Business planning (Level 1) Flashcards
What is the role of strategy in business planning?
Strategy guides how an organisation achieves its objectives by setting long-term goals and defining the methods to achieve them.
How does performance analysis contribute to effective business planning?
Performance analysis identifies strengths, weaknesses, opportunities, and threats, which helps in developing a strategy that addresses current challenges and leverages opportunities.
What is a SWOT analysis, and how is it used in business planning?
SWOT analysis examines an organisation’s Strengths, Weaknesses, Opportunities, and Threats to inform strategic planning and decision-making.
How does PESTLE analysis impact business planning?
PESTLE analysis evaluates Political, Economic, Social, Technological, Legal, and Environmental factors affecting the business, helping in anticipating external challenges and opportunities.
What is the importance of aligning strategy with organisational objectives?
Aligning strategy with objectives ensures that all business activities support the overall goals and drive the organisation towards its desired outcomes.
How can SWOT and PESTLE analyses be integrated into business planning?
Integrating both analyses provides a comprehensive view of internal and external factors, enabling more informed and balanced strategic decisions.
How does understanding organisational objectives help in contributing to business planning?
Understanding objectives allows for alignment of individual contributions, such as cross-selling services, to support overall strategic goals.
What is the role of cross-selling in achieving organisational objectives?
Cross-selling enhances revenue and client relationships, contributing to the achievement of organisational objectives by expanding service offerings.
What are the key elements of a successful business strategy?
Key elements include a clear vision, specific objectives, a detailed action plan, and methods for monitoring and adjusting the strategy as needed.
Why is it important to regularly review and update business plans?
Regular reviews ensure the business plan remains relevant and effective, adapting to changes in performance, market conditions, and organisational goals.
