Business Planning Flashcards
In terms of business planning, what tools does your company use to ensure you are making a profit?
• Timesheets.
• Using resource planners (to ensure full utilisation).
• Fee/cost reconciliation tools.
• Project reviews.
• Yearly performance reviews.
• Team meetings.
• Director one-to-ones.
What is a PESTLE analysis?
• PESTLE is an acronym for political, economic, social, technological, legal, and environmental.
• It is a way of understanding and reviewing how external forces may impact the business
What is a SWOT analysis?
• SWOT analysis is a strategic planning method used to evaluate the strengths, weaknesses, opportunities, and threats involved in a project or business venture.
• SWOT analysis can be used as a basis for business strategy
What are SMART targets/objectives as part of a business plan?
Objectives which are:
• Specific.
• Measurable.
• Achievable.
• Realistic.
• Time-related
Give examples of fee-earning and non-fee earning staff?
• Fee-earning: QS, PM, architect.
• Non-fee earning: Administration staff, IT technicians
What is the purpose of a business organisation chart?
• A graphical representation of the roles, responsibilities, and relationships between individuals within the organisation.
• It can be used to depict the structure of an organisation as a whole or broken down into smaller business units
How do you contribute to your company’s goals?
• Sharing knowledge within my team(s).
• Keeping up with new technologies and systems.
• Delivering and exceeding my responsibilities.
• Understanding my personal/project objectives, exceeding expectations where possible.
• Bringing in new business.
• Focus on safety
Can you explain what working capital is, please?
• Working capital represents the amount available to a company for day-to-day use and describes the company’s ability to meet its current liabilities.
• It is calculated by the difference between current assets and current liabilities
What is meant by business strategy?
• A business strategy is an outline of the actions and decisions a company plans to take to reach its business goals and objectives.
• The strategy defines what the business needs to do to reach its goals, which can help guide the decision-making process for hiring and resource allocation
What is meant by strategic planning?
The managerial process of developing and maintaining a strategic fit between the organisation’s objectives, resources, and changing market opportunities.
What is the difference between business strategy and business planning?
• A business strategy is concerned with the entire organisation, such as what it produces, where it competes, and how it allocates resources. It deals with the fundamental choices that will affect the entire organisation.
• Business plans are concerned with the detailed implementation after the big choices have been made.
• A business plan deals with the detailed implementation of specific aspects of the overall strategy
What is the difference between a business vision statement and a mission statement?
• A vision statement focuses on tomorrow and what an organisation wants to ultimately become.
• A mission statement focuses on today and what an organisation does to achieve it
What is a business plan?
• A business plan is a document that summarises the operational and financial objectives of a business.
• It is a business’s road map to success with detailed plans and budgets that show how the objectives will be realised.
• Likely timescale of three to five years (at least).
• Written business plans are often required to obtain a bank loan or other financing
What would typically be included in a business plan?
• Executive summary.
• Marketing strategy.
• Vision and mission statements.
• Products and services.
• Management team and personnel.
• Financial forecasts.
• Responsibilities and targets.
• Training, resource strategy, and hierarchy plans.
• SWOT analysis
What is a business model?
• A business model is the plan implemented by a company to generate revenue and make a profit from operations.
• A business model may contain:
• The product or service the business believes has value for the customer.
• The market niche and main target demographic.
• The expense of bringing your product or service to the target market
How can a business plan help a company in the current economic climate?
• To help secure additional funding from banks or external investors.
• To gain new clients and commissions.
• To help focus business priorities and respond to change.
• Focus on key priorities.
• For budgeting.
• For setting targets for staff
