SoE - Business Planning Flashcards
What is a business plan?
A business plan is a document provided to lenders/investors which sets out the reasoning and evidence to obtain funding.
The plan will highlight the reasons for the set up of the business as well as provide an outline of the goals and objectives along with how and why these are achievable.
The plan will assess the benefits and value of the business idea for investors/lenders.
The plan will cover: the main idea, objectives, sales reports, financial forecasts, any potential issues, goals and dates to achieve said goals.
What are the main headings you would see under a business plan?
- Executive summary
- Company description
- Market analysis
- Competition analysis
- Description of organisation structure
- Breakdown of services offered
- Marketing plan strategy
- Funding requests
- Financial records
What are the short-, medium- and long-term goals of your company?
Short term - Continue to provide a high level of service
Medium term - Continue to have a large rate of enquirers and instructions on large portfolios with ongoing commissions
Long term goals - Build relationships with new clients to continue the business, diversify services
How would you prepare a long-term strategy?
- Create a description of the strategy
- Identify the key stakeholders and their needs
- SWOT analysis – Strengths, Weaknesses, Opportunities and Threats
- PEST analysis – Political, Economical, Social and Technological Factors
- SMART goals – Specific, Measurable, Attainable, Realistic and Time
- Prepare a marketing strategy – identify audience, market research, promotions etc.
- Organise resources – funding, staff etc
- Review performance indicators – areas of development, improvement and growth
- Monitor and review the progress on a regular basis.
What is the purpose of a business plan?
A business plan is a document usually provided to lenders and investors. It sets out the reasoning and evidence to obtain funding. The plan should highlight the reasons for set up as well as provide an outline of goals and objectives as well as assess the value of the business idea.
How does a feasibility study differ to a business plan?
A feasibility study will carried out before starting a business to determine the viability of it.
A business plan will then detail how it operates and done on the basis that the feasibility study was positive.
What might be included in a SWOT analysis?
SWOT analysis is analysing Strengths, Weaknesses, Opportunities and Threats. Competitors, prices of services, and consumer trends.
SWOT analysis is a strategic planning technique used to help a person or organization identify strengths, weaknesses, opportunities, and threats related to business competition or project planning.
What is a Mission Statement?
A formal summary of the company aims and values.
What is Trident’s mission statement?
To provide the highest quality professional property advice that exceeds our clients’ expectations
What is a Key Performance Indicator?
A measurable value to determine the success of project/venture.
