measurable
Achievable
Relevant
Time-bound
What is a KPI?
Key Performance Indicator
Used to track progress, could be financial or satisfaction based
What is liquidity?
The measure of how quickly the business can convert assets into cash, to be able to meet short term obligations. Lacking liquidity can be an issue what tax or VAT bills are due.
What is net profit?
Gross profit - all expenses
What type of business plan does your firm have?
A strategic business plan.
What is a USP?
Unique Selling Point
Helps define a business.
Can you tell me about your firms business plan?
It is a strategic business plan, based around the goal of 22% profit
Development of management and agency committees
Marketing development
Identifying profitable work
Identifying new areas of work and acting quickly with new trends (Natural Capital)
What is your company’s management structure / business model?
Partners committee, management committee, then agency and professional committees
What are your company’s values?
Increasing property related economic, social and professional opportunity through accountable, specialist advice, from happy motivated staff
What tools does your company use to manage its business?
Committees filter down into departments.
Very open dialogue within the office regarding where the company is going.
How do you ensure that you contribute to the achievement of your company’s objectives / business plan?
Communication is key.
Also, carry out frequent reviews of my own work and profitability to assess how efficiently I am working.
Engage in 6-monthly appraisals to identify any weaknesses or where hep may be needed to improve my efficiency
What issues would a company experience with a high staff turnover?
Increased recruitment costs
Increased training costs
Inconsistent production and performance
Poor staff morale
Lower customer satisfaction
Reputational damage
Higher operating costs
Reduced profitability
How can a business plan help a company remain profitable?
Assist with securing new funding
Identify and grow existing client base
Highlight the key objectives
Responds to change
Accurate forecasting and budgeting
Allows for resource planning
What is a business model?
A strategy to generate and make profit. Includes:
- products and services offered
- business USP
-target clients
What is meant by business strategy?
Outlines the actions and decisions a company plans to take to reach its business goals and objectives.
