Business Planning Flashcards
What is a business plan?
• A roadmap for your business that outlines goals and details how you plan to achieve those goals.
What is in your firm’s business plan?
- Looking back at 2019 – where our work came from, finances, SWOT analysis and staff changes.
- Looking forward over the next 3 years – finances, our clients, our people and culture, marketing, key objectives, responsibilities
- Finances will look at projects and rendered. And will look at growth over the next three years.
- Objectives – What we want to achieve and how we will achieve it, maybe selecting people to own the objective. Look at how these objectives are measured.
- Operational focus – who is responsible for which team goals.
Why do firms have a business plan?
- Sets clear objectives that need to be met and performance can be measured against
- Strive for continuous improvement.
- Outline who is to carry out task
What is the importance of business planning?
That you analyse performance and use it to set realistic goals for the future.
What is the purpose of a business plan?
It’s a document that should be developed and used to help run company with a more cohesive vision. By setting out a business plan, you are giving the company a chance of success by planning and being organised for the period ahead. It states ambitions and what you want to achieve by when and how you plan to do that. It provides direction, goals, objectives and fee targets.
What is included in a typical business plan?
Immediate and future goals, states where the company wants to go, SMART goals, target clients, locations, resources, market factors, fee target, method to reach goals, responsibilities. SWOT
what are short medium long term goals?
- SMART – Specific, measurable, attainable, relevant and time bound
- Short – few months
- Medium – up to a year or two
- Long term – three years plus
how do you monitor performance?
- Appraisals
- Objectives and goal setting
- Finance
- Employee productivity
- Client security/ new clients
what types of business’ are there/
Partnership
Limited company
Limited liability partnership
What do you understand by market analysis?
- A key part of any business plan
- Quantitative and qualitative assessment of a market.
- Looks into the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, economic environment in terms of barriers to entry and regulation.
What is business planning?
The process of determining a commercial enterprise’s objectives, strategies and projected actions in order to promote its survival and development within a given timeframe. Business planning typically has two key aspects, one focused on making profits and the other focused on dealing with risks that might negatively impact the business.
what legislation must you consider when preparing your business plan?
- Employment law
- consumer rights
- Competition law
- Equality Act
- H&S
- GDPR
What does the management of human resources for a business include?
- job analysis
- planning
- recruiting
- personnel training
- managing wages
- providing benefits
- resolving disputes
- maintaining comms.
What is the equality Act 2010
Brought in to consolidate and harmonise all previous acts relating to protected characteristics including pay, sex, discrimination, race, disability, religion, sexual orientation, age
What is a partnership business?
two or more people owning and running a business. Each partner is jointly and severally liable for the partnership’s debt that is each partner is liable for their share of the partnerships debts as well as being liable for all the debts.
