Mandatory - Business Planning L1 Flashcards

1
Q

What is a business plan?

A

A document that defines business objectives and suggests strategies to be undertaken to realise how this will be achieved within a defined time-frame.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What can a business plan achieve?

A

-Funding
-New customer/clients
-A focus on organisational change
-A focus on priorities
-Set targets for staff
-Set budgets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are some types of business plans?

A

Strategic Plan
Start-up business plan
One-page business plan
What-if business plan
Growth business plan
Operations business plan
Business acquisition plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is a public sector business objective?

A

Maximise net social benefit within its available funds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a private sector business objective?

A

Typical focus directed towards profits for shareholders

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the six elements of a business plan?

A
  1. Executive Summary - concise overview of business plan
    2.Company Description - Who (you are), What (are your goals) and How (will you achieve this)
  2. Products and Services - What do you provide. why is this necessary?Conclusions from market research
  3. Market Analysis- Summarise sales/strategy and implementation of operating plan
  4. Organisation and Management Team - organisational structure and identify key members
  5. Financial Plan/Projections: developed with accountant to set goals in terms of finances.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is a Hierarchal Organisational Structure?

A

Employees grouped so that every employee has one clear supervisor.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is a Matrix Organisational Structure?

A

Individuals with similar skills pooled for work assignments.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is a Horizontal/Flat Organisational Structure?

A

Sees that many levels of middle management are eliminated.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is a Line Organisational Structure?

A

Authority flows from top to bottom

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is a Team Based Organisational Structure?

A

Made of teams working towards a common goal whilst working on their own individual tasks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is Financial Benchmarking?

A

A process of assessing current performance against a peer group of of organisations of comparable scale and complexity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are some methods of Financial Benchmarking?

A

1.Profitability/Return on Investment - performance in the use of business resources.
2. Liquidity Ratios - demonstrates company’s ability to pay current obligations
3.Leverage Ratios - Looks at extent to which company has relied on borrowing to finance operations
4. Efficiency Ratios - assess use of credit, inventory and assets to help owners/managers conduct business better

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is a Key Performance Indicator?

A

Measurable value that demonstrates how effectively an organisation is achieving key business objectives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is Marketing Analysis?

A

Qualitative and Quantitive assessment of the market:
What is the size of the market?
What are customer buying patterns?
What is the competition?
Are there any legal or economic barriers?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is a SWOT Analysis?

A

Strengths
Weaknesses
Opportunities
Threats

17
Q

What is a PESTLE Analysis?

A

Political
Economic
Social
Technological
Legal
Environmental

18
Q

What is short-term planning?

A

Planning that looks at the present performance of a company and develops strategies to improve any issues:
skills/attitudes of employees
condition of production equipment

19
Q

What is long-term planning?

A

Planning too solve problems permanently and reach overall targets:
further adapting and influencing position to achieve long-term goals

20
Q

What is a PLC?

A

Public Limited Company:
ownership is open to the public and anyone can buy shares in the company’s stocks

21
Q

What is a Private Limited Company?

A

Cannot be owned by any members of the public
Owned by a non-government organisation or relatively small number of shareholders.
Sale of company shares is handled privately

22
Q

What is a Royal Charter?

A

Organisation granted a power or right by the Monarch

23
Q

What is an LLP?

A

Limited Liability Partnership:
some or all partners have limited liabilities.
Each member is not responsible or liable for another person’s misconduct or negligence.

24
Q

What is cash accounting?

A

Records revenues an expenses when they are received and paid

25
What is accrual accounting?
records revenues as and when they occur
26
What is working capital?
Difference between company's current assets and current liabilities
27
What is stock?
Share in the ownership of the company
28
What is a debtor?
Person/company that owes money to another entity
29
What is a creditor?
Person/company that supplies goods or services to another entity in exchange for repayment at a later date.
30
What is the Delphi Forecasting Technique?
Group of field experts respond to a series of questionnaires, are kept apart and are not aware of each other whilst commenting on projections.
31
What is the Subjective Forecasting Approach?
Forecasters will predict outcomes based on thoughts and feelings
32
What is Time-Series Forecasting?
Quantitative technique that measures data gathered over time to identify trends
33