Week 1 - Business Environment and Planning Flashcards
(13 cards)
What is the internal environment of a business?
Factors WITHIN the business organisation that influence the businesses planning.
A strong internal environment ensures smooth decision-making and effective strategy implementation
Types of internal environment
- Company culture
- Employee skills
- Management structure
- Financial resources
- Operational efficiency
What is the external environment of a business?
Factors OUTSIDE of the business that will have an impact of the business planning
Types of external environment
- Market trends
- Competition
- Economic conditions
- Government regulations
- Technological advancements
What are stakeholders
A person or organisation that affects the original organisation and is affected by it
Types of internal Stakeholders
- Shareholders
- Managers
- Employees
Types of external stakeholders
- Customers
- Suppliers
- The government
- Competitors
What is a PESTLE analysis?
- Political
- Economic
- Social
- Technology
- Legal
- Environmental
What is a SWOT analysis?
- Strengths
- Weaknesses
- Opportunities
- Threats
What needs to be in a business plan
- Idea
- Budget
- How are you going to get funding?
Areas of a business plan
- Setting clear strategic goals
- Resource allocation & project planning
- Managing cashflow & profit margins
- Risk management & compliance
- Market expansion & client acquisition
- Building a strong brand & reputation
- Adapting to technological advances
- Stakeholder management
What are three business environment?
- Internal environment
- Sector / industry environment
- Macro Environment
What is a business plan
A business plan precisely defines
the business, identifies goals, and
serves as the firm’s resume. It is
also: The management and
financial “blueprint” for a business
start-up and profitable operation.
The explanation of how the
business will function and depicts
its operational characteristics
