Business Planning Flashcards
Tell me about your involvement with business planning.
At LCC, during the pandemic I was involved in meetings where we discussed how we could meet the objectives of the department, provide an essential service and keep staff and tenants safe, discussing the implications of canceling none essential repairs and how these can be completed once things opened back up again
What are the corporate objectives of your firm?
Currently it is to begin working with larger firms, getting me my letters and then gradually expanding the firm
How do you work towards these in your role?
By trying to win new business and working hard to get through my APC
What are some of the typical things you’d find in a business plan?
It will have an overview of the business and the plan, an executuve summary, information on the market, the strategy, marketing and operational plans, budgets and information on the team
How can an up to date business plan help an organisation in the current economic climate?
It is an uncertain time so it can give some clarity and time to stop and think of a plan of how you are going to continue by looking at the market in front of you
How do you use networking to further your business planning skills?
By discussing, with industry peirs what is happening in the market and by using it as an opportunity to learn about best practise, by being able to benchmark and learn from others mistakes
Why is relationship building important for your role?
Because it is important to the future of the business that we have a good relationship with our clients, especially the larger firms but with everyone that we work with due to word of mouth etc
What is a SWOT / PEST analysis?
SWOT is an anlaysis of strengths, weaknesess, oportunites and threats. PEST is an analysis of Political, Economic, Social and Technological. They help analyise the wider business environment to identify threats and opportunities
Can you tell me about when you have used one in your role?
I have used a simple swot analysis when presenting possible project solutions
What insurance types have you dealt with and what risks have they protected against?
I have not dealt with this directly in my role, however I am aware of the importance of PII to protect against the risk of a financial claim
Explain the objectives of the RICS Covid-19 Recovery Business Plan.
It sets out the 3 year plan, to be an influential thought leader, sustainable 21st century body, to enhance the RICS environmental, social governance program and to grow a high performance culture
Why are the RICS consulting on their business plan?
They wanted to engage with their members following the outcome of the Levitt review, particularly around how we are governed and members can be supported
What is this strategic review called?
Defining our future
What is business continuity and why is it important?
Business continuity is about having a plan to deal with difficult situations, so your organization can continue to function with as little disruption as possible. Whether it’s a business, public sector organization, or charity, you need to know how you can keep going under any circumstances.
Explain how the apprenticeship levy works.
The levy is paid by large employers with a payroll of over £3m, this is then added to a fund which is used to help pay for apprenticeships for all employers
