Business Planning Flashcards
What are the key elements of a business plan?
- description of the business
- leadership structure
- objectives
- marketing
- financial planning
- risk analysis (eg. SWOT / PESTLE)
- growth plan
What is BNPPREs business plan?
Currently in transition from cost cutting to looking to grow once again. Coming years, objectives are to:
- boost financial fluency
- merge closer with our affiliated bank
- draw clients from the bank
- steady growth with budged for new hires
- new hires to be from the ground up
How is your teams success measured within BNPPRE?
- meeting annual fee targets
- drawing new clients to the business
- cross selling
How is your performance measured within your team?
- small fee target
- how I assist my colleagues
- leading my own instructions
How do BNPPRE market themselves?
- financial fluency w/ bank association
- holistic service (commercial, rural, resi, forestry)
- ESG focused
What are the different types of business vehicle?
- Sole practitioner
- Partnership
- Limited liability partnership
- Limited company
- Public limited company
What is a sole practitioner?
Where a sole professional runs their own business, often without employing anyone.
- Benefit of this is its easy to set up and manage.
- Risk is there is no shared knowledge and you carry full liability.
What is a partnership?
Similar to a sole practitioner but with two or more owners.
- benefit is that it’s simple to set up and can share knowledge and skills
- drawback is liability
What is a Limited Liability Partnership (LLP)?
An LLP is a partnership where the liability amongst partners is limited.
- benefit is that it allows partners to benefit from economy of scale and knowledge sharing, whilst limiting individual liability to each individual partnership
- drawback is that it is harder to set up and how income is taxed
What is a limited company?
A limited company is where the assets of the owner are separated from the business.
- benefit is losses are limited to business only
What is a public limited company?
A PLC is a limited company listed on the London stock exchange, meaning the public can purchase shares in the business.
- benefit is that the business can raise money when performing well and there are certain tax benefits. Liability is also limited to each individual shareholder
- drawback is it’s complexity to set up
How would you start a practice as a sole practitioner?
- Inform RICS of my intention to start a new practice
- Provide RICS with info on
- responsible principle
- PII
- complaints procedure
- client money procedure
- succession plan - Inform HMRC providing name, VAT and tax details
- Apply RICS designation / logo and complete annual return to RICS each year.
