Business Planning

Question 1

What tools are there to identify opportunities when setting up a business?

Answer 1

SWOT analysis - Used to identify the internal strengths and weaknesses and external threats and opportunities.

PEST analysis - analyses key factors influencing market conditions. Political, economical, social, technological

Question 2

How would you write a business plan?

Answer 2

1. Analyse the market and industry to identify opportunities
2. Focus resources on developing the areas where opportunities have been identified
3. Develop goals with associated strategies and actions

Question 3

What is a business plan?

Answer 3

Formal statement of business goals, why they are attainable and how they can be achieved.

Question 4

What is contained in an appointment document?

Answer 4

• Scope of works
• Agreed fee
• Terms of business
• Contact details

Question 5

What is an annual account?

Answer 5

A statement submitted to companies house that must include a balance sheet and a profit and loss account.

Question 6

What are included in a firms terms of business?

Answer 6

• Firms general obligations to the client
• The clients general obligations
• Payment terms
• Termination and suspension
• Force Majeure
• Complaints handling procedure

Question 7

What are the different types of business plan?

Answer 7

• Strategic business plan: Assesses the business environment internally & externally
• Departmental business plan: outlines focus areas & objectives for a department within a business
• Corporate business plan: objectives and focus areas for the business internally