Planning to meet corporate objectives

Question 1

What is a corporate plan?

Answer 1

A corporate plan sets out the actions required and identifies the resources available, to deliver the stated aims and objectives

Question 2

Why is it important to carry out corporate planning?

Answer 2

The corporate plan is an important document to help continually monitor finances and liabilities, identify opportunities and control internal systems and structures.

Question 3

What FOUR steps can you take to meet corporate objectives?

Answer 3

1. Set strategy: decide on mission and vision. SWOT analysis. Then set realistic goals.
2. Plan operations; once you have objectives, look at how you will achieve them. Plan and prepare resources required to deliver your objectives.
3. Monitoring and control; clearly measurable indicators that allow you to assess how well objectives are achieved. Such metrics might be financial information and any key milestones achieved. Determine any variance from plan.
4. Review; objectives and plan are dynamic and constantly changing. Establish a timetable to review
   the plans - helps to respond to changing circumstances in economy / wider market business operates in

Question 4

What are some examples of important corporate objectives?

Answer 4

1. Achieving and staying profitable
2. Productivity of people and resources
3. Excellent customer service
4. Employee attraction and retention
5. Mission-driven core values
6. Maintaining health cash flow
7. Dealing with change
8. Reaching right customers
9. Staying ahead of competition