Business planning

Question 1

What procedures does your firm adopt to ensure they are profitable?

Answer 1

• Time sheets
• Resource planners
• Fee and cost reconciliation tools
• on going team meetings
• 1 to 1
• Business development strategies
• Yearly performance reviews

Question 2

What issues would a company face with high turnover of staff?

Answer 2

• Increase recruitment costs
• training
• inconsistent performance
• low morale
• loss of customers/ representational risk

Question 3

What is included within a business plan?

Answer 3

• An executive summary
• Marketing strategy
• Visions and missions statements
• Products and services
• Management team and organisational structure
• Financial forecasts
• Targets
• SWOT and PEST analysis

Question 4

How can a business plan help a company remain profitable?

Answer 4

• highlight key business objectives
• Assist with responding to change
• Grow existing client base

Question 5

Name the differnet types of business structures?

Answer 5

• sole practitioner
• partnership
• Limited liability partnerships - run by partners, liability shared between how much they’ve invested
• public limited company - run by shareholders

Question 6

What are the different forms of businesses?

Answer 6

Sole Practioner 
Partnerships
Limited liability partnerships
Limited companies
Public Limited company

Question 7

Whats the difference between LLP, limited companies and PLC?

Answer 7

LLP - run by partners, liability depends on how much interest you have in the company
Limited company - run by shareholders, liability limited to how many shares you have in the company
PLC - run by shareholders, but the shares can be
transferred freely on the stock exchange to anyone, a private limited company cannot sell shares this way. Accounts must be made available for public viewing.