Business Planning Flashcards
What is a Business Plan
Formal statement of business goals, reasons why they are attenable and a plan for reaching these goals. Plan needs to be measurable and updated.
SWOT Analysis
Analysis of the market to determine internal strengths and weaknesses and external threats/opportunities to mitigate or exploit threats/opportunities.
PEST Analysis
Key Factors influencing the Market.
- Political
- Economic
- Social-Demographical
- Technological
- (Environmental)
Porters 5-Forces
Market Competitiveness
- Barriers to Entry
- Substitute Products
- Bargaining Power of Suppliers
- Bargaining Power of Customers
- Rivalry amongst Firms
What do you find in a business plan
- The Vision
- Objectives and Goals
- Strategies and Actions
How do Companies Write a Business Plan
- Market Analysis to identify opportunities/critical success factors
- Resource should be directed to critical success factors
- Development of goals and objectives associated with strategies
What is a critical success factor
Elements of a project or company that are critical for its success.
(increasing profits, employee engagement, retention)
-Industrial
-Environmental
-Strategic
Client Account Planning Session
Review of workload, resources, fees, key personnel
What is contained in an Appointment Document
- Scope
- Agreed Fee
- Terms of Business
- Agreed Amendments
- Contract Details
How do you contribute to your company’s goals
- Focus of Safety
- Excellence in my work
- Sharing knowledge
- Keeping up with new technologies
What tools does Stace use to manage their business
- Timesheets
- Week ahead schedules
How can an up to date business plan help an organisation in the current climate
- Seek funding
- Focus on priorities
- Respond to change
- Budgeting
- Target setting for business/staff
Stace Quarterly Meetings
Example Pressures - Inflation, Material and Personnel shortages, long lead-in times.
Example Opportunities - Increase in infrastructure demand/data
Week Ahead Schedule
Presents how resources are allocated within a business
Resource Schedule
Planning resources for future projects. Assess average time, apply hourly rate with OH&P.
