Business Planning - Level 1

Question 1

What is a business plan?

Answer 1

Formal statement of the business goals,

Question 2

What is SWOT analysis?

Answer 2

Analysis of a firms;

• Strengths
• Weaknesses
• Opportunities
• Threats

Question 3

What is PEST analysis?

Answer 3

Analysis of external influences

1. Political
2. Economical
3. Socio-demographic
4. Technology
5. Environmental

Question 4

What makes up a business plan?

Answer 4

1. The vision
2. Objectives and goals
3. strategies and actions in place to achieve goals.

Question 5

How do you assess potential new business?

Answer 5

1. Whether have skill/resources required
2. Able to meet legislation requirements?
3. Size/location

Question 6

How did you set your targets?

Answer 6

1/4ly meetings with manager to review progress and upcoming projects.

From this realistic goals are set.

Question 7

Why is it important to fee forecast?

Answer 7

Critical to running a business

Allows businesses to assess the future financial position of a company and plan a suitable level of resources.

Question 8

What is fee forecasting?

Answer 8

Assessing the level of fees chargeable over a future period. E.g. major works fees.

Question 9

What is a Strategic business plan?

Answer 9

a strategy that’s devised to achieve overall goals set by a business

Question 10

What is a Departmental business plan

Answer 10

a planning document focused on a specific department within a company.​

Question 11

What is an Operational business plan?

Answer 11

highly detailed plan

How a team will contribute to the achievement of the organisation’s goals. ​

Question 12

What is a Corporate business plan?

Answer 12

defines the strategies that the employees will take to meet the business’ goals and missions.

Question 13

What are the the essential elements of a business plan​?

Answer 13

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

Question 14

What are Organisational structures?

Answer 14

a system that outlines how certain activities are directed in order to achieve the goals of an organization.

Question 15

What are different types of organisational structures?

Answer 15

Functional
Divisional
Matrix

Question 16

What is benchmarking

Answer 16

a process of assessing your current performance against a peer group of organisations of comparable scale and complexity.

Question 17

What are ratios ?

Answer 17

• Financial ratios are created with the use of numerical values taken from financial statements to gain meaningful information about a company.

Question 18

What are Methods for financial benchmarking

Answer 18

Current ratio
Gross profit margin
Net profit margin

Question 19

What is Working capital

Answer 19

a financial metric which represents operating liquidity available to a business, organization, or other entity, including governmental entities.

Question 20

What is Stock

Answer 20

A stock (also known as equity) is a security that represents the ownershipof a fraction of a corporation

Question 21

what is a debtors

Answer 21

A debtor is a company or individual who owes money.

Question 22

What is a Creditor?

Answer 22

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.

Question 23

What areForecasting techniques

Answer 23

Primary forecasting techniques help organizations plan for the future

Question 24

Name some aForecasting techniques

Answer 24

The Delphi Technique

Question 25

Planning to meet corporate objectives

Answer 25

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.

Question 26

What is SWOT analysis?

Answer 26

Is a framework used to evaluate a company’s competitive position and to develop strategic planning.

Strengths

Weaknesses

Opportunities

Threat

Question 27

What are KPIs?

Answer 27

Key performance indicators (KPIs) refer to a set of quantifiable measurements used to gauge a company’s overall long-term performance.

Question 28

What is PESTLE Analysis

Answer 28

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

Question 29

What is NBSs business plan?

Answer 29

Building a national treasure 
Thriving membership
Legendary service
Built to last 
Building Pride

Question 30

Functional Organisational Structure

Answer 30

groups employees according to a specialized or similar set of roles or tasks​

Question 31

Organisational structures - Divisional

Answer 31

splits employees into segments that correspond to particular products, services or markets.

Question 32

Organisational structures – Matrix ​

Answer 32

Matrix = a structure in which there is more than one line of reporting managers​

Question 33

Organisational structures - Flatarchy​

Answer 33

allows for more decision making among the levels of an organization and, overall, flattens out the vertical appearance of a hierarchy.​

Question 34

What is a Creditor?

Answer 34

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.

Question 35

RICS business plan

Answer 35

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