Business Planning (Level 1)

Question 1

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

Answer 1

• Execuitve summary.
• Marketing strategy.
• Vision and mission statement.
• Products and services.
• Management team and personnel.
• Financial forecast and targets.

Question 2

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

Answer 2

“To be the leading, trusted sustainable solution provider in the UK Water Industry”

Hold contracts with all the major water companies in the UK.

Question 3

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

Answer 3

Tracking KPI’s such as revenue, profitability and customer satisfaction.

Question 4

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

Answer 4

• Technological advancements.
• Social and cultural trends.
• Global events.

Question 5

What are SMART objectives?

Answer 5

• Specific
• Measurable
• Achievable
• Realistic
• Time related.

Question 6

What is SWOT analysis?

Answer 6

Planning method which evaluates strengths, weaknesses, opportunities and threats.

Question 7

What is the difference between business strategy and business planning?

Answer 7

Strategy concerns the entire organisation.

Planning concerns the detailed implementation of the strategy.

Question 8

What is a business plan?

Answer 8

A formal statement of a businesses goals with reasoning and a plan of how to achieve them

Question 9

What is contained within an appointment document?

Answer 9

Work scope
Agreed fee
Terms and any amendments
Contact details

Question 10

What is PESTLE analysis?

Answer 10

Political
Economic
Social
Technological
Legal
Environmental

A strategic tool used to analyse external factors influencing an organization.