Business Planning

Question 1

What is benchmarking?

Answer 1

Process used to estimate performance of project by using similar projects

Question 2

What is a PESTLE analysis?

Answer 2

Political, Economic, Social, Technological, Legal and Environmental

Method of understanding and reviewing how external factors may impact a business

Question 3

What is SWOT anaylsis?

Answer 3

Strategic planning method used to evaluate stregnths, weaknesses, opportunities and threats to a business

Question 4

What are some examples of stregnths in your companies business plan?

Answer 4

1. Own market update
2. Encouraging next generation - NextGen initative
3. Host industry roundtables - encouraging talks about race, diversity etc

Question 5

What are some examples of weaknesses in your companies business plan?

Answer 5

1. Not global like our competitiors

Question 6

What are some opportunities in your companies business plan?

Answer 6

1. Continuing business growth
2. Strategy to help all graduates develop through career ladder

Question 7

What are some threats to your companies business plan?

Answer 7

1. Companies are global and we are not
2. Competitors might have lower fees

Question 8

What are SMART targets?

Answer 8

Method of ensuring that the

Specific, Measurable, Achievable, Realistics and Time-Related

Question 9

What is an investment appraisal?

Answer 9

Used to assess whether a business or project would be a worthwhile project in terms of return.

Includes considerations for rate of return, payback period and net present value

Question 10

What would you include in a business plan?

Answer 10

1. Exec Summary
2. Description of Business
3. Market Analysis
4. SWOT Analysis
5. Management Team & Personnel
6. Services Offered
7. Marketing
8. Financial Forecast

Question 11

What is included in a fee proposal?

Answer 11

Resource allocation, period of fee and draw downs, terms and conditions