Business planning Flashcards
What are some of the key things to include in a business plan (An, Re, M/C A, P/S, Ma, FP)?
- Analysis of some of the key risks and opportunities facing the business
- Resources required to service clients
- Market/competitor analysis
- Products and services
- Marketing and sales strategy
- Financial plan
Why is it important to forecast fees?
Plan future business activities and ensure you hit your desired minimum profit margin
What sort of financial planning would you use (3)?
Budgets, cash flows and financial/audit controls
What are the different forms of business vehicle (4)?
Sole practitioner, partnership, LLP, limited company and PLC
What is Corporate Social Responsibility?
Businesses considering their role in relation to the community, the environment, customers and staff
What is a business plan (3 general parts)?
A formal statement of the business goals, how they are obtainable and the plan for reaching these goals.
What is a Mission Statement?
A formal summary of the company aims and values.
What is a SWOT analysis?
Internal study undertaken by a business to identify its strengths, weaknesses, opportunities and threats.
How does an up-to-date business plan help an organisation (F, PW, F, AL, B)?
- Helps achieve funding.
- Market previous work to clients.
- Bring focus the company priorities.
- Allows staff to align their goals with the company’s.
- Help set budgets.
What use is building target lists for business development?
To add direction to business development, to ensure the team are targeting correct clients for the
work/areas seeking to develop and ensure regular communication with targets.
Why is business development important to achieving consistent revenue for a firm?
Building up a steady but increasing pipeline of work from different sources to broaden the business.
