Business Planning Flashcards
What is a business plan?
Formal statement of business’s goals with reasons why they are thought to be attainable and plan for reaching those goals
What would you expect to see in a Business Plan?
- Executive summary
- Company Description
- Resources required to service clients
- Services offered
- SWOT analysis
- Management team and personnel
- Marketing
- Financial plan
Why is business planning important?
Business planning is a vital procedure to help advance the company to reach short term and long term corporate objectives
How does your company maximise fees?
Recommending clients with in-house services. Also, regularly monitoring and responding to market requirements so that one is aware of the occupiers that are out searching and this creates a database of occupational needs that we can target to help reach our objectives.
What is a SWOT analysis?
Used to analyse the strengths, weaknesses, opportunities and threats of a company
What is a PEST analysis?
Structured method of analysing the key factors influencing market conditions including:
- Political influences
- Economic and environmental influences
- Socio-demographical influences
- Technological influences
How can a business monitor its performance?
- Fee forecasts – plan future business activities and ensure attainment of a desired minimum profit margin
- Budgets, cash-flows and financial/audit controls – ensure the correct allocation of resources and expenditure
What is your firms business plan?
- Vision: Provide senior level and bespoke advice to clients
- Current 5 year business plan
- Goals:
o Strong financial performance
o Not involved in profit/turnover – private between the partners
o Develop client relationships
o Keep costs low
How do you contribute to your company’s goals?
- Maintain excellence in my work
- Keep up with new technologies
- Focus on safety
- Keep up to date with new legislation
- Social media presence
