6. BP Flashcards
Why is business planning important?
To make profit, satisfy the needs of the client, and to win future work.
How do you think an up to date business plan can help an organisation in the current economic climate?
It can hep the firm:
focus on the firm’s priorities
focus on client requirements
seek funding and establish budgets
What is Costain’s purpose, vision & mission?
Purpose = Improve people’s lives
Vision = Create connected and sustainable infrastructure to help people and the planet.
Mission = Shape, create and deliver pioneering solutions that transform the performance of the infrastructure ecosystem.
What strategic planning and management techniques do you know?
SWOT & PESTLE analysis
What is SWOT analysis?
Strengths, weaknesses, opportunities, and threats.
used to evaluate a company’s competitive position and to develop strategic planning.
It helps a business plan, hence BUSINESS PLANNING.
What employee engagement SWOT analysis did you carry out on your commercial team?
This wasn’t really for a business plan, I just carried out S W O and T on my commercial team mainly to understand how SWOT works, but it was useful feedback.
Do you know what PESTLE analysis is?
A strategic planning tool that helps firms assess the impact of external factors on their operation and performance. These factors are Political, Economic, Social, Technological, Legal, and Environmental.
What is the meaning of working capital, stock, debtors and creditors?
Working capital = Current assets - Current liabilities
Stock = Items stored by a firm.
Debtors = Person or firm who owes money.
Creditors = The people you owe money too.
FYI: insolvency is when a firm cannot pay off creditors. This is often the first stage of bankruptcy.
What is a Gantt chart?
It is a chart that shows project activities.
Plc & Ltd difference?
PLC stands for Public Limited Company.
LTD stands for Private Limited Company.
LTD has a private owner and private shares.
PLC shares can be bought and sold on the stock exchange. LTD can’t.
LTD - limited liability means it financially protects shareholders if they get into debt.
What is a Limited Liability Partnership (LLP)?
An LLP is a hybrid of a private limited company and a traditional partnership.
