Mandatory - Business Planning (L1) Flashcards
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What is a business plan?
A business plan is a document that defines in detail a company’s objectives and how it plans to achieve its goals.
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What are the essential elements of a business plan?
- market analysis
- competitive analysis
- operations structure
- sales strategy
What can a business plan be used for?
A business plan can help to seek funding, to help focus on key priorities, and future staffing requirements.
What risks does your firm face?
Recession leading to worsening commercial property market.
What opportunities does your firm face?
A recession and higher interest rates leading to lower asset prices.
Opportunity to buy sites from forced sellers.
What is Corporate Social Responsibility?
Businesses considering their role in relation to the community, the environment, customers and staff
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What is a market analysis?
A market analysis provides insights into potential customers and your competition.
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What is a competitive analysis?
A competitive analysis is a way of evaluating how well your business and its products or services are performing compared to other companies selling similar products or services in your market.
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What is a operations structure?
An operations structure explains in detail the role of a team or department in the collective accomplishment of your goals.
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What is a sales strategy?
A sales strategy plan is a company’s roadmap for securing dependable, long-term revenue through the retention and acquisition of new and existing customers.
Can you give me an example of the objectives your company has set?
The Valuation Services Team has an overall annual revenue target.
Each Valuer has a personal annual revenue target.
Each Valuer also has a target to meet with at least two bankers per month which must be recorded on our CRM system.
Can you give me an example of how you measure your objectives?
Revenue targets are reviewed each month.
Invoicing by individual table is availbel to view.
Monthly team meetings are used to discuss business generating ideas.
