Business Planning - Level 1 Flashcards
What is SWOT analysis?
A SWOT analysis can be used to analyse the internal strengths, weaknesses and external threats and opportunities of a company.
This is carried out with a view to exploiting strengths and opportunities and mitigating weaknesses and threats.
What is a PEST analysis?
1) This is a structured method of analysing the key factors influencing market conditions.
These factors are:
- Political Influences
- Economical Influences
- Socio-demographical Influences
- Technological Influences
- Environmental Influences
What are Porter’s five forces?
They are used to analyse the competitiveness of an industry and the barriers to entry.
These typically include:
- Substitute products
- Bargaining power of suppliers
- Bargaining power of customers
- Rivalry amongst existing firms
How do companies write a business plan?
1) They undertake an analysis of the market and industry to identify business opportunities and critical success factors.
2) Companies should focus their resources in developing their competencies in the critical success factors.
3) This then leads to the development of goals and objectives with their associated strategies and actions.
What is a Client Account Planning session?
1) A review of current workload, resources & fees.
2) It involves the identification of key client personnel who have influence over job opportunities and identification of who the firm should look to build relationships with.
3) A review of pipeline opportunities with that client is also undertaken.
What is a Business Plan?
1) A formal statement of the business’s goals with reasons why they are thought to be attainable and the plan for reaching the goals.
2) The business plan also provides employers with a common ground to focus upon.
What is contained within an appointment document?
1) It includes a clarification of the work scope.
2) The agreed fee bid.
3) The company’s terms of business.
4) Any agreed amendments to the company’s terms of business.
5) Contact details.
Do your Company produce an annual account?
1) Yes, it produces a statement of turnover, gross and net profit
2) This must be submitted to companies house in accordance with the companies act.
Would you be able to interpret & understand an annual account?
At a high level but I would seek further advice from one of our internal Chartered Accountants if necessary.
What are your company’s terms of business?
What is your company’s business plan?
Vision:- To be recognised as the best at providing innovative cost management to clients in London and the South East.
Sustainable growth through focus on exceptional client service delivery, collaboration with consultants and development of our people.
To create £8m fee income business by 2024
Values:-
All our people act with integrity, showing fairness, consistency, courtesy and respect for others.
We are collaborative team players, sharing knowledge, but prepared to challenge constructively.
We are innovative in the development of our knowledge and services.
How do you contribute to your company’s goals?
1) Focus on safety.
2) Maintain excellence in my work.
3) Sharing knowledge within the integrated teams.
4) Keeping up with new technologies.
5) Upskilling new and junior team members.
How do you think an up to date business plan can help an organisation in the current economic climate?
1) To support
