APC Business Planning Level 1 Flashcards
To understand RICS APC Competency Business Planning to Level 1
What is a business planning?
A document that defines the business objectives and suggests strategies to be undertaken to realise how this will be achieved within a defined time frame.
A business plan can help achieve what objectives?
Funding Gain new clients and customers Help focus on priorities Help to focus on organisational change To set targets for staff Set budgets
How would a public sector business case differ from a private one?
A public sector business case would look to maximise net social benefit within its available funds.
A private sector business case is typically focused towards profits for shareholders.
What areas would be included in a public sector business plan?
Strategic Case - The case for change Economic Case - Value for money Financial Case - Affordability Commercial Case - Commercial viability Management Case - Deliverability
What are the essentials elements of a business plan?
- Executive Summary - The first section should be a concise overview of your business plan
- Company Description - This high-level view of your business should explain who you are, how you operate and what your goals are.
- Products and Services - Show your industry knowledge, and present conclusions based on thorough market research.
- Market analysis - Summarize your sales and marketing strategy, and how you’ll implement them with an operating plan.
- Strategy and Implementation - Summarize your sales and marketing strategy, and how you’ll implement them with an operating plan.
- Organization and Management Team - Outline your company’s organizational structure. Identify the owners, management team and board of directors
- Financial plan and projections - This last section of your business plan should be developed with a professional accountant after you’ve completed a market analysis and set goals for your company.
What are the types of organisational structure?
- Hierarchical Structure - In a hierarchical organization structure, employees are grouped with every employee having one clear supervisor.
- Matrix Structure - It is a type of organizational management in which people with similar skills are pooled for work assignments
- Horizontal/Flat Structure - The most important thing about this structure is that many levels of middle management are eliminated.
- Line Organizational Structure - Its authority flows from top to bottom.
- Team-based Organizational Structure - Team-based organizational structures are made of teams working towards a common goal while working on their individual tasks.
What are the methods for financial benchmarking? (e.g. key financial ratios)
Benchmarking is a process of assessing your current performance against a peer group of organisations of comparable scale and complexity. This enables you to build a case for making changes to support wider business strategy.
This can be done internally or externally.
Profitability / Return on investment - Profitability ratios provide information about management’s performance in using the resources of a business.
Liquidity ratios - Liquidity ratios demonstrate a company’s ability to pay its current obligations.
Leverage ratios - Leverage ratios look at the extent to which a company has depended upon borrowing to finance its operations
Efficiency Ratios - By assessing a company’s use of credit, inventory, and assets, efficiency ratios can help business owners and managers conduct business better.
What forecasting techniques are there?
The Delphi Technique - Using this technique, a group of field experts responds to a series of questionnaires. The experts are kept apart and unaware of each other.
The Subjective Forecasting Approach - Subjective forecasting allows forecasters to predict outcomes based on their subjective thoughts and feelings.
Time-Series Forecasting - Time-series forecasting is a quantitative forecasting technique. It measures data gathered over time to identify trends.
What accounting techniques are there?
the main accounting techniques are…
What is the meaning of working capital, stock, debtors and creditors?
working capital is…
What types of business plan are there?
types of business plan are…..
What is a Key Performance Indicator?
A KPI is a measurable value that demonstrates how effectively a company is achieving key business objectives. Organizations use KPIs at multiple levels to track performance measures.
How is TfL’s business plan set?
Our latest Business Plan was approved by the Finance Committee on Thursday 13 December 2018. It covers our plans for the transport network over the five years to 2023/24. Our latest Budget for 2018/19 was approved by the TfL Board on 20 March 2018.
What is marketing analysis?
Increase sales through identifying areas of strength, and aligning these with opportunities.
What is SWOT analysis
Strengths
Weaknesses
Opportunities
Threats