Business Planning

Question 1

Name some of the insurances you need when starting a business?

Answer 1

Professional Indemnity Insurance
Public Liability insurance
Specific Insurance, e.g Car, contents etc
Building Insurance

Question 2

What the RICS rules for the Registration of Firms?

Answer 2

50% of more of members/principles are RICS members
Need to be UK
Need to be providing surveying service

Question 3

What is a business plan?

Answer 3

Shows your business objectives for a period of 3 years

Question 4

What is a SWOT analysis?

Answer 4

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.

Question 5

What is a PEST analysis?

Answer 5

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?

Question 6

What are Porter’s five forces?

Answer 6

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

Question 7

What do you find in a Business plan?

Answer 7

The vision
Objectives and goals
Strategies and actions
KPIs

Question 8

How do companies write a business plan?

Answer 8

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.

Question 9

What is a Client Account Planning session?

Answer 9

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.

Question 10

What is a Business Plan?

Answer 10

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.

Question 11

What is contained in an appointment document?

Answer 11

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

Question 12

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

Answer 12

would seek further advice from one of our internal Chartered

Accountants.

Question 13

What are your firms Terms of Business?

Answer 13

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.

Question 14

What is your firms business plan?

Answer 14

?

Question 15

How do you contribute to your company’s goals?

Answer 15

Focus on safety
Excellence in my work
Sharing knowledge in integrated teams
Keeping up with new technologies

Question 16

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

Answer 16

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.

Question 17

What different types of business analysis are available?

Answer 17

SWOT & PEST

Question 18

What would you include within your terms of engagement?

Answer 18

Client instructions
exclusions
inclusions
complaints handling procedure
file reference
Job numbers

Question 19

How do you personally contribute to your companies goals?

Answer 19

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

Question 20

What is included in a budget structure?

Answer 20

Direct expenses
Overheads
Operating profit
forecast earnings

Question 21

What are the R-U-L-E-S in practice finance?

Answer 21

R - Rates and recovery
U - Utilisation
L - Leverage
E - Expenses
S - Speed

Question 22

How does an up to date business plan help an organisation move forward?

Answer 22

Help allocate resources

Define or make clear any opportunities or threats they have within the sector. I.e lack of employees?

Question 23

Why is market analysis important?

Answer 23

business plan is only as good as your ability to adapt to the market in operation.

Question 24

Does the RICS have a business plan? What is the current plan?

Answer 24

3 year plan.

??

Question 25

Does the RICS have a corporate strategy?

Answer 25

It does, a 5 year strategy. Details strategic goals

Question 26

What are your organisations objectives?

Answer 26

??

Question 27

What is a debtor?

What is a creditor?

Answer 27

A debtor owes you money

creditor is someone you owe money to

Question 28

What types of business plans are there?

Answer 28

Long term
Short term
strategic plan
operational plan
corporate plan

Question 29

How useful are KPIs and what are their weaknesses?

Answer 29

Useful to split down specific tasks/targets

Unrealistic targets can be demotivating

KPIs are subjective

Question 30

What do you understand by succession planning?

Answer 30

In the event of someone leaving what procedures on in place

Question 31

What current challenges is Covid bringing to business planning?

Answer 31

Potential reduction on lending
Offices are closing down and being turned into residential buildings
FM facilities (cleaning etc.)

Question 32

What current challenges is Brexit bringing to business planning?

Answer 32

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

Question 33

What is the SMART criteria you mention?

Answer 33

Specific
Measurable
Agreed
Realistic
Time-bound

Question 34

What might be included in a SWOT analysis?

Answer 34

Strengths
Weaknesses
Opportunities
Threats

Question 35

Why might financial information be included in a business plan?

Answer 35

Annually

Question 36

Explain how you manage your own time to ensure you deliver projects in a cost-effective manner.

Answer 36

Manage my time with to do lists and prioritising work that needs completing first.