Level 1 Business Planning Flashcards

1
Q

Types of Business Plan?

Strategic

A

Strategy that’s devised to achieve overall goals set by a business, stimulates change management

  1. Identify and approve framework, vision, long term goals & objectives
  2. Position company: marketing capabilityes, technological advantages, available resources
  3. Foundation for tactical plan: achieve goals
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2
Q

What’s included in a business plan?

A
  • Executive summary
  • Marketing strategy
  • Vision statements
  • Products and Services
  • Management Teams
  • Financial forecasts
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3
Q

How does a business plan help a company remain profitable?

A
  • Assist with securing new funding and investment
  • Grow client base and project
  • Highlight key business objectives
  • Assist with responding to change
  • Grow market share
  • Supports accurate forecasting and budgeting
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4
Q

Functional

A
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5
Q

Flatarchy

A
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6
Q

Hierarchy

A
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7
Q

Divisional Organizational Structure

A
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8
Q

How do timesheets work

A
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9
Q

Difference between fee earners & non fee earners?

A

Fee: QS, Architect, PM
Non Fee: Admin Staff, Bid Staff IT

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10
Q

Forecasting Techniques?
Subjective forecasting approach?

A

Allows forecasters to predict outcomes on their subjective thoughts

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11
Q

Forecating Techniques?
- Time series forecasting

A

A quantitive forecasting

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12
Q

What is finacial benchmarking?

A

Process of assessing your current performance against a peer group of organisations of comparable scale and complexity, enables you to build a case for making changes to support wider business strategy.

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13
Q

Executive Summary?

A

Concise overview of your business plan

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14
Q

Company description?

A

High level view of your business, should explain who you are and how you operate and what your goals are

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15
Q

Products and services?

A

Show your industry knowledge and present conclusions based through market research

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16
Q

Market Analysis & marketing?

A

Summarise your sales and marketing strategy, how you’ll implement them with an operating plan

17
Q

Organisation and managament team?

A

Outline your companies structure, identifying the owners management team and board of directors

18
Q

Financial plan and projections

A

Developed with a professional accountant after you’ve completed a market analysis and set goals for your company

19
Q

What is a business plan?

A

A document that defines the business objectives and suggests strategies to be undertaken to realised how this will be achieved within a defined time frame.
- The vision
- Objectives and goals
- Strategies and actions

20
Q

What is included in an appointment document?

A
  • Clarification of work scope
  • Agreed fee
  • Terms of business
  • Agreed amendments
21
Q

SWOT?

A

Structure Analysis of The Market: used to analyse internal strength and weakness and external threats and opportunitites to exploit strength and mitigate weaknesses and threats.

22
Q

PESTLE?

A

Political, Economical, Social, Technological, Environmental: structured method of analysis of key factors influencing markets

23
Q

A business strategy?

A

Outlines the actions and decisions a company plans to take to research its business goals and objectives

24
Q

A company with high staff turnover may …

A
  • Increased recruitment costs
  • Increased training
  • Inconsistent Production/performance
  • Poor staff morale
  • Lower customer satisfaction
25
Timesheets and fee forecasting
Enables you to assess the performance of the team/business Will ensure you can plan your income expenditure correctly
26
How can a business monitor its performance?
- Setting and assessing goals and targets - Monitoring KPS - Competitor analysis
27
Explain a sole- practitioner?
An incorporated business that has just one owner who pays personal income tax on profits earned form the business.
28
Explain a partnership?
A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits, in particular, a partnership business, all partners share liabilities and profits equally.
29
LLP?
Limited liabiilty partnerships - LLPS are a flexible legal and tax entity that allows partners to benefit from economies of scale by working together while also reducing their liabilities for the actions of other partners
30
PLC?
Public limited company which offers shares of stock Shareholders have limited liability Allows a company to raise capital
31
Financial planning (3)
Budgets, cashflow and financial/audit controls
32
What are the different forms of business vehicles?
Sole practictioner, partnership, LLP, limited company and PLC
33
Vision Statement V Mission Statement
Tomorrow plan: what you want to become? Mission statement: Today, what to do to achieve it?