Business Planning Flashcards
What is a SWOT analysis?
A SWOT analysis can be used to analyse the internal strengths and weaknesses and external threats and opportunities of a company.
What is the purpose of a SWOT analysis?
To exploit strengths and opportunities and mitigate weaknesses and threats.
What is a PEST analysis?
A structured method of analysing the key factors influencing market conditions.
What factors are included in a PEST analysis?
- Political influences
- Economical influences
- Socio-demographical influences
- Technological influences
- Environmental influences
What are Porter’s five forces?
They are used to analyse the competitiveness of an industry and the barriers to entry.
What factors typically include in Porter’s five forces?
- Threat of substitute products
- Threat of new entrants
- Bargaining power of suppliers
- Bargaining power of customers
- Rivalry amongst existing firms
How do companies write a business plan?
They undertake an analysis of the market and industry to identify business opportunities and critical success factors.
What should companies focus on when writing a business plan?
Developing their competences in the critical success factors.
What is a Client Account Planning session?
A review of current workload, resources & fees, and identification of key client personnel.
What does a Business Plan include?
A formal statement of the business’s goals with reasons why they are thought to be attainable and the plan for reaching the goals.
What is contained within an appointment document?
- Clarification of the work scope
- Agreed fee bid
- Firms terms of business
- Any agreed amendments to the firms’ terms of business
- Contact Details
Does your firm produce an annual account?
Yes, it produces a statement of turnover, gross profit & net profit.
What must be submitted to Companies House?
A statement of turnover, gross profit & net profit in accordance with the Companies Act.
Would you be able to interpret & understand an annual account?
At a high level, but I would seek further advice from a Chartered Accountant if necessary.
What are your firms Terms of Business?
Together with the Engagement Letter, the T&C’s will form the contract between our Firm and the Client.
What do the firms Terms of Business include?
- General Obligations to the client
- Client’s General Obligations
- Additional Service terms
- Liability terms
- Payment terms
- Termination and Suspension terms
- Force Majeure terms
- Intellectual Property Rights
- Assignment and Subcontracting terms
- Formal communication requirements
- Problems and Complaints handling procedures
What is the vision of your firms business plan?
To create, enhance and sustain the world’s built, natural and social environments.
What are example goals in a business plan?
- Strong financial performance
- Diversification
- To become the Global Industry leader
- To increase to a targeted percentage of market share
- Expansion into new territories
- £X Turnover with % net profitability
- Growth within certain sectors
How do you contribute to your company’s goals?
- Focus on safety
- Maintain excellence in my work
- Sharing knowledge within integrated teams
- Keeping up with new technologies
- Upskilling new and junior team members
How can an up to date business plan help an organisation?
- Support gaining additional investment
- Gain new instructions from clients
- Focus on key priorities
- Respond to change
- Budgeting purposes
- Support recovery from Covid-19
- Facilitate setting of targets for staff
