Mandatory Competency - Flash Cards - Buisness Planning
What sort of things would be considered when setting a business strategy?
The vision, Objectives and goals, Strategies and Actions. SOR
What would you expect to see in a five-year plan for a business?
Strategic Plan – Outlines strategy to achieve goals and objectives.
Operating Plan – Actions necessary to achieve goals.
Resource Plan – Quantifies effect of Operating Plan on resources
What is a business plan?
- Written document which describes the business.
- Covers; Objectives, Strategies, Marketing and Financial Forecasts.
- Typically, over a 5-year period.
- Live document which is regularly updated.
Does your employer have a business plan and what does it cover?
Helps clarify the business ideas, set goals and measure progress.
Required when seeking investment
How do staff appraisals influence business planning?
Help gauge the direction a business should go and retain staff
What is the role of marketing in business planning?
Determines the target market, how best to reach it and how the company will measure its efforts.
What sort of policies might a company have within its business plan?
Office attendance
What is a SWOT analysis?
A SWOT analysis can be used to analyse the internal strengths (S) and weaknesses (W) and external opportunities (O) and threats (T).
What is a PEST analysis?
Method of analysing the key factors influencing market conditions:
- Political influences.
- Economical influences.
- Socio-demographical influences.
- Technological influences.
- Environmental influences.
What are Porter’s five forces?
Used to analyse the competitiveness of an industry and the barriers to entry. They include:
- Substitute products.
- Bargaining power of suppliers.
- Bargaining power of customers.
- Rivalry amongst existing firms
What is a Client Account Planning session?
A review of current workload, resources & fees. Identification of key client personnel who have influence over job opportunities and identification of who the firm should look to build relationships with.
Does your firm produce an annual account?
Yes - Produces a statement of turnover, grows profit and net profit
Would you be able to interpret & understand an annual account?
At a high level
What is your firms business plan?
Called: PPS UK&I Business Plan for 2024
Our Purpose: Engineering a better future for our planet and its people.
Goals:
- £1bn of social value
- 90% VOX engagement survey response
- 10% profitability
- £500m revenue
What are your company values? How do you contribute to these?
Safety, Innovation, Excellence, Collaboration, Integrity
