Business planning L1 Flashcards

1
Q

What is SWOT analysis?

A

Analysis used to identify the
-stengths
-weaknesses
-opportunities
-threats
of a business

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2
Q

What is PEST analysis?

A

Structured method of analysing market conditions including :
Political
economical
socio-demographical
technical
environmental

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3
Q

What are porters five forces?

A

Used to analyse the competitiveness of an industry
-substitute products
-bargaining power of suppliers
-bargaining power of customers
-rivalry amongst existing firms

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4
Q

How do companies write a business plan?

A

Undertake analysis of the market and industry to identify business opportunities and critical success factors, companies should focus their resources on developing their competences in the critical succcess factors, leads to the development of goals and objectives

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5
Q

What is a business plan?

A

Formal statement of the business’ goals , how they will be sustainable and the plan to reach those goals
-provides employers with a common ground to focus on

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6
Q

What is contained within an appointment document?

A

-work scope
-agreed fee
-terms of business
-agreed amendments to terms
-contact details

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7
Q

Does your firm produce an annual account?

A

Yes it produces a statement of turnover, gross profit and net profit that is submitted to companies house in accordance with the companies act.

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8
Q

Would you be able to interpret & understand an annual account?

A

I can interpret an account statement to a high level but if i have any queries i would contact my firms third party chartered accountants

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9
Q

What are your firms terms of business?

A
  • Payment terms
    -termination and suspension terms
    -The firms liability
    -intellectual property rights of documents provided
    -complaints handling procedures
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10
Q

What is your firms business plan?

A

To bring new thinking and new approaches to the challenges of housing delivery and place creation that ensure valuable outcomes for all with a strong focus on sustainable development.

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11
Q

How do you contribute to your companies goals?

A

-Taking pride in my work
-communication with all team members
-Keeping up with current affairs and technologies
-CPD

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12
Q

How do you think an up to date business plan can help an organisation in the current economic climate?

A

-support if additional funding/investment is needed
-Focus on top priorities
-Can be used for budgeting purposes

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13
Q

What makes up a business plan?

A

Executive summary, company description, market analysis, competition analysis, description of organisation structure, breakdown of services, marketing plan, funding requests, financial reports

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14
Q

How does a feasbility study differ to a business plan?

A

A feasibility study is a document produced before a business is started to determine if the business is viable or not- if it is this study can then be used to create a business plan.

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15
Q

What is a limited liability partnership (LLP)

A

Some or all partners have limited liabilities - one partner is not responsible for another partners misconduct or negligence

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16
Q

What are the different types of business plans?

A

Start up plan
Annual growth plan
Scenario plan

17
Q

What is a sole trader?

A

A person who is the exclusive owner of a business and is entitled to keep all profits after tax

18
Q

What is a partnership?

A

A business organisation where two or more individuals manage and operate a business

19
Q

What is a limited company?

A

The shareholders liability is limited to the capital they originally invested

20
Q

How can you measure perfromance on a project?

A

KPI- key performance indicators
e.g programme , time, budget, cashflow

21
Q

What is the purpose of a business plan?

A

Sets out a companies objectives, highlights goals, can be provided to investors and lenders for additional funding

22
Q

How often should a business plan be updated?

A

At least once a year- potentailly more for younger or growing companies, or companies with more stakeholders

23
Q

How do you prepare a business strategy?

A

-identify stakeholders
-SWOT analysis
-PEST analysis
-SMART goals
-KPI

24
Q

Mentioned in submission

What is a business plan?

A

A business plan is a document that defines in detail a company’s objectives and how it plans to achieve its goals.

25
Q

Mentioned in submission

What are the essential elements of a business plan?

A
  • market analysis
  • competitive analysis
  • operations structure
  • sales strategy
26
Q

What can a business plan be used for?

A

A business plan can help to seek funding, to help focus on key priorities, and future staffing requirements.

27
Q

What risks does your firm face?

A

Recession leading to worsening development market.

28
Q

What opportunities does your firm face?

A

A recession and higher interest rates leading to lower asset prices.

Opportunity to buy sites from forced sellers.

29
Q

What is Corporate Social Responsibility?

A

Businesses considering their role in relation to the community, the environment, customers and staff

30
Q

Mentioned in submission

What is a market analysis?

A

A market analysis provides insights into potential customers and your competition.

31
Q

Mentioned in submission

What is a competitive analysis?

A

A competitive analysis is a way of evaluating how well your business and its products or services are performing compared to other companies selling similar products or services in your market.

32
Q

Mentioned in submission

What is a operations structure?

A

An operations structure explains in detail the role of a team or department in the collective accomplishment of your goals.

33
Q

Mentioned in submission

What is a sales strategy?

A

A sales strategy plan is a company’s roadmap for securing dependable, long-term revenue through the retention and acquisition of new and existing customers.

34
Q

Can you give me an example of the objectives your company has set?

A

Sustainable initiatives