Business Planning

Question 1

What is SWOT analysis?

Answer 1

SWOT analysis is a strategic tool used to identify and evaluate the strengths, weaknesses, opportunities and threats related to a business or specific project.

Question 2

What would you need to consider when setting up a business?

Answer 2

Insurances - PI, public liability, employee liability, building insurance.
Compliance with health and safety legislation - providing a safe environment for employees, construction context - providing PPE on site.
Legal structure - private/public, associated reporting requirements.
Payment - PAYE etc.
Market - demand, conditions.
RICS regulation.

Question 3

What is the benefits of a business plan?

Answer 3

Provides both strategic and operational direction.
Allows for quantitative review against KPI’s to assess business performance.
Risk management.
Decision making.

Question 4

What is a business plan?

Answer 4

A business plan is a comprehensive document that outlines the goals, strategies and operational details of a business.

• Exec summary.
• Business description.
• Market analysis
• Marketing strategy.
• Organisational / management structure.
• Products and services.
• Financial overview including budgets/revenues/forecasts/expenses.