Business Planning Flashcards
What is a SWOT analysis?
- A SWOT analysis can be used to analyse the internal strengths and weaknesses and external threats and opportunities of a company.
- This is carried out with a view to exploiting strengths and opportunities and mitigating weaknesses and threats.
What is a PEST analysis?
A PEST anlalysis looks at the factors influencing market conditions:
- Political influences.
- Economical influences.
- Socio-demographical influences.
- Technological influences.
What are Porter’s five forces?
They are used to analyse the competitiveness of an industry and the barriers to entry.
- Threat of New Entrants: Ease of new competitors entering the market.
- Bargaining Power of Suppliers: Influence suppliers have on prices and terms.
- Bargaining Power of Buyers: Customers’ ability to affect pricing and quality.
- Threat of Substitutes: Likelihood of customers switching to alternative products.
- Industry Rivalry: Intensity of competition among existing firms.
How do companies write a business plan?
- They undertake an analysis of the market and industry to identify business opportunities and critical success factors.
- Companies should focus their resources in developing their competencies in the critical success factors.
What is a Client Account Planning session?
- A review of current workload, resources & fees.
- It involves the identification of key client personnel who have influence over job opportunities
- A review of pipeline opportunities with that client is also undertaken.
What is contained within an appointment document?
It includes a clarification of the work scope.
- The agreed fee bid.
- The firms terms of business.
- Any agreed amendments to the firms’ terms of business.
- Contact Details.
Does your firm produce an annual account?
- Yes it produces a statement of turnover, gross profit & net profit.
- This must be submitted to Companies House in accordance with the Companies Act.
Would you be able to interpret & understand an annual
account?
At a high level but I would seek further advice from a senior colleague
How do you contribute to your company’s goals?
- Focus on safety.
- Maintain excellence in my work.
- Sharing knowledge within integrated teams.
- Keeping up with new technologies.
- Upskilling new and junior team members.
How do you think an up to date business plan can help
an organisation in the current economic climate?
The business plan will help focus on key priorities.
It allows the organisation to respond to change.
How do you ensure you align with RGs business goals and objectives?
- I align to RG’s buisness goals and objectives but ensuring I go above and beyond for my clients when delivering a standard of service.
- I have been involved in the development and introduction of new software to help with better reporting and cost reporting to clients.
- I look to put people first and upskill junior team members.
what is the difference between short and long term goals and why is this important?
- Typically, short-term goals are defined as accomplishments that take 3 months to a few years.
- Long-term goals are usually completed in 3 to 5 years, or longer.
What is included within a business plan?
- Business description and structure
- Market research and strategies
- Management and personnel
- Financial documents.
What is the current state of the construction market in your sector?
- Business is strong currently in the workplace sector with many opportunities and bids in the pipeline.
- This is dispite high inflationary pressures and rising construction costs in the fitout sector.
- Many clients still striving to re-purpose their workspace due the dramatic shift to hybrid working following the COVID-19 Pandemic.
