Business Planning Flashcards
What type’s of business plans are there?
Strategic - Defines objectives and goals to meet firms vision, Sets out Programmes and Plans
Operational - What tasks are to be performed, who by, when and how many tasks.
Departmental - Defines personnel, roles, targets, goals all aligning with the strategic plan and vision.
How can an up to date Business Plan help an organisation in today’s climate?
Allow organisations to respond from change
Help budgeting with current climate (i.e. staffing, office downgrade/upgrade)
E.g. Due to business plan up to date with current climate has allowed a reduction in staff to respond to the pandemic.
What is an organisational structure?
Usually set out in a family tree like form and defines peoples roles and their position in the organisation.
What are long term and short term plans?
Define what you want to achieve in the periods.
Short term (1 -3 year plan) Long term (5-10 year plan)
What are some business support structures?
What are not fundamental to business.
Admin HR Audit Secretarial Catering
How do you keep a firm in a good state of profitability?
Sell as much time of your fee-earning staff as possible and at the highest possible price.
Keep costs as low as possible, while adequately resourcing the business and ensuring its long-term health.
Bill promptly, while persuading clients to pay quickly.
Keep an eye on the cash flow
What are the 5 different business structures?
Sole trader Limited LLP Partnership Franchise
Dependant on the scenario would determine most appropriate - guidance on businesslink.gov
What do firms ultimately rely on?
Reputation and the loss of this with customers, the local community or staff damages cash flow.
What is CRM?
Client Relationship Management.
Basically rates the clients on how beneficial they are to a company and allows a systematic approach to look after better clients than others.
What is the Companies Act 2006?
Imposes certain duties on directors, and partners:
- Promote the success of the company for the benefit of its shareholders as a whole
- Exercise independent judgment
- Exercise reasonable care, skill and diligence
- Avoid conflicts of interest
- Refuse benefits from third parties
- Declare personal interests
What other things should companies consider about their staff?
Pay Employment contracts and conditions Working hours Flexible working Holidays Transfers and takeovers (TUPE)
What is a SWOT analysis?
Strengths, Weaknesses, Opportunities, Threats.
Tell me about your companies management structure?
Clear structure consisting of four levels. Director Assoc Director Senior BS BS
What are you companies values?
Trust
Professional
Property
Expert
How do you contribute to your companies strategy?
I adhere to the departmental and Operational plans
I aim to achieve my targets.
