Level 1 Business Planning Flashcards
Types of Business Plan?
Strategic
Strategy that’s devised to achieve overall goals set by a business, stimulates change management
- Identify and approve framework, vision, long term goals & objectives
- Position company: marketing capabilityes, technological advantages, available resources
- Foundation for tactical plan: achieve goals
What’s included in a business plan?
- Executive summary
- Marketing strategy
- Vision statements
- Products and Services
- Management Teams
- Financial forecasts
How does a business plan help a company remain profitable?
- 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
Functional
Flatarchy
Hierarchy
Divisional Organizational Structure
How do timesheets work
Difference between fee earners & non fee earners?
Fee: QS, Architect, PM
Non Fee: Admin Staff, Bid Staff IT
Forecasting Techniques?
Subjective forecasting approach?
Allows forecasters to predict outcomes on their subjective thoughts
Forecating Techniques?
- Time series forecasting
A quantitive forecasting
What is finacial benchmarking?
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.
Executive Summary?
Concise overview of your business plan
Company description?
High level view of your business, should explain who you are and how you operate and what your goals are
Products and services?
Show your industry knowledge and present conclusions based through market research
Market Analysis & marketing?
Summarise your sales and marketing strategy, how you’ll implement them with an operating plan
Organisation and managament team?
Outline your companies structure, identifying the owners management team and board of directors
Financial plan and projections
Developed with a professional accountant after you’ve completed a market analysis and set goals for your company
What is a business plan?
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
What is included in an appointment document?
- Clarification of work scope
- Agreed fee
- Terms of business
- Agreed amendments
SWOT?
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.
PESTLE?
Political, Economical, Social, Technological, Environmental: structured method of analysis of key factors influencing markets
A business strategy?
Outlines the actions and decisions a company plans to take to research its business goals and objectives
A company with high staff turnover may …
- Increased recruitment costs
- Increased training
- Inconsistent Production/performance
- Poor staff morale
- Lower customer satisfaction
Timesheets and fee forecasting
Enables you to assess the performance of the team/business
Will ensure you can plan your income expenditure correctly
How can a business monitor its performance?
- Setting and assessing goals and targets
- Monitoring KPS
- Competitor analysis
Explain a sole- practitioner?
An incorporated business that has just one owner who pays personal income tax on profits earned form the business.
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.
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
PLC?
Public limited company which offers shares of stock
Shareholders have limited liability
Allows a company to raise capital
Financial planning (3)
Budgets, cashflow and financial/audit controls
What are the different forms of business vehicles?
Sole practictioner, partnership, LLP, limited company and PLC
Vision Statement
V
Mission Statement
Tomorrow plan: what you want to become?
Mission statement: Today, what to do to achieve it?
