Business Planning

Question 1

Say you set up a business, what financial measures would you put in place to manage the business on a day to day basis?

Answer 1

• Company account
• Potentially business accountant
• Financial statements (cashflow, balance sheets, profit & loss)
• Payroll

Question 2

Ok, say your business turns over £185k? What PI should you have as a minimum?

Answer 2

Turnover between £100k-£200k requires £500k min cover.

Question 3

How would you write a business plan and what are they used for?

Answer 3

I would review my company’s goals, objectives, include a marketing strategy, financial forecasts, SWOT analysis.

Used for obtaining finance, focus business priorities and identify market niche and main target demographic.

Question 4

What is a business plan?

Answer 4

A business plan summarises the operational and financial objectives of a business, typically over 3-5 years.

Question 5

What is included in a business plan?

Answer 5

• Exec summary
• Marketing strategy
• Vision and mission statements

Question 6

How do you contribute to your companies goals?

Answer 6

• Sharing knowledge within my team
• Understanding my personal/project objectives and exceeding expectations where possible.
• Bringing new business ideas
• Keeping up to date with new technologies and systems.