Mandatory - Business Planning Flashcards
What is a Business Plan?
Performance:
Historical metrics: Revenue growth, client satisfaction, project success.
Key performance indicators (KPIs): Client retention, project completion time, profitability.
Trends analysis and areas for improvement.
Objectives and Targets:
Measurable growth objectives: Market share increase, service expansion, geographic expansion.
Specific targets and milestones: Timelines, resource allocation.
Strengths, Weaknesses, Opportunities, and Threats (SWOT):
Internal strengths: Expertise, client relationships, technology.
Internal weaknesses: Geographic limitations, client dependency, skill gaps.
External opportunities: Market trends, regulatory changes, new clients.
External threats: Competition, economic shifts, policy changes.
New Services:
Introduction and enhancements: Aligned with market demand and client needs.
Value proposition: Addressing client challenges, returns on investment.
Development, implementation, and marketing plans.
Marketing:
Strategies and tactics: Brand promotion and awareness.
Target client segments and decision-makers.
Channels: Digital, networking, publications, partnerships.
Budget allocation and expected outcomes.
What is a Business Plan?
It’s a written description of your business’s future. A document describing what to do and how to do it. They are used to implement strategy and attract key staff and clients.
Why Business Plan important?
Have a clear direction; monitor and ensure growth; identify areas to explore in terms of services offered; funding purpoes; short term targets; analyse the market.
What happens at your quarterly team meetings?
Discuss resource and who is working on which projects; everyone gives an update on how their projects are going; equity partner presents cashflow forecast and brief analysis of incoming fees; discuss growth; made aware of any new clients or appointments or opportunities; discuss recruitment, bonus scheme for new staff; team building exercise.
How analyse your peformance?
Career action plan;
regular updates;
regular feedback from clients/partners.
