Business Planning Lvl 1

Question 1

What is a SWOT Analysis

Answer 1

• Strength
• Weakness
• Opportunity
• Threat

Question 2

What is PESTEL Analysis

Answer 2

• Political
• Economic
• Socio - demographic
• Technological
• Environmental
• Legal

Question 3

What is Porters 5 Forces

Answer 3

• Used to analyise competitiveness of industry and barriers to entry
• Substitute product
• Bargaining powers of suppliers
• Bargaining powers of customers
• Rivalry amongst existing firms

Question 4

What is a business plan

Answer 4

Formal statement of the businesses goals with reasons they are thought to be attainable and the plan for reaching the goals.

• Provides a common goal

Question 5

What is contained within an appointment document

Answer 5

• Clarification of the work scope
• Agreed fee bid
• Firms terms of business
• Any agreed amendments
• Contact details

Question 6

What is your Firms terms of business

Answer 6

Together with the engagement letter + T&C’s will form the contract between our firm and the client.

We utilise PSRA contracts
Managment

• Parties to the agreement
• Licence
• Services to be provided
• Duration of agreement
• Obligation of agent
• Obligation of client
• Fee/Outlays, invoicing
• Termination
• The client account
• PI insurance
• Complaints handling
• Statement of obligations on the Agent pursuant to section 42 and 43 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended)
• Indemnity
• Schedules