Business Planning Flashcards
How does a business plan for the future?
Review market conditions & Understand clients’ needs
Understand employees’ needs
Assess their finances
Devise a strategy to aquire sales
What are you company’s long term goals?
Focus is on long term regeneraton to improve brownfield sites with long term customers & achieve 20% profit targets.
What are your company’s short term goals?
Achieve 60% + repeat works with repeat clients.
Double the turnover over the next 5 years and grow profit by 1 % per year.
How do you keep up to date with market conditions?
Building magazine
MODUS
SurveYOUR podcast - aimed at APC cadidate and members
DeLever weekly APC Roadshow
Legal webinars
Monthly networking events - Constructing Excellence & KCFG
Undertake market research to ascertain what is going on in the economy
How do you know what your competitors are doing?
Media publications
Building magazine
Word of mouth - speak to them and ask at regular networking events
Read the news and news of competitors
How can an up to date business plan help an organisation in current economic climate?
Secure new funding Gain more clients Focus on key priorities Respond to change Set staff targets The news
What are SMART goals?
Specific Measurable Attainable / Achievable Relevant Time bound
What is PEST analysis?
Political Economic Socail Technological Environmenal Legal
What RICS business planning are you aware of?
RICS Strategic Foresight 2030
What is SWOT analysis?
A business planning tool which looks at; Strengths, Weaknesses, Opportunities, Threats
Why is it important to identify potential clients?
In order to identify opportunities and focus on where it may be useful to build relationships.
Its paramount to profitability to the business
What effects have recent changes to legislation had on business planning?
Change of requirements of plant machinery - many business has to update and renew stock - demand has created a long wait times for new machines and increased prices.
IR35 - business cannot freely use freelance consultants in the same way - costing business’ more in tax liabilities.
VAT Reverse charge - retraining existing teams, updating systems
COP26 - elec cars
What impacts have covid-19 & brexit had on business planning
Covid-19 - promoted flexible working, changed layouts & social distancing. Pressures on hauliage of materials & increased demand on materials & huge increases in prices in 2021. Many manufacturers closed during lockdown still trying to catch up. Forced business online - those not already using systems had a sharp learning curve and had to make prompt investments into staff WFH & remotely accessible servers.
Covid - Impacts on business planning on workforce locality & availability.
Covid - Buisness being more flexible & working across multiple markets to reduce risk - increase in demand for more warehouses for e-commerce.
Covid - Business plans to reviewed more often.
Brexit & covid enhanced reluctance to work with contractors / client you dont know as well.
Brexit - loss of foreign labour from industry, hauliers.
Brexit- exchange rates & value of £
R&D constantly innovating to keep up with fast changing world and markets (AI, IT, Data- making best use of skills and diversifying)
Enhanced working H&S so entended programmes. More realistic & detailed contingency & back up plans in event of a change.
Why does a business need to understand it’s staffing levels?
Manage overheads
Forecast staff tunrover
Recruitment strategy
Training requirements
Staff is normally the most expensive aspect of an organisation, therefore it is important to ensure that they are as efficient as possible.
Staff also introduce the most amount of variables to an organisation and the most adapatable, therefore staff make or break an organisation.
What would you include in a Business Plan if you were setting up on your own?
Training
Organagrams
Vision & Misson statements - vision (tomorrow), misson (today & how to achieve)
SWOT
