Business Planning

Question 1

What is a SWOT analysis?

Answer 1

• 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

Question 2

What is a Business Plan?

Answer 2

• A formal statement of the business’s goals with reasons why they are thought to be attainable and the plan for reaching the goals.
• The business plan also provides employers with a common ground to focus upon.

Question 3

How do companies write a business plan?

Answer 3

• 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 competences in the critical success factors.
• This then leads to the development of goals and objectives with their associated strategies and actions.

Question 4

What is contained within an appointment document?

Answer 4

• 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.

Question 5

How do you think an up to date business plan can help an organisation in the current economic climate?

Answer 5

• To support with gaining additional investment, funding or finance.
• To gain new instructions from new and existing clients.
• The business plan will help focus on key priorities.
• It allows the organisation to respond to change.
• For budgeting purposes.
• To support with recovery from Covid-19.
• To facilitate the setting of targets for staff.