Business Planning

Question 1

What is a business plan?

Answer 1

1. a document setting out the business future objectives and the road map of how they will achieve them
2. made up of
   - exec summary
   - business description
   - market analysis & strategy
   - marketing and sales plan
   - analysis of competition, including their services
   - operating plan
   - details of company structure
   - financial analysis
   - objectives or goals
   - summary of strategy

Question 2

SW business plan?

Answer 2

1. supporting a flourishing Scotland
   - beyond net zero
   - service excellence
   - great value & financial sustainability

Question 3

What is a method to carry out analysis?

Answer 3

1. SWOT (strength, weaknesses, opportunities and threats)

Question 4

Why is a business plan important?

Answer 4

1. provides a road map
2. provides clear goals
3. reduces risk
4. helps secure financing
5. allows for benchmarking

Question 5

What are forecasting techniques?

Answer 5

1. qualitative (market research and opinions (surveys))
2. quantitative (measurable e.g. data)

Question 6

What are debtors and creditors?

Answer 6

1. debtors are who owes money to a business
2. creditors are who the business owes money to

Question 7

What are SMART goals?

Answer 7

1. specific, measurable, achievable, relevant and time-bound

Question 8

What is WICS?

Answer 8

1. water industry commission for Scotland

Question 9

What do WICS do?

Answer 9

1. examine the resources that SW need to provide high quality water and sewerage services
2. they review SW business plan for the period and determine level of revenue that must be collected through charges to deliver objectives set by ministers
3. after analysis WICS set caps on charges SW can collect from customers over a six-year regulatory period

Question 10

Key Principles of SR27

Answer 10

1. focus on ethical business regulation, ensuring open and transparent conversations across the industry
2. customers at heart of all plans
3. focus on high quality evidence analysis to support decision making
4. ensuring clear accountability, set out what we will do and deliver against commitments
5. SR27 covers all directorates with particular input from EPA, capital investment and finance