Business planning Flashcards
How does your firm market itself using a range of marketing and promotion techniques?
- Media and social media adverts
- Sponsorship of clubs
- Hosting promotional events
- Word of mouth
What are some of the key things to include in a business plan?
- Analysis of some of the key risks and opportunities facing the business
- Resources required to service clients
- Market/competitor analysis
- Products and services
- Marketing and sales strategy
- Financial plan
Why is it important to forecast fees?
Plan future business activities and ensure you hit your desired minimum profit margin
What sort of financial planning would you use?
Budgets, cash flows and financial/audit controls
What are the different forms of business vehicle?
Sole practitioner, partnership, LLP, limited company and PLC
What is your firm’s business strategy?
H
What risks does your firm face?
H
What is Corporate Social Responsibility?
Businesses considering their role in relation to the community, the environment, customers and staff
How does your firms objectives pass to individual teams?
- Regular Company meetings
* Email bulletins on the business performance and new instructions gained.
How does your firm comply with the Modern Slavery Act 2015?
- Group procurement policy defining minimum standards when procuring goods or services
- Whistleblowing policy
- Training and awareness
- Corporate responsibility policy
What are the key factors to include in a business plan?
- An analysis of the opportunities and risks of the business and the resources required to service clients . A SWOT analysis can be a useful tool to use.
Suggest 5 ways you could undertake market research to create a business plan.
- customer profiling
- competitor analysis
- customer surveys
- focus groups
- demographic data
- industry benchmarking reports
Name three potential sources of finance for a business.
- business loan
- crowd funding: taking a small amount of investment from a lot of people to equal a much larger sum. Crowdfunding can be divided into two types:
Equity based: You give away equity in return for investment funds.
Rewards based: You give away perks, rewards or thanks for people supporting a specific product or business.
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Name three potential sources of finance for a business.
- business loan
- crowd funding: taking a small amount of investment from a lot of people to equal a much larger sum. Crowdfunding can be divided into two types:
Equity based: You give away equity in return for investment funds.
Rewards based: You give away perks, rewards or thanks for people supporting a specific product or business.
- business grants
- peer to peer lending
Why is it important to have a business plan?
- seek funding
- Gain new instructions, new clients, new customers
- focus on priorities
- Respond to change
- budgeting
- staff targets
