Business Planning L1 - SoE Qs Flashcards
What is a business plan?
A business plan is a document that reviews a company’s operational and financial targets for the forthcoming period, setting objectives and goals.
Typically set goals for a 3-5 year period.
Typically required to obtain bank loans and financing.
What is business strategy?
Outlines the business actions and decisions the company plans to take to help reach its business goals and objectives.
The strategy defines what the business needs to do to reach its goals, which can help with the decision-making process for hiring and resource allocation.
What is the difference of business strategy and business plan?
Business Strategy - overachieving objectives and goals of the business.
Business Plan - specifics of actions that will be taken to achieve the businesses strategy.
What is typically in a business plan?
Executive summary
Vision and mission statements
Management team and personnel
Marketing strategy
Financial forecasts
Responsibilities and targets
Training and resource plans
SWOT analysis
Why might a company produce a business plan?
To help gain additional funding from banks or external investors.
To gain new clients or commissions.
Help focus on business priorities and respond to change.
For setting targets for staff.
What’s a SWOT analysis?
Strengths, Weaknesses, Opportunities and Threats.
Can be used as the basis for the business strategy.
What’s a PESTLE analysis?
Political
Economic
Social
Technological
Legal
Environmental
What is SMART?
Specific
Measurable
Achievable
Realistic
Time Related
What are the different types of business plan?
Strategic
Operational
Departmental
Corporate
Are you aware of any planning tools that can be used to support the preparation of a business plan?
SWOT analysis
PESTLE
SMART obiectives
What is discussed during your company’s internal monthly meetings?
We discuss the company’s performance, detailing projected turnover, cost of staff, gross profit and any other overheads there may be like rental, to give a post property profit.
The meeting also highlights
improvements that need to be made, i.e filling in missing timesheets and uncompleted service reviews.
What are the key sectors that your company is targeting?
One of the largest sectors that my company is currently targeting is the Data Centre market.
What is the difference between a vision statement and a mission statement?
A mission statement is what your company is doing right now, whilst your vision statement is what you hope to achieve in the future.
How will your companies 2030 targets be achieved?
By reviewing KPI’s and reflecting upon the data to implement change when required.
By undertaking service reviews regularly to understand areas of our service we can improve.
By employing the right people in the right business units to increase our service offering and divulge into new markets.
By ensuring that staff undertake regular training to keep up to date with market trends in a changing landscape.
