Business Planning Flashcards
(45 cards)
What is a business plan?
A written document defining a business’ future objectives and strategy i.e. what it wants to achieve and how it will do this
What is a KPI?
Key Performance Indicator
- Quantifiable measures of a business objectives and targets
What are the VOA’s KPIs?
- Timeliness
- Quality
- Volume of cases
- Utilisation rates
What is business continuity?
A plan to deal with difficult situations so your organisation can continue to function with as little disruption as possible.
How many levels are there to a business plan?
3
1) Corporate (entire company)
2) Manager (areas of department)
3) Operational (individuals)
How does the VOA business model work?
- VOA is funded by HMRC
- Business rates and CT valuations underpin around £60 billion of local government taxation
What are the VOA’s strategic objectives?
- Provide trusted property valuations
- Deliver excellent customer service
- Be a great place to work
What are the VOA’s 4 core values in a business plan?
1) Professionalism
2) Integrity
3) Respect
4) Innovation
What are service level agreements?
Agreements with key clients for a defined period of time
What factors should be considered within a business plan?
- Objectives
- Timeliness
- Staffing levels
- External factors which could affect them e.g. economy
What are appropriate quality assurance targets?
- Appropriate case processes in place
- Ensure progressing appropriately
What is the benefit of business planning?
- Ensures targets are met
- Focus on key priorities
- Sets priorities
- Manages change effectively and efficiently
What would you find in a business plan?
- Executive summary
- Vision
- Marketing
- Management
- Operation
- Financial forecast
What are the 5 steps of setting up a KPI?
1) Planning
2) Analysis
3) Action
4) Review
5) Repeat
Why is it important for a business plan to be in writing?
It ensures the business is accountable and committed to planning for the future. It means the plan can be reviewed and reflected upon at various points in the future.
Should a business plan be static?
No it should be reviewed regularly and updated to take account of market changes, business changes, amended objectives or new strategies.
What purposes could a business plan be used for?
- Raised funding or finance
- Gaining new instructions
- Focusing on priorities
- Responding to change
- Budgeting or managing financial resources
- Setting staff targets
What is a mission statement?
It will define and focus on the business and its objectives today, it will drive the company.
What is a vision statement?
This defines and focuses on the business and it’s objectives in the future, it will direct the company.
What is the SMART method?
Goals are:
Specific
Measurable
Achievable
Relevant
Time-bound
What is a SWOT analysis?
Considers the strengths (e.g. little competition), weaknesses (e.g. inflation and interest rates), opportunities (e.g. new markets to explore) and threats to a business (e.g. resourcing/funding)
What is a PESTLE analysis?
External factors affecting a business
Political (e.g. Brexit)
Economical (e.g. inflation)
Sociological (e.g. demographics)
Technological (e.g. e-conveyancing)
Legal (e.g. new break clause law)
Environmental (e.g. MEES)
What is Porter’s Five Forces Model?
1) Competitive Rivalry
2) Supplier Power
3) Buyer Power
4) Threat of Substitution
5) Threat of New Entry
What should a good business plan be?
- Short and concise
- Regularly updated
- Inclusive of relevant information
- Realistic
- A formal professional document
- Reviewed and updated regularly
