Business Planning Level 1 Flashcards
Terms of Business include?
Introduction, obligations of each party, additional services and fees
What would you include in a Business Plan if you were setting up on your own?
SWOT: Strengths, weaknesses, opportunities and threats
Business description, market analysis, marketing plan, analysis of competition, company structure, financial analysis, objectives and goals, summary
What is your company’s marketing plan?
Website adverts, ads in local magazine, word of mouth, signage
How do you fit in?
Applicants come to me
What is your client obliged to provide you with?
Terms of business, target market, source of funds, whatever is required for money laundering regulations
What are the objectives of your company’s business plan?
Enhance local area, sustainability
How do your companies objectives reflect on your daily work?
provide opportunities for local businesses
How would a business measure its performance against its business plan?
KPI’s, hitting goals and objectives, able to sustain itself
What external factors beyond the control of the company would consider when constructing its business plan?
Industry movement, legislation, public interest
PESTLE: political, economic, sociological, technological, legal and environmental
What current challenges is Covid and/or Brexit bringing to Business Planning?
Brexit, when doing work opportunities outside of UK
Covid, more risk assessments , preparation for slow down in business
How has your company dealt with this challenge?
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.
Fee earning staff?
(qualified) - surveyors, valuers, architects
Non fee earning staff?
IT support, Admin, HR
Investment appraisal?
used to determine if business or project is financially viable, rate of returns, payback period
Business model?
Strategy to generate income, include products and services, target clients, costs
