Business Planning

Question 1

What tools can a company use to ensure they are making profit

Answer 1

Timesheets
Using resources planners
Fee/ cost reconciliation tools
Project reviews
Yearly performance reviews
Team meetings

Question 2

What’s PESTLE

Answer 2

P - political
E - economic
S - social
T - technological
L - legal
E - environmental

Question 3

What’s swot

Answer 3

Strength, weakness, opportunity, threat

Question 4

What are SMART targets

Answer 4

Specific
Measurable
Achievable
Realistic
Timebound

Question 5

What’s business strategy

Answer 5

Outlines the actions and decisions a company plans to take to reach its business goals and objectives

Question 6

What’s strategic planning

Answer 6

Process of developing and maintaining a strategic fit between the organisations objectives, resources and changing market opportunity’s

Question 7

What’s the difference between business strategy and planning

Answer 7

Strategy is concerned with whole road Siri in and plans are the detailed implementation of specific aspects

Question 8

What’s a business plan

Answer 8

A document that summarises the operational and financial objectives of a business
Likely timescale of three to five years

Question 9

What’s included in a business plan

Answer 9

• Executive summary
• marketing strategy
• vision and mission statements
• products and services
• management team and personal
• financial forecasts
• responsibilities and targets
• training, resource strategy and hierarchy plans
• SWOT analysis

Question 10

What’s a business model

Answer 10

Implemented 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
- market demographic
- expense of bringing your product or service to the target market