Business Planning Flashcards
what is a corporate plan?
A corporate plan sets out the actions required, and identifies the resources available, to deliver the stated aims and objectives. Your corporate plan is an important document that will help you continually monitor finances and liabilities, identify opportunities and control your internal systems and structures.
Start by setting the strategic plan.
Plan your operations - Plan and prepare the resources you need to deliver your objectives. For example, at this stage you must ensure you have the correct finances in place, the ability to obtain inventory and the correct staff.
Monitor and Control – Set out benchmarks, metrics with financial information, milestones
Review – Business must respond to change and evolve.
What are the corporate objectives of your firm?
As I work in a small firm, the corporate objectives are not stated very often.
They include: being the #1 market leading estate agent in Limerick, expanding the New Homes division, improved efficiency in the workplace and diversification across the market.
How do you work towards corporate objectives in your role?
Start by setting the strategic plan.
Plan your operations - Plan and prepare the resources you need to deliver your objectives. For example, at this stage you must ensure you have the correct finances in place, the ability to obtain inventory and the correct staff. Identify goals, then set objectives, then set tasks.
Monitor and Control – Set out benchmarks, metrics with financial information, milestone. sBe accountable in the team - find it useful to set up a weekly Teams call to ensure progress is being made.
Review – Business must respond to change and evolve.
What are some of the typical things you’d find in a business plan?
Business plans are essential when you are looking for finance from investors or lenders, but they can also help you launch a better business. They clarify your ideas and highlight potential problems or weaknesses. They also give you an opportunity to get feedback as people will understand what you are planning and can give you an informed opinion.
Executive Summary - Brief outline of business proposal.
Description of the Business - Ideas of the business, vision, describe products or service and USP.
Customers - Describe demographic, size of market, current trends in market, expert predictions.
Analyse Competitors - Describe them. What is their USP? What differentiates you from them?
Sales & Marketing - Describe strategy. Pricing/ production/ acquiring customers/ marketing plan and budget.
Management - How business is run? Key people. Roles. Premises. Staffing. Day-to-day operation.
Opportunities - Think big! How to exceed targets? Potential growth for extension.
Financial Forecasts - Be as accurate as possible. Forecast sales, cash flow, and profit and loss. Profits and overheads.
How can an up to date business plan help an organisation in the current economic climate?
1) Planning forces managers to think about the future
2) Planning identifies the business’s weaknesses
3) It is essential for raising capital
4) Motivates employees and managers
How do you use networking to further your business planning skills?
Networking is about interacting with people and engaging them for mutual benefit.
It can help you establish a new business or grow an existing one. You can also use networking as a tool for finding investors, customers, staff, suppliers and business partners with minimal cost to your business.
Why is relationship building important for your role?
Relationship building from a business standpoint can help you get new customers, retain current customers and manage your reputation. … The three most important types of relationships you should build are with your customers, employees and members of your community.
The property industry can be a small place and it is good to develop good relationships within the community. For example; to help each other out looking for comparables.
What is a SWOT analysis?
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT analysis is a technique for assessing these four aspects of your business. SWOT Analysis is a tool that can help you to analyze what your company does best right now, and to devise a successful strategy for the future.
What is a PEST analysis?
PEST is an acronym for Political, Economic, Social and Technological. Basically, a PEST analysis helps you determine how these factors will affect the performance and activities of your business in the long-term.
Generally, it is more effective with larger organizations that are more likely to experience the effects of macro events.
Can you tell me about when you have used SWOT or PEST one in your role?
SWOT for the establishment of the Cork office.
Have not used PEST yet in a business setting as it is mostly for larger firms.
What insurance types have you dealt with and what risks have they protected against?
Personal Indemnity Insurance (claims of negligence in my role)
Building Insurance (covers cost of repairing damage to the structure of the property. Loss / damage caused by: fire, explosion, storms, floods, earthquakes. theft, attempted theft and vandalism.)
Public Liability Insurance (claims by the public in common areas/ public areas of apartment complexes).
Explain the objectives of the RICS Covid-19 Recovery Business Plan.
RICS’ COVID-19 Recovery Business plan delivered sustainability and resilience, enabling the institution to maintain strategic focus and continue supporting professionals during this most disrupted period.
Why are the RICS consulting on their business plan?
Defining Our Future strategic business plan.
RICS Governing Council wants to assess the key strategic pillars of our business plan to ensure that RICS is best positioned to support professionals to deliver as the world’s needs continue to change.
Explain the SCSI Strategic Plan Roadmap 2024 to me. What are the key objectives?
The SCSI prepared the Strategic Plan Roadmap 2024 that sets out the key objectives to enhance current services and
to increase value and relevance of membership. Implementation of the plan will include actioning over 100
key deliverables in this three-year period.
Example short term objectives: Improved understanding who SCSI members are. Increased Awareness, positively influencing on key issues like housing supply, modern methods of construction and sustainability.
Example long term objective: increased diversity in the profession, improving member satisfaction rating, greater understanding of expertise of the profession.
What is the RICS strategic review called?
Defining Our Future.
