Business Planning - Level 1 Flashcards
What is a business plan?
Formal statement of the business goals,
What is SWOT analysis?
Analysis of a firms;
- Strengths
- Weaknesses
- Opportunities
- Threats
What is PEST analysis?
Analysis of external influences
- Political
- Economical
- Socio-demographic
- Technology
- Environmental
What makes up a business plan?
- The vision
- Objectives and goals
- strategies and actions in place to achieve goals.
How do you assess potential new business?
- Whether have skill/resources required
- Able to meet legislation requirements?
- Size/location
How did you set your targets?
1/4ly meetings with manager to review progress and upcoming projects.
From this realistic goals are set.
Why is it important to fee forecast?
Critical to running a business
Allows businesses to assess the future financial position of a company and plan a suitable level of resources.
What is fee forecasting?
Assessing the level of fees chargeable over a future period. E.g. major works fees.
What is a Strategic business plan?
a strategy that’s devised to achieve overall goals set by a business
What is a Departmental business plan
a planning document focused on a specific department within a company.
What is an Operational business plan?
highly detailed plan
How a team will contribute to the achievement of the organisation’s goals.
What is a Corporate business plan?
defines the strategies that the employees will take to meet the business’ goals and missions.
What are the the essential elements of a business plan?
Division of the business into service type or client segment
Financial performance targets
Plan business opportunities and allocate staff resource
Budgeting and cash forecasting money
What are Organisational structures?
a system that outlines how certain activities are directed in order to achieve the goals of an organization.
What are different types of organisational structures?
Functional
Divisional
Matrix
What is benchmarking
a process of assessing your current performance against a peer group of organisations of comparable scale and complexity.
What are ratios ?
- Financial ratios are created with the use of numerical values taken from financial statements to gain meaningful information about a company.
What are Methods for financial benchmarking
Current ratio
Gross profit margin
Net profit margin
What is Working capital
a financial metric which represents operating liquidity available to a business, organization, or other entity, including governmental entities.
What is Stock
A stock (also known as equity) is a security that represents the ownershipof a fraction of a corporation
what is a debtors
A debtor is a company or individual who owes money.
What is a Creditor?
A creditor is an entity (person or institution) that extends credit by giving another entity permission to borrow money intended to be repaid in the future.
What areForecasting techniques
Primary forecasting techniques help organizations plan for the future
Name some aForecasting techniques
The Delphi Technique
Planning to meet corporate objectives
Short-Term Planning
- Short-term planning looks at the characteristics of the company in the present and develops strategies for improving them
Long term
- Long-term planning reacts to the competitive situation of the company in its social, economic and political environment and develops strategies for adapting and influencing its position to achieve long-term goals.
What is SWOT analysis?
Is a framework used to evaluate a company’s competitive position and to develop strategic planning.
Strengths
Weaknesses
Opportunities
Threat
What are KPIs?
Key performance indicators (KPIs) refer to a set of quantifiable measurements used to gauge a company’s overall long-term performance.
What is PESTLE Analysis
management method whereby an organization can assess major external factors that influence its operation in order to become more competitive
Political
Economic
Social
Technological
Legal
Environmental
What is NBSs business plan?
Building a national treasure Thriving membership Legendary service Built to last Building Pride
Functional Organisational Structure
groups employees according to a specialized or similar set of roles or tasks
Organisational structures - Divisional
splits employees into segments that correspond to particular products, services or markets.
Organisational structures – Matrix
Matrix = a structure in which there is more than one line of reporting managers
Organisational structures - Flatarchy
allows for more decision making among the levels of an organization and, overall, flattens out the vertical appearance of a hierarchy.
What is a Creditor?
A creditor is an entity (person or institution) that extends credit by giving another entity permission to borrow money intended to be repaid in the future.
RICS business plan
o Beneficial change to the response to world challenges
o Trusted by stakeholders and society
o Maintain professional quality and demand
o Generate financial ability to invest in vision
