Business Planning Flashcards
(11 cards)
What is a SWOT analysis?
It stands for Strengths, Weaknesses, Opportunities and Threats and is used to analyses these elements internally.
What is a Business Plan?
A formal statement of the business’s goals.
How would a company write a business plan?
By analysing the market to identify business opportunities.
They should then allocate resources to developing their competence within this opportunity.
They will then be able to developed their goals and objectives.
What would I expect to see in an appointment document?
Scope of work.
Agreed fee.
Terms and conditions.
Contact details.
How often does your firm produce annual accounts?
Annually, all of which are uploaded to Companies House.
Would I be able to interpret and understand an annual account?
I would seek advice on this from my companies Chartered Accountant.
What are my firms Terms of Business?
Our terms of business set out what is expected of both the firm itself and the client in regards to appointment and services.
It highlights the Appointment Document which sets out the scope of service for the project and the limitations of the scope of service.
Additionally, it sets out my firms fees and payment terms and the client obligations for these.
Other elements are set out in the terms of buisness, such as intellectual property, termination, insurance, data protection, complaints, confidentiality and conflicts, limitations and general items related to terms of business.
How do I contribute to my companies goals?
Maintaining excellence in my work.
Keeping up with new technologies and industry news.
Upskilling where possible.
What are the targets in my companies business plan?
To promote and retain staff.
Increase annual turnover to 30m by 2030.
Maintain quality standards.
Provide exceptional service to clients.
What can a business plan help a company achieve?
Adapt to change in the current market.
Aid in budgeting.
Help communicate and set targets to staff.
Creates a common goal amongst the work force.
What is a PEST analysis?
Political, Economical, Social, Technological.
