Business Planning - Level 1 Flashcards
What is a business plan?
A formal statement of the business goals, reasons why they are attainable and plan for reaching the goals. It provides employers with a common ground to focus on.
What is SWOT analysis?
Analysis of a firms;
- Strengths
- Weaknesses
- Opportunities
- Threats
What is PEST analysis?
Analysis of external influences;
1. Political
2. Economical
3. Socio-demographic
4. Technology
5. Environmental
What are Porter’s Five Forces?
Used to analyse competitiveness of industry.
- Barriers to entry
- Substitute products
- Bargaining power of suppliers
- Bargaining power of consumers
- Rivalry amongst existing firms
What makes up a business plan?
- The vision
- Objectives and goals
- strategies and actions in place to achieve goals.
What components are included in an appointment document?
- Clarification of work scope
- Agreed fee
- Terms of business
- Agreed amendments
- Contact details
- CHP
What are Burlington’s Terms of Business?
- Introduction
- Services to be provided
- Our obligations and liability - e.g. handling client’s money and data protection
- Additional services
- Termination
- Fees agreed
How do you assess potential new business?
- Whether have skill/resources required
- Able to meet legislation requirements?
- Size/location
You say you have worked for small businesses in different markets, what do you mean by this?
BS - boutique high end new builds - focus on service offering
TLC - quantity - heritage small blocks - making ends meet
Why is market appropriate business planning necessary?
To ensure realistic goals are set for the specific market
How did you set your targets?
1/4ly meetings with manager to review progress and upcoming projects. From this realistic goals are set.
Are you on target to reach your targets?
Major Works - £CHECK THIS
Fees - CHECK THIS
Yes - numerous projects and taking on new properties.
Why is it important to fee forecast?
Critical to running a business as it allows businesses to assess the future financial position of a company and plan a suitable level of resources.
What is fee forecasting?
Assessing the level of fees chargeable over a future period. E.g. major works fees.
What is a fee budget?
Level of fee achieveable with current level of resource
