Business planning

Question 1

What is SWOT analysis?

Answer 1

Analysis used to identify the
-stengths
-weaknesses
-opportunities
-threats
of a business

Question 2

What is PEST analysis?

Answer 2

Structured method of analysing market conditions including :
Political
economical
socio-demographical
technical
environmental

Question 3

What are porters five forces?

Answer 3

Used to analyse the competitiveness of an industry
-substitute products
-bargaining power of suppliers
-bargaining power of customers
-rivalry amongst existing firms

Question 4

How do companies write a business plan?

Answer 4

Undertake analysis of the market and industry to identify business opportunities and critical success factors, companies should focus their resources on developing their competences in the critical succcess factors, leads to the development of goals and objectives

Question 5

What is a client account planning session?

Answer 5

-review of current workload, resources and fees
-identification of key client personnel
-review of pipeline opportunities

Question 6

What is a business plan?

Answer 6

Formal statement of the business’ goals , how they will be sustainable and the plan to reach those goals
-provides employers with a common ground to focus on

Question 7

What is contained within an appointment document?

Answer 7

-work scope
-agreed fee
-terms of business
-agreed amendments to terms
-contact details

Question 8

Does your firm produce an annual account?

Answer 8

Yes it produces a statement of turnover, gross profit and net profit that is submitted to companies house in accordance with the companies act.

Question 9

Would you be able to interpret & understand an annual account?

Answer 9

I can interpret an account statement to a high level but if i have any queries i would contact my firms third party chartered accountants

Question 10

What are your firms terms of business?

Answer 10

• Payment terms
  -termination and suspension terms
  -The firms liability
  -intellectual property rights of documents provided
  -complaints handling procedures

Question 11

What is your firms business plan?

Answer 11

To service the industry with the highest quality of interior systems with a 10 year plan to continue strong financial performance, diversification, Turnover & profitability.

Question 12

How do you contribute to your companies goals?

Answer 12

-Taking pride in my work
-communication with all team members
-Keeping up with current affairs and technologies
-CPD
-helping to upskill junior and new staff members

Question 13

How do you think an up to date business plan can help an organisation in the current economic climate?

Answer 13

-support if additional funding/investment is needed
-Focus on top priorities
-Can be used for budgeting purposes

Question 14

What makes up a business plan?

Answer 14

Executive summary, company description, market analysis, competition analysis, description of organisation structure, breakdown of services, marketing plan, funding requests, financial reports

Question 15

How does a feasbility study differ to a business plan?

Answer 15

A feasibility study is a document produced before a business is started to determine if the business is viable or not- if it is this study can then be used to create a business plan.

Question 16

What would you need to set up a company?

Answer 16

-Public/employer liability insurances
-Building insurance
-register with companies house
-professional indemnity
-suitable policies
-register with RICS
-complaints procedure

Question 17

What is a limited liability partnership (LLP)

Answer 17

Some or all partners have limited liabilities - one partner is not responsible for another partners misconduct or negligence

Question 18

What are the different types of business plans?

Answer 18

Start up plan
Annual growth plan
Scenario plan

Question 19

What is a sole trader?

Answer 19

A person who is the exclusive owner of a business and is entitled to keep all profits after tax

Question 20

What is a partnership?

Answer 20

A business organisation where two or more individuals manage and operate a business

Question 21

What is a limited company?

Answer 21

The shareholders liability is limited to the capital they originally invested

Question 22

How can you measure perfromance on a project?

Answer 22

KPI- key performance indicators
e.g programme , time, budget, cashflow

Question 23

What is the purpose of a business plan?

Answer 23

Sets out a companies objectives, highlights goals, can be provided to investors and lenders for additional funding

Question 24

How often should a business plan be updated?

Answer 24

At least once a year- potentailly more for younger or growing companies, or companies with more stakeholders

Question 25

How do you prepare a business strategy?

Answer 25

-identify stakeholders
-SWOT analysis
-PEST analysis
-SMART goals
-KPI