Business Planning (Level 1) Flashcards
What would you include in a Business Plan if you were setting up on your own?
Executive Summary
Business Strategy
Business Plan
Marketing Strategy
Vision and mission statements
Management Organogram
Financial forecasts
SWOT Analysis
What is your company’s business strategy?
Turn the UK Blue - Which means obtain contracts with all water companies within the UK
How would a business measure its performance against its business plan?
Tracking KPI’s;
- Revenue
- Profitability
- Customer Satisfaction
- Employee Satisfaction
What external factors beyond the control of the company would consider when constructing its business plan?
PESTLE Analysis
External forces may impact the business:
Political
Economic
Social
Technological
Legal
Environmental
What current challenges is Covid and/or Brexit bringing to Business Planning?
Uncertainty and volatility
Supply chain disruptions
Financial constrains
What are SMART objectives?
Objectives that are;
Specific
Measurable
Achievable
Realistic
Time related
What is a SWOT analysis?
Planning method that evaluates:
Strengths
Weakness
Opportunities
Threats
Difference between a business strategy and business plan?
Strategy is concerned with the entire organisation
- Main Contractor in the Water Industry
Business plan is concerned with implementation of the strategy
- How we achieve this, by Frameworks and Partnerships
What is a Business Plan? Benefits of one?
Formal statement of the business’ goals and plan for achieving them
Provides employees with a common focus to work towards
Assists in gaining funding/investment
Helps assist with budgeting
Does my firm produce an annual statement?
Yes, stating turnover, gross profit and net profit
Has to be submitted to Companies House
Difference between a Framework and Partnership?
Framework - Contract between two parties to deliver works over a set period of time
Partnership - Collaborative management approach between two parties which can be adopted on a one-off project or can be a long-term relationship
How do I contribute to Employers goals?
Ensure work is to the best of my ability
Share my knowledge and expertise with others
Develop and mentor new and junior members
Achieve KPI’s I am measured on
Porters 5 forces model?
Identifies competitive forces that shape industries:
- Supplier power
- Buyer power
- Threat of substitutes
- Threat of new entrants
- Competitive rivalry
