Business Planning Flashcards
Describe informal and formal planning
informal planning is planning that is passed down by word of mouth and is less detailed than formal planning
formal planning usually involves detailed and structured distribution of information along the hierarchy of a business’ workers and is a series of documents given to employees
outline the 3 different types of planning
strategic planning: describes the objectives of a business, broad strategies e.g resource allocation
tactical planning: outlines how to achieve the goals of business, how are the strategic plans executed?
operational planning: provides specific detail for tactical plans
distinguish the difference between specific and directional plans
the difference between specific and directional plans are that strategic plans are much more defined and clear, with values and numbers set in place for the goals, while directional plans are less specific and more flexible
what is a SWOT analysis
a swot analysis is an analysis of a business of its strengths, weaknesses, opportunities and threats
what is direct competition
direct competition is a competing business selling or providing the exact same products/services as you
what is the difference between a vision statement and a mission statement
a vision statement is your vision: what do you want to achieve
a mission statement is how you will achieve your vision
breakeven analysis?
breakeven analysis= all costs/net profit
e.g if ur costs are 100k and ur net profit per burger is 5 dollars, then breakeven analysis is 100000/5 = 20000 burgers required to sell to break even.
outline the types of control
feedforward control is prevention, e.g ensuring all machinery is clean
concurrent control is during, e.g workers overseeing machinery during a shift
feedback is after, e.g a worker examining a burger to see if its ok to sell
