Business planning L1

Question 1

What is SWOT analysis?

Answer 1

Analysis used to identify the
-stengths
-weaknesses
-opportunities
-threats
of a business

Question 2

What is PEST analysis?

Answer 2

Structured method of analysing market conditions including :
Political
economical
socio-demographical
technical
environmental

Question 3

What are porters five forces?

Answer 3

Used to analyse the competitiveness of an industry
-substitute products
-bargaining power of suppliers
-bargaining power of customers
-rivalry amongst existing firms

Question 4

How do companies write a business plan?

Answer 4

Undertake analysis of the market and industry to identify business opportunities and critical success factors, companies should focus their resources on developing their competences in the critical succcess factors, leads to the development of goals and objectives

Question 5

What is a business plan?

Answer 5

Formal statement of the business’ goals , how they will be sustainable and the plan to reach those goals
-provides employers with a common ground to focus on

Question 6

What is contained within an appointment document?

Answer 6

-work scope
-agreed fee
-terms of business
-agreed amendments to terms
-contact details

Question 7

Does your firm produce an annual account?

Answer 7

Yes it produces a statement of turnover, gross profit and net profit that is submitted to companies house in accordance with the companies act.

Question 8

Would you be able to interpret & understand an annual account?

Answer 8

I can interpret an account statement to a high level but if i have any queries i would contact my firms third party chartered accountants

Question 9

What are your firms terms of business?

Answer 9

• Payment terms
  -termination and suspension terms
  -The firms liability
  -intellectual property rights of documents provided
  -complaints handling procedures

Question 10

What is your firms business plan?

Answer 10

To bring new thinking and new approaches to the challenges of housing delivery and place creation that ensure valuable outcomes for all with a strong focus on sustainable development.

Question 11

How do you contribute to your companies goals?

Answer 11

-Taking pride in my work
-communication with all team members
-Keeping up with current affairs and technologies
-CPD

Question 12

How do you think an up to date business plan can help an organisation in the current economic climate?

Answer 12

-support if additional funding/investment is needed
-Focus on top priorities
-Can be used for budgeting purposes

Question 13

What makes up a business plan?

Answer 13

Executive summary, company description, market analysis, competition analysis, description of organisation structure, breakdown of services, marketing plan, funding requests, financial reports

Question 14

How does a feasbility study differ to a business plan?

Answer 14

A feasibility study is a document produced before a business is started to determine if the business is viable or not- if it is this study can then be used to create a business plan.

Question 15

What is a limited liability partnership (LLP)

Answer 15

Some or all partners have limited liabilities - one partner is not responsible for another partners misconduct or negligence

Question 16

What are the different types of business plans?

Answer 16

Start up plan
Annual growth plan
Scenario plan

Question 17

What is a sole trader?

Answer 17

A person who is the exclusive owner of a business and is entitled to keep all profits after tax

Question 18

What is a partnership?

Answer 18

A business organisation where two or more individuals manage and operate a business

Question 19

What is a limited company?

Answer 19

The shareholders liability is limited to the capital they originally invested

Question 20

How can you measure perfromance on a project?

Answer 20

KPI- key performance indicators
e.g programme , time, budget, cashflow

Question 21

What is the purpose of a business plan?

Answer 21

Sets out a companies objectives, highlights goals, can be provided to investors and lenders for additional funding

Question 22

How often should a business plan be updated?

Answer 22

At least once a year- potentailly more for younger or growing companies, or companies with more stakeholders

Question 23

How do you prepare a business strategy?

Answer 23

-identify stakeholders
-SWOT analysis
-PEST analysis
-SMART goals
-KPI

Question 24

Mentioned in submission

What is a business plan?

Answer 24

A business plan is a document that defines in detail a company’s objectives and how it plans to achieve its goals.

Question 25

Mentioned in submission

What are the essential elements of a business plan?

Answer 25

• market analysis
• competitive analysis
• operations structure
• sales strategy

Question 26

What can a business plan be used for?

Answer 26

A business plan can help to seek funding, to help focus on key priorities, and future staffing requirements.

Question 27

What risks does your firm face?

Answer 27

Recession leading to worsening development market.

Question 28

What opportunities does your firm face?

Answer 28

A recession and higher interest rates leading to lower asset prices.

Opportunity to buy sites from forced sellers.

Question 29

What is Corporate Social Responsibility?

Answer 29

Businesses considering their role in relation to the community, the environment, customers and staff

Question 30

Mentioned in submission

What is a market analysis?

Answer 30

A market analysis provides insights into potential customers and your competition.

Question 31

Mentioned in submission

What is a competitive analysis?

Answer 31

A competitive analysis is a way of evaluating how well your business and its products or services are performing compared to other companies selling similar products or services in your market.

Question 32

Mentioned in submission

What is a operations structure?

Answer 32

An operations structure explains in detail the role of a team or department in the collective accomplishment of your goals.

Question 33

Mentioned in submission

What is a sales strategy?

Answer 33

A sales strategy plan is a company’s roadmap for securing dependable, long-term revenue through the retention and acquisition of new and existing customers.

Question 34

Can you give me an example of the objectives your company has set?

Answer 34

Sustainable initiatives