Business Planning Level 1 Flashcards

1
Q

Terms of Business include?

A

Introduction, obligations of each party, additional services and fees

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2
Q

What would you include in a Business Plan if you were setting up on your own?

A

SWOT: Strengths, weaknesses, opportunities and threats
Business description, market analysis, marketing plan, analysis of competition, company structure, financial analysis, objectives and goals, summary

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3
Q

What is your company’s marketing plan?

A

Website adverts, ads in local magazine, word of mouth, signage

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4
Q

How do you fit in?

A

Applicants come to me

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5
Q

What is your client obliged to provide you with?

A

Terms of business, target market, source of funds, whatever is required for money laundering regulations

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6
Q

What are the objectives of your company’s business plan?

A

Enhance local area, sustainability

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7
Q

How do your companies objectives reflect on your daily work?

A

provide opportunities for local businesses

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8
Q

How would a business measure its performance against its business plan?

A

KPI’s, hitting goals and objectives, able to sustain itself

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9
Q

What external factors beyond the control of the company would consider when constructing its business plan?

A

Industry movement, legislation, public interest
PESTLE: political, economic, sociological, technological, legal and environmental

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10
Q

What current challenges is Covid and/or Brexit bringing to Business Planning?

A

Brexit, when doing work opportunities outside of UK
Covid, more risk assessments , preparation for slow down in business

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11
Q

How has your company dealt with this challenge?

A

Downsized, focused on sustainability, ensure profitability, yearly performance review, business development strategy.
High staff turnover results in recruitment costs, then training costs, inconsistent production performance.

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12
Q

Fee earning staff?

A

(qualified) - surveyors, valuers, architects

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13
Q

Non fee earning staff?

A

IT support, Admin, HR

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14
Q

Investment appraisal?

A

used to determine if business or project is financially viable, rate of returns, payback period

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15
Q

Business model?

A

Strategy to generate income, include products and services, target clients, costs

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16
Q

Business strategy?

A

Outlines actions and decisions company makes to achieve its goals

17
Q

PESTLE?

A

political, economic, sociological, technological, legal and environmental

18
Q

Appointment document?

A

Work and scope, fee, terms of business, contact details