BUSINESS PLANNING Flashcards
What is a SWOT analysis?
- 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 PESTLE analysis?
- This is a structured method of analysing the key factors influencing market conditions.
- These factors are:
o Political influences.
o Economical influences.
o Social influences.
o Technological influences.
o Legal influences.
o Environmental influences.
How do companies write a business plan?
- Analyse the market and industry to identify business opportunities.
- Develop goals and objectives along with strategies to achieve them.
What is a Business Plan?
- A document that outlines a company’s goals and the strategies to achieve them.
What is contained within an appointment document?
- Scope of work
- Fee
- Terms of business.
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 Chartered Accountants if necessary.
What are your firms Terms of Business?
What is your firms business plan?
What are the key components of a business plan?
- Executive Summary
- Business Description
- Market Analysis
- Organisation and Management
- Products or Services
- Marketing and Sales Strategy
- Financial Plan
How would you describe a tall organisational structure?
- Many levels of hierarchy, with a clear chain of command.
- Allows managers to closely supervise subordinates.
- Common in larger, more traditional companies.
How would you describe a flat organisational structure?
- Fewer levels of hierarchy and wider spans of control.
- Promotes open communication, collaboration, and faster decision-making.
- Often seen in smaller or modern, flexible organisations.
What is an advantage of a tall organisational structure?
Clear chain of command ensures accountability and well-defined roles.
What is an advantage of a flat organisational structure?
Faster decision-making and better communication across teams.
What is an disadvantage of a tall organisational structure?
Slower decision-making due to multiple levels of hierarchy.
