Business Planning Flashcards
Name some of the insurances you need when starting a business?
Professional Indemnity Insurance
Public Liability insurance
Specific Insurance, e.g Car, contents etc
Building Insurance
What the RICS rules for the Registration of Firms?
50% of more of members/principles are RICS members
Need to be UK
Need to be providing surveying service
What is a business plan?
Shows your business objectives for a period of 3 years
What is a SWOT analysis?
Strengths
Weakness
Opportunities
Threats
It is a structure analysis of the market (demand side). It is used to analyse internal
strength and weaknesses and external threats and opportunities to exploit strengths and opportunities and mitigate weaknesses and threats.
What is a PEST analysis?
This is a structured method of analysing the key factors influencing markets (the demand side). These factors are; • Political influences • Economical influences • Socio-demographical influences • Technological influences • Environment
Socio-demographical = is it a weathly/poor area? What are the needs of the people in the area? What jobs are dominant?
What are Porter’s five forces?
They are used to analyse the competiveness of the industry. (the supply side) Barriers to entry Substitute products Bargaining power of suppliers Bargaining power of customers Rivalry among existing firms
What do you find in a Business plan?
The vision
Objectives and goals
Strategies and actions
KPIs
How do companies write a business plan?
The analysis of the markets and industry enable companies to identify business opportunities and critical success factors in their markets and industry.
Companies should focus their resources in developing their competences in the critical success factors.
This then leads to the development of goals and objectives with their associated strategies and actions.
What is a Client Account Planning session?
Review of current workload, resources, fees etc. Identification of key client personnel who have influence over job opportunities and who from ECH shall build up the
relationship with them. Review of pipeline opportunities with that that client.
What is a Business Plan?
A formal statement of the businesses goals, reasons why they are attainable and the plan for reaching the goals. Provides employers with a common ground to focus upon.
What is contained in an appointment document?
1) Clarification of workscope
2) Agreed fee bid (aligned to workscope)
3) ECH Terms of Business
4) Agreed amendments to ECH terms approved by GLS
5) Contact Details
Would you be able to interpret / understand an annual account?
would seek further advice from one of our internal Chartered
Accountants.
What are your firms Terms of Business?
Together with the Engagement Letter, the T&C’s will form the contract between our
Firm and the Client. Consists of 14 Sections:
1) Introduction - Members of the LLP are referred to as Partners.
2) Our General Obligations - Provide ‘Services’ detailed in Engagement Letter with
the skill, care and diligence expected of professional person.
3) Your General Obligations - Not solicit any Partner/Employee, if occurs then must
pay ECH £35k.
4) Additional Services - Entitled additional fees if workscope varies.
5) Our Liability - Claims are against ECH and not Partner/Employee.
6) Remuneration - Paid interest on late payments in accordance with Late Payment
of Commercial Debts (Interest) Act 1998.
7) Termination and/or Suspension - Minimum 7 days notice to suspend work.
8) Force Majeure - Not liable for failure to carry out obligations if occurs.
9) Intellectual Property Rights - Copyright of documents provided by us, belongs to
us. When fee is paid, you can use.
10) Assignment and Subcontracting - Written consent from other party.
11) Communications - All in writing to address in Engagement Letter.
12) Problems and Complaints - Copy available on request.
13) Adjudication - Contact details for Notice of Adjudication to be issued.
14) Governing Law - Governed by English Law.
What is your firms business plan?
?
How do you contribute to your company’s goals?
Focus on safety
Excellence in my work
Sharing knowledge in integrated teams
Keeping up with new technologies
How do you think an up to date business plan can help an organisation in the current economic climate?
to seek funding;
• to gain new instructions, new clients, new customers;
• to help focus on key priorities;
• to allow the organisation to respond to change;
• for budgetting;
• for setting targets for staff.
What different types of business analysis are available?
SWOT & PEST
What would you include within your terms of engagement?
Client instructions exclusions inclusions complaints handling procedure file reference Job numbers
How do you personally contribute to your companies goals?
meet my timesheet targets monthy/utilisation rates.
Quality assurance - meet high standards expected
Delivering and exceeding responsibilities where possible and have capacity.
Focusing on health and safety
Sharing knowledge within the team
Keeping up with new technologies
What is included in a budget structure?
Direct expenses
Overheads
Operating profit
forecast earnings
What are the R-U-L-E-S in practice finance?
R - Rates and recovery U - Utilisation L - Leverage E - Expenses S - Speed
How does an up to date business plan help an organisation move forward?
Help allocate resources
Define or make clear any opportunities or threats they have within the sector. I.e lack of employees?
Why is market analysis important?
business plan is only as good as your ability to adapt to the market in operation.
Does the RICS have a business plan? What is the current plan?
3 year plan.
??
Does the RICS have a corporate strategy?
It does, a 5 year strategy. Details strategic goals
What are your organisations objectives?
??
What is a debtor?
What is a creditor?
A debtor owes you money
creditor is someone you owe money to
What types of business plans are there?
Long term Short term strategic plan operational plan corporate plan
How useful are KPIs and what are their weaknesses?
Useful to split down specific tasks/targets
Unrealistic targets can be demotivating
KPIs are subjective
What do you understand by succession planning?
In the event of someone leaving what procedures on in place
What current challenges is Covid bringing to business planning?
Potential reduction on lending Offices are closing down and being turned into residential buildings FM facilities (cleaning etc.)
What current challenges is Brexit bringing to business planning?
EU legislation that are being adopted to the UK and the long term changes. Such as GDPR & DPA.
Potential delays regarding importation and increased costs
Uncertainty
What is the SMART criteria you mention?
Specific Measurable Agreed Realistic Time-bound
What might be included in a SWOT analysis?
Strengths
Weaknesses
Opportunities
Threats
Why might financial information be included in a business plan?
Annually
Explain how you manage your own time to ensure you deliver projects in a cost-effective manner.
Manage my time with to do lists and prioritising work that needs completing first.
