Business Planning Flashcards
What tools does your company use to ensure you are making profit
- directors one-to-ones
- weekly recourse and planning meetings
- Bi annual performance reviews
- lessons learnt workshop
What are common business planning tools used by companies
PESTLE analysis; Political, Economic, Social, Technology , Legal, Environmental
SWOT; Strengths, Weakness, Opportunities, Threats
SMART; Specific, Measurable, Achievable, Realistic, Time
How do you contribute to your companies goals
- Understanding my role and performing to the best of my ability
- Representing to my company externally
- Undertaking CDP
- Sharing knowledge/ experience with my team
What is it meant by business strategy
An outline of the actions and decisions a company plans in order to meet its goals and objectives
helps guide the decision making process for accepting work, resource allocation and talent accusation
What is the difference between business strategy and business planning
Business strategy defines goals and objectives
Business plan details actions required to meet the objectives
What is a business plan
Business plan summarises the goals and objectives set out by the company and provides a detail plan and budget on how they are going to achieve it.
usually set over 3-5 years
can often be required to help with external financing
What is likely to be included in a business plan
Executive summary
marketing strategy
financial forecasts
targets
SWOT analysis
personal strategies, retention/training etc
What is a business model
A plan implemented by a company to generate profit from set operations
- product/ service offered
- market niche and target demographic
- Expense required to bring your product/ service to the market
What are the benefits of a business model
- To help secure additional funding
- to gain new clients
- to help focus business activities on what is profitable
- budgeting
- Resource allocation and function
