Business Planning Flashcards
What are forecasting techniques
What are accounting techniques
What is SWOT
- Strengths
- Weaknesses
- Opportunities
- Threats
What is PESTLE
- Political
- Economic
- Social
- Technological
- Legal
- Environmental
What are different types of business plans
Operational, strategic, feasibility
What does a PESTLE analysis consider?
External forces impact on the business
Why use SWOT?
Strategic planning method, basis for business strategy
What does SMART stand for?
- Specific
- Measurable
- achievable
- realistic
- time bound
What is working capital?
Amount available for day to day use / ability to meet liabilities.
Current assets - current liabilities
Business strategy vs business planning
Strategy is entire org, fundamental choices such as where it operates
Plans are detailed implementation after big choices made
Vision vs mission statement
Vision = tomorrow, mission = what an organisation does today ro achieve it
What is a business plan
Summarises operation and financial objectives of business incl budgets, usually to achieve bank loan
