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RICS > Business Planning > Flashcards

Business Planning Flashcards

1
Q

In terms of business planning, what tools does your company use to ensure you are making a profit?

A
  • Timesheets
  • Using resource planners (to ensure full utilisation)
  • Fee/cost reconciliation tools
  • Project reviews
  • Yearly performance reviews
  • Team meetings
  • Director one-to-ones
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2
Q

What is benchmarking (on a construction project)?

A

A process by which the estimated performance (Often cost) of a project is compared to other similar projects. This can highlight areas of design that are not offering good value for money; or, if the price offered by the contractor is in line with the wider market.

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3
Q

What is a PESTLE analysis?

A
  • PESTLE is an acronym for political, economic, social, technological, legal and environmental.
  • It is a way of understanding and reviewing how external forces may impact the business.
    Political:
  • Political stability
  • Corruption
  • Foreign Trade Policy
  • Tax Policy
  • Funding Grants
    Economic:
  • Economic Growth
  • Interest Rates
  • Inflation
  • Disposable Income of Consumers
  • Labour Costs
    Social:
  • Population Growth
  • Age Distribution
  • Cultural Barriers
  • Consumer Views
  • Workforce Trends
    Technological:
  • Emerging Technologies
  • Maturing Technologies
  • Copyright and Patents
  • Production and Distribution
  • Research and Investment
    Legal:
  • Regulation
  • Employment Laws
  • Consumer Protection Laws
  • Tax Policies
  • Anti-trust Laws
    Environmental:
  • Climate
  • Environmental Policies
  • Availability of Inputs
  • Corporate Social Responsibility
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4
Q

What is a SWOT analysis?

A
  • SWOT analysis is a strategic planning method used to evaluate strengths, weaknesses, opportunities and threats involved in a project or business venture.
  • SWOT analysis can be used as a basis for business strategy.
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5
Q

What are the issues relating to staff turnover?

A
  • It can be expensive and time consuming to hire staff, often having to pay agency fees to help find the right people.
  • Training new people is time consuming and expensive.
  • Turnover can also affect team dynamics, productivity and continuity.
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6
Q

What are SMART targets/objectives as part of a business plan?

A

Objectives which are:
- Specific
- Measurable
- Achievable
- Realistic
- Time related.

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7
Q

What things do you need to consider when setting up this business?

A
  • Advise RICS that you are starting a business and comply with the Rules of Conduct for members and firms.
  • Create a business plan.
  • Create a H&S policy.
  • Register the business with Companies House and inform HRMC.
  • Set-up company and client bank accounts.
  • Set-up a Complaints Handling Procedure (CHP).
    Get the relevant insurances in place such as:
  • Professional indemnity & run off cover.
  • Director’s liability.
  • Buildings insurance.
  • Public liability insurance.
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8
Q

What is an investment appraisal?

A

An investment appraise is used to assess whether a business or project would be a worthwhile investment in terms of return (both financially and/or added value).
Considerations:-
- Rate of return
- Payback period
- Net present value (NPV).

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9
Q

Give examples of fee earning and non-fee earning staff?

A
  • Fee earning - QS, PM, architect.
  • Non fee earning - Administration staff, IT technicians.
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10
Q

What is the purpose of an organisation chart?

A
  • A graphical representation of the roles, responsibilities and relationship between individuals within the organisation.
  • It can be used to depict the structure of an organisation as a whole or broken down by smaller business units.
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11
Q

How do you contribute to your company’s goals?

A
  • Sharing knowledge within my team(s).
  • Keeping up to date with new technologies and systems.
  • Delivering and exceeding my responsibilities.
  • Understanding my personal/project objectives, exceeding expectations where possible.
  • Bringing in new business.
  • Focus on safety.
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12
Q

What is meant by business strategy?

A
  • A business strategy is an outline of the actions and decisions a company plans to take to reach its business goals and objectives.
  • The strategy defines what the business needs to do to reach its goals, which can help guide the decision-making process for hiring and resource allocation.
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13
Q

What is meant by strategic planning?

A

The managerial process of developing and maintaining a strategic fit between the organisation objectives, resources and changing market opportunities.

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14
Q

What is the difference between business strategic and business planning?

A
  • A business strategy is concerned with the entire organisation, such as what it produces, where it competes and how it allocates resources. It deals with the fundamental choices that will affect the entire organisation.
  • Business plans are concerned with the detailed implementation after the big choices have been made. A business plan deals with the detailed implementation of specific aspects of the overall strategy.
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15
Q

What is the difference between a business vision statement and mission statement?

A
  • A vision statement focuses on tomorrow and what an organisation wants to ultimately become.
  • A mission statement focuses on today and what an organisation does to achieve it.
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16
Q

What is a business plan? and Purpose/Benefits?

A
  • A business plan is a document that summarises the operational and financial objectives of a business. It is a business’s road map to success with detailed plans and budgets that show how the objectives will be realised.
  • Likely timescale of 3 to 5years ( at least).
    Written business plans are often required to obtain a bank loan or other financing.
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17
Q

What would typically be included in a business plan?

A
  • Executive summary.
  • Marketing strategy.
  • Vison and mission statements.
  • Products and services.
  • Management team and personnel.
  • Financial forecasts.
  • Responsibilities and targets.
  • Training, resource strategy and hierarchy plans.
  • SWOT analysis.
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18
Q

What is a business model?

A

A business model is the plan implemented by a company to generate revenue and make a profit from operations.
A business model may contain:
- The product/service the business believes has value for the customer.
- The market niche and main target demographic.
- The expense of bringing your product/service to the target market.

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19
Q

How can a business plan help a company in the current economic climate?

A
  • To help secure additional funding from banks or external investors.
  • To gain new clients and commissions.
  • To help focus the businesses priorities and respond to change.
  • Focus on key priorities.
  • For budgeting.
  • For setting targets for staff.
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20
Q

What is a business planning?

A

How to start a business or expand the existing Business.
Business is to make profit ( profit maximization ).

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21
Q

What are the steps of Business Planning?

A
  1. Set up the vision & mission.
  2. Internal (SWOT) & External Analysis ( SWOT, PEST, PESTEL).
  3. Set-up Target & Develop a strategy.
  4. Monitor Set-up Strategies.
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22
Q

What does it mean by Vision & Mission?

A

Vision is what you want to be.
(Eg. Want to be the best contractor in the country in next ten years
want to increase the turnover (sales) by 5.0 million in next 5 years)
Mission is how the business is going to achieve the set objectives of the vision.

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23
Q

Why business planning is required?

A
  • To raise capital.
  • To develop game plan.
  • To avoid big mistake……
  • To explain the investor.
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24
Q

What are the most important elements of a business plan?

A
  1. Executive Summary
  2. Business Description.
  3. Market Analysis.
  4. Sales Strategies.
  5. Organisation Management (Management team and personnel)
  6. Funding Requirements.
  7. Financial Projections (Forecast)
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25
Q

Do you know the Vision of RICS?

A

as per the Rics buisness plan 2021, to better support the profession and the leadership contribution it can make to society in a post-COVID-19 world as part of our work following the major consultation with members and stakeholders undertaken in early 2021.

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26
Q

What are the methods available in doing internal/external Analysis? (or) Market Analysis Tools

A

SWOT Analysis (Internal and External)
SWOT:-
S - Strengths
W - Weaknesses
O - Opportunities
T - Threats

PEST Analysis (External)
P - Political
E - Economical
S - Social
T - Technological
E - Environmental
L - Legal

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27
Q

How do you Set-Up Target & Develop a Strategy?

A

Always should be a SMART Target
S - Specific
M - Measurable
A - Achievable
R - Rewardable/Relevant
T - Time bound

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28
Q

What are the Level of Business Planning?

A
  1. Labour Level Planning
  2. Supervisory level Planning
  3. Management level Planning
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29
Q

Business Planning Strategies can be divided into 3 main categories. What are they?

A

These are the short term plans.
1year - Project Planning
2 to 4 years - Operational Planning
The below plan are long term plan.
5 to 10 years - Strategic Planning.

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30
Q

What are the requirements to start-up a business in your country?

A

Select the Business activity
Select the jurisdiction mainland, free zone, DMCC, Offshore
Decide the company structure such as LLC, Partnership, Shareholders, Joint Venture
Name and activity approval from economic department
Commercial license/professional license/Industrial (or) Tourism
Company Registration
Find UAE Local Partner [Mandatory/now changed to 100%]
Get External Approval
Draft MOU
Rent Office (Tenancy Contract/ Ejari) - Inspection
Intial Approval / followed up final approval
Issue License (Renew every year with Ejari)

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31
Q

How do you start a QS firms?

A
  • Business plan
  • RICS Firm - Guidance Notes
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32
Q

How do you feel your role contribute to achieve your organisation’s objectives?

A

Make sure you are familiar with your employer’s key objectives - in a large company this could be at a corporate and a departmental level. Consider how your contribution helps those objectives to be met.

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33
Q

What is meant by ‘taking corrective action in business planning’?

A

If performance measurement does not reach the required level of the established goals and objectives. We have to figure out why and where the performance was low then corrective actions must be taken.

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34
Q

What are the items should be shown to market yourselves?

A

Your experience, resources, previous projects, previous clients, etc.

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35
Q

In terms of business planning, how does your management will ensure that you are making profit?

A

Evaluating time sheets, Re-sourcing forward planning, Financial management software systems, Fees/Cost reconciliation tools.

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36
Q

What is meant by Resource audit?

A

The assessment of the inherent strength based on the resources - the quantity of resources available and their nature is known as resource audit. They are typically
grouped under the following headings.
1. Physical resources -machines or production capacity.
2. Human resources - skills, adaptability, flexibility.
3. Financial resources - sources and uses of money.
4. Intangibles - brand names, good contacts, Image

37
Q

What is value chain analysis?

A

It is identifying the key value activities and resources required for each activity.
It is a tool used to analyse the internal firm activities to recognize which activities to recognize which activities are the most valuable (i.e. source of cost/advantage) to the firm/company and could be improved to provide competitive advantage.

38
Q

What is Organisational structure?

A
  • Organisational structure is a system used to define a hierarchy within an organisation. It identifies each job, its function and where it reports to within the organisation.
  • This structure is developed to establish how an organisation operates and assists an organisation in obtaining its goals to allow for future growth.
  • The structure is illustrated using an Organisational chart.
    (OR)
    “A graphical representation of the roles, responsibilities and relationship between individuals within the organisation.
39
Q

What are the 4 types of Organisational Structure?

A
  1. Administrative Structures - Administrative structures include a specific level of regularization.
  2. Functional Structure - Functional Structure Organisational is a structure which includes undertakings like supervision, direction, management, and allocation of the responsibilities.
  3. Divisional Structure
  4. Matrix Structure.
40
Q

What are the RICS’s Requirements to start a firm?

A
  • Register with the RICS for regulation of the firm.
  • Appoint a contact officer for all RICS communications.
  • CHP - Have Complain Handling Procedure and appoint CHP officer.
  • Obtain PII.
  • Client money handling.
  • Use of RICS Logo.
41
Q

What is Integrated Business Planning (IBP)?

A

Must refer https://en.wikipedia.org/wiki/integrated business planning
Integrated Business Planning (IBP) is a process for translating desired business outcomes into financial and operational resource requirements, with the overarching objective of maximizing profit and/or cash flow, while minimizing risks.
The business outcomes, on which IBP processes focus, can be expressed in terms of the achievement of the following types of targets:
- Revenue & demand
- Service levels
- Inventory levels
- Profits & margins
- Cash flow.

42
Q

What is Enterprise Resource Planning (ERP)? ERP Softwares?

A

Must Refer https://en.wikipedia.org/wiki/Enterprise resource planning
Enterprise resource planning (ERP) is the integrated management of main business processes, often in real-time and mediated by software and technology.

43
Q

How reliable are your standards of client service? How do you know?

A
  • What records do you have regarding each client’s needs and requirements?
  • How does the design of your organisation help you to respond to changes in client’s needs?
  • How can you establish whether people work together to deliver better service?
  • How do you judge whether all partners and staff are fully committed, in practice, to delivering effective client service?
  • How do you know whether the service you provide is consistent?
  • What criteria do you use ta assess whether all departments/business units provide the same consistent standards of service?
44
Q

How good is your communication with clients?

A
  • When did you last check your documentation, for example brochures or letters, to see if it is still relevant to clients?
  • Do clients understand the language used by your practice?
  • How do you get information back from clients? When did you last seek a new way of doing so?
  • How sensitive are you to client’s time pressures?
  • How skilled are your staff at adapting their communication method and style to the individual client?
  • How could your working processes and systems be made more simple and client friendly?
45
Q

How do you judge the success of your working relationships with clients?

A
  • How often do you ask yourself whether clients needs and feelings are identified and considered?
  • Do you adapt your behaviour to suit?
  • What standards of courtesy, accessibility and speed of response do you have and maintain?
  • When a client’s request does not seem possible how much effort do people in the practice put into exploring ways of meeting the request?
  • If the request cannot be satisfied, how do you explain why not?
  • What is your success rate at retaining clients?
  • How often do existing clients recommend you to new clients?
  • What records do you keep of ‘occasional clients’?
  • What systems do you have to remind them that you exist?
46
Q

What effort do you put into understanding the client’s perspective?

A
  • When was the last occasion that you asked yourself what the real problem appeared to be from a client’s perspective?
  • How do you judge how proactive you are?
  • When was the last time someone found a way of improving service?
  • If you cannot meet a client’s needs will you recommend them to a practice that you know can?
  • How do you vet those to whom you will recommend client’s?
  • How do you monitor the client’s perception of the value of your services and the value for money that you deliver?
47
Q

How often do you look for ways to change in response to feedback from client’s?

A
  • How often do you seek and obtain feedback from clients?
  • Who is able to suggest improvements in service?
  • Are complaints encouraged and taken as opportunities for corrective action?
  • Who is able to implement improvements?
  • Are staff encouraged to treat clients as they would like to be treated? How do you know?
  • Have you tried to monitor the impact of staff morale on client service?
  • When did you last look at the image a client has of you from their point of view (your switchboard or reception may be their first point of call)?
48
Q

What formal or informal market research do you have to tell you the demand for your particular services?

A
  • What relevant data do you need on your markets?
  • How is your business planning adjusted according to market data?
  • How often do you compare your performance in particular markets with that of your competitors?
  • When did you last review your marketing activities to ensure that they are focused and aligned with your practice strategy?
49
Q

How do you market your business?

A
  • Which possible marketing options have you considered?
  • How do you analyse with succeed and which fail? What about ones you have not thought of?
  • How do you know whether your various marketing ideas are working?
  • Do you have a marketing plan with targets, objectives, budgets and alternatives?
  • Have you assessed the time and money you spend on marketing against the amount of business you expect to generate:
  • generally
  • from new clients, and
  • from existing clients?
50
Q

How well do you manage relationships with your key clients?

A
  • How often do you ‘audit’ and ‘value’ your client relationships?
  • Do your have an explicit process for identifying , monitoring and reviewing key client relationships?
  • How do you identify and develop the skills of your client partners and client service teams?
  • What processes and technologies do you have to enable you to share know-how about your clients?
  • How well do you really know your client’s business?
51
Q

what is Limited companies?

A

In a limited company, the liability of members or subscribers of the company is limited to what they have invested or guaranteed to the company. Limited companies may be limited by shares or by guarantee. In a company limited by shares, the liability of members is limited to the unpaid value of shares.

52
Q

what is Limited Liability Partnerships (LLP)?

A

A limited liability partnership is a partnership in which some or all partners have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner’s misconduct or negligence

53
Q

Data Management?

A

“Data Management Access, control, edit, retrieve, share, and archive of data and in reliable (resilent) and secure manner with respect to GDPR and Project/Company Communication Matrix.
Softwares such as PMweb,
Onsite Network share drive,
on Cloud Network Drives: Google, Amazon, Microsoft.
GDPR: General Data Protection Regulation EU law (important element of privacy and human rights laws)
GDPR Principles:
1. Transperency, lawfulness, fairness.
2. Purpose limitation. Data minimization. 4. Storage limitation.
5. Accuracy. 6. Integrity and confidentiality (security) 7. Accountability”

54
Q

Staffing?

A

Number and capability of employees required in company department to work effectively.

55
Q

Recruitment?

A

“Identify and hire the best qualified candidate (Internal or External recruitment) for a position in timely and cost effective manner.
Internal: Promotion, Recommendation and refferals.
External: Ads, Campus interviews, Recruitment Agency, Gate hiring, Recommendation and refferals.”

56
Q

Strategic Staffing?

A

“1. Addressing implication of business plan, strategy, change on Staffing
2. Define number and capacity of employees needed at point of time (mobilization and de-mobilization of staff).
3. Anticpating talent demand and forecasting talent supply
4. Develop plan to fill talent gap and eliminate redundancy”

57
Q

Set up QS business in Bahrain/UAE?

A

“In Bahrain:
- Select business activity and business structure and name.
- License from CRPEP and relevant category (A Project value unlimited, B 4million. C1 million)
- Select office minimum size 50m2 for CAT C, Location approved by Municipality
- employ MRICS or BSc in QS Minimum Two for Cat C.
- Obtain PII minimum 500k BHD for CAT C”

58
Q

Can you tell us about your company’s current business plan?

A

The business plan should be framed as per your company using SMART objective

59
Q

What is your company’s management structure / business model?

A

“management/Organizational chart structure: functional, divisional, administrative, Matrix
Business models: Fee for service, Subscription, on-demand, Franchise, B2B, B2C”

60
Q

What are your company’s values?

A

Integrity, respect, Trust, Teamwork, Responsibility, transparency

61
Q

What tools does your company use to manage its business?

A

“Data Management Software, CRM software, ERP Software, HR Software, Office
To monitor profitability: Financial statements (income/equity/balance), cashflow, Cost/Fees i.e. timesheets and resource management”

62
Q

What is contained within an appointment document? What are your company’s terms of business?

A

“1. Terms of engagement
2. Fees Structure
3. Parties Obligations
4. Scope of Services
5. Variation
6. Termination and suspension
7. Dispute resolution
8. Liability and Limitation “

63
Q

What is the relevance of a SWOT or PEST analysis to business planning?

A

SWOT (internal and External) and PEST (External). Those are tools used to for analysing the Business internal factors and external factors for the market/country that business will operate in, to develop appropriate business direction/objectives considering those factors. i.e. strength weakness opportunities threats politics economy society Technology Environment and Legal

64
Q

What is five-year business plan?

A

Five-year business plan is a strategic roadmap to help business better achieve long term goals, such as obtaining investments or producing a certain amount of revenue.

65
Q

Why do we need five-year business plan?

A

Establishing a long-term plan, which can help to determine priorities and goals for business, identifying the potential obstacles, raising money from investors.

66
Q

What are the objectives of business plan?

A

Market, Client, Turnover, Staffing, and Acquisitions.

67
Q

What things do you need to consider when setting up a business?

A

”- Advise RICS that you are starting a business and comply with the Rules of Conduct for members and firms.
- Create a business plan.
- Create a H&S Policy.
-Register the business with Companies House and information HRMC ( it may change to the geographical location)
- Set-up company and client bank accounts.
-Set-up a Complaint Handing Procedure (CHP)
- Get the relevant insurances in place such as
- PII & Run off cover
- Director’s liability
- Building insurances
- Public liability insurances.”

68
Q

What is a Short - Term Business Plan Strategy?

A

“In 1st year Business Planning Strategy concentrates on Project Planning which includes the below plans
- Scope Management Plan - Schedule Management Plan - Cost Management Plan - Quality Management Plan - Human Resource Management Plan - Communication Management Plan - Risk Management Plan - Stakeholder Management Plan - Project Control Plan - Procurement Management Plan In 2 - 4 years Business Planning Strategy concentrates on Operational Planning Operational Plan DOES present highly detailed information specifically to direct people to perform the day-to-day tasks required in the running the organisation. Organisation management and staff should frequently refer to the operational plan in carrying out their everyday work. The Operational Plan provides the what, who, when and how much:

what - the strategies and tasks that must be undertaken
who - the persons who have responsibility of each of the strategies/tasks
when - the timelines in which strategies/tasks must be completed
how much - the amount of financial resources provided to complete each strategy/task “

69
Q

What is a Long - Term Business Plan Strategy?

A

From 5 to 10 years Business Planning Strategy Concentrates on Strategic Planning - The strategic plan is about setting a direction for the organization, devising goals and objectives, and identifying a range of strategies to pursue so that the organization might achieve its vision. The strategic plan is a general guide for the management of the organization according to the priorities and goals of stakeholders. The strategic plan DOES NOT stipulate the day-to-day tasks and activities involved in running the organization

70
Q

Equality

A

Equality plan will enable to co-ordinate all equality-related work throughout the business Additionally, it will allow for the preparation of the upcoming developments in legislation and best practice.

71
Q

What is Market Analysis ?

A

A market analysis is a quantitative and qualitative assessment of a market. It looks into the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment in terms of barriers to entry and regulation.

72
Q

What are types of market research techniques?

A

Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.

73
Q

What is a framework for market analysis?

A

Market analysis framework is a method for companies and entrepreneurs to understand their position in the market with respect to other competitors. By studying the market in detail using market analysis frameworks, they get an idea of the untapped opportunities that they can embark upon.

74
Q

What is Administration in Business plan?

A

“The administration of a business includes the performance or management of business operations and decision-making, as well as the efficient organization of people and other resources to direct activities towards common goals and objectives

Administration can refer to the operational performance of routine office tasks, usually internally oriented and reactive rather than proactive. Administrators, broadly speaking, engage in a common set of functions to meet an organization’s goals.”

75
Q

How do you build a safety business plan?

A

“A safety business plan must be part of a company’s overall business plan. It includes measures, budgets, milestones for delivery and expected monthly outcomes using the reporting structure.
To build the safety business plan you are required to identify all possible hazards in and around your workplace. The more complete your plan, the more likely you will avoid expensive liability claims from employees and customers that can destroy your business and affect your wealth.
“

76
Q

Brief the RICS business plan 2021?

A

Plan set how to achieve the vision : Through our credential and our professional standards we will create confidence in markets and be known for effecting positive change in the built and natural environments.

77
Q

What is RICS new Vision ?

A

as per the RICS business plan 2021, to better support the profession and the leadership contribution it can make to society in a post-COVID-19 world as part of our work following the major consultation with members and stakeholders undertaken in early 2021.

78
Q

what are RICS main 5 pillars in RICS business plan 2021?

A

“1-Trusted by our stakeholders and society
2-RICS qualifications in demand
3-Influential thought leader
4-Involved and engaged members
5-Sustainable 21st-century professional body
“

79
Q

brief RICS Emergency business plan for COVID-19 Recovery ?

A

2020-21 is a reset and recovery business plan year, the aim is to end the year having pioneered a new, more resilient RICS, fit for the future and capable of responding rapidly to ongoing and significant socio-economic changes and trends that impact our profession.

80
Q

What internal and external analysis can you use before decision making?

A

Internal - Strengths and weakness External - Opportunities and Threats

81
Q

Examples of Strengths

A

“Have knowledge & experience
 Have enough money
 Familiar with customers
 Product is popular
 Have resources”

82
Q

Examples of Weaknesses

A

“No in house recourses to manage
 Not have sufficient experience
 Funds may not be enough
 Technology may be out dated
 Product may not suit to local conditions”

83
Q

Examples of Opportunities

A

“High demand
 Fair market
 No competitors
 Booming economy
 Surplus cash
 TAX Free country”

84
Q

Examples of Threats

A

“High competition
 Rules & regulations
 Rising prices of raw materials
 Changing customer requirements
 Instability of the market”

85
Q

What is resourcing ? And why is it needed ?

A

“Construction resource management is the process of planning and allocating resources required to meet project objectives. Proper resource management helps to keep projects on schedule by ensuring that the demand of project resources is met and also maximizes the utilization of resources from project to project.

Without proper resource management, projects can fall behind schedule, or can become unprofitable. The objective is to ensure the adequate and timely supply of resources, whilst at the same time maximising the utilisation of resources between projects.”

86
Q

Elements of resourcing ?

A

Recruitment , Training, Financing and accommodation

87
Q

How do you enhance quality of business plan?

A

Diversity and inclusive environment will motivate good outcome in the organization

88
Q

What is PESTEL and when is it used ?

A

It is an external factors decision making tool which stands for: POLITICAL, ECONOMIC, SOCIAL, TECHNOLOGICAL, ENVIRONMENTAL, LEGAL

RICS (16 decks)

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