Business Planning

Question 1

What is SWOT analysis?

Answer 1

 Strengths
 Weaknesses
 Opportunities
 Threats

Question 2

What is PEST Analysis?

Answer 2

 Political influences
 Economical influences
 Socio-demographical influences
 Technological influences
 Environmental influences

Question 3

What is a business plan?

Answer 3

Analyse market and industry to identify opportunities and critical success factors. Focus on resources in developing their competence in critical success factors. Leads to development of goals and objectives with their associated strategies and actions

 A business plan is a formal statement of the business’s goals with reasons why they are thought to be attainable
 Provides employees a common ground to focus upon

Question 4

How does a business plan help a company?

Answer 4

• Supports with investment, funding etc
• Gain new instructions
• Focuses on key priorities
• Allows the firm to respond to change
• For budgeting purposes

Question 5

How do you contribute to your company’s goals?

Answer 5

• Focus on safety
• Produce excellent Work
• Share knowledge within integrated teams
• Keep up with new technology
• Upskilling new and junior team members

Question 6

What are Porter’s 5 Forces?

Answer 6

• They are used to analyse the competitiveness of an industry and the barriers to entry.

These typically include:
o Substitute products.
o Bargaining power of suppliers.
o Bargaining power of customers.
o Rivalry amongst existing firms.

Question 7

How does an up-to-date business plan help and organisation

Answer 7

• To support with gaining additional investment, funding or finance.
• To gain new instructions from new and existing clients.
• The business plan will help focus on key priorities.
• It allows the organisation to respond to change.
• For budgeting purposes.
• To support with recovery from Covid-19.
• To facilitate the setting of targets for staff.