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APC QS 2022 > Business Planning > Flashcards

Business Planning Flashcards

1
Q

How does a business plan for the future?

A

Review market conditions & Understand clients’ needs.
Understand employees’ needs.
Assess their finances.
Devise a strategy to acquire sales.

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2
Q

How do you keep up to date with market conditions?

A

Building magazine
MODUS
DeLever weekly APC Roadshow

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3
Q

How do you know what your competitors are doing?

A

Media publications
Building magazine
Word of mouth - speak to them and ask at regular networking events
Read the news and news of competitors

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4
Q

How can an up to date business plan help an organisation in current economic climate?

A

Secure new funding
Gain more clients
Respond to change
Set staff targets

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5
Q

What are SMART goals?

A

Specific
Measurable
Achievable
Realistic
Time Related

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6
Q

What is PESTLE analysis?

A

Political
Economic
Social
Technological
Legal
Environmental

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7
Q

What RICS business planning are you aware of?

A

RICS Strategic Foresight 2030.
Building towards a new future Business plan 2021–22.

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8
Q

What is SWOT analysis?

A

A business planning tool which looks at;
Strengths
Weaknesses
Opportunities
Threats

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9
Q

Why is it important to identify potential clients?

A

In order to identify opportunities and focus on where it may be useful to build relationships.

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10
Q

What are Porter’s five forces?

A

They are used to analyse the competitiveness of an industry and the barriers to entry.
These typically include:
Supplier Power
Buyer Power
Threat of substitutes
Threats of new entrants
Competitive rivalry

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11
Q

How do companies write a business plan?

A

They undertake an analysis of the market and industry to identify business opportunities and critical success factors.
Companies should focus their resources in developing their competences in the critical success factors.
This then leads to the development of goals and objectives with their associated strategies and actions.

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12
Q

What is a Client Account Planning session?

A

A review of current workload, resources & fees.
It involves the identification of key client personnel who have influence over job opportunities and identification of who the firm should look to build relationships with.
A review of pipeline opportunities with that client is also undertaken.

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13
Q

What is a Business Plan?

A

A formal statement of the business’s operational and financial objectives.
Typically across a period of 3-5 years.
Written plans are often required to obtain a bank loan or financing.

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14
Q

What is contained within an appointment document?

A

It includes a clarification of the work scope.
The agreed fee bid.
The firms terms of business.
Any agreed amendments to the firms’ terms of business.
Contact Details.

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15
Q

Does your firm produce an annual account?

A

Yes it produces a statement of turnover, gross profit & net profit.
This must be submitted to Companies House in accordance with the Companies Act.

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16
Q

Would you be able to interpret & understand an annual account?

A

At a high level but I would seek further advice from one of our internal Chartered Accountants if necessary.

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17
Q

How do you contribute to your company’s goals?

A

My company’s goals are to uphold an ethic of high performance and to deliver clear reputation growth.
I contribute to both of these as I deliver to a high daily, whilst also trying to grow my reputation. This can be seen through my regular LinkedIn posting.
I also keep up with new technologies and aim to upskill the new and junior team members.

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18
Q

What impacts have covid-19 & brexit had on business planning?

A

Covid-19 - promoted flexible working, changed layouts & social distancing.
Covid-19 - Impacts on business planning on workforce locality & availability.
Covid-19 - Business being more flexible & working across multiple markets to reduce risk
Brexit & covid enhanced the reluctance to work with contractors / clients you don’t know as well.
Brexit - loss of foreign labour from industry, hauliers.
Brexit- exchange rates & value of £

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19
Q

Why does a business need to understand it’s staffing levels?

A

Manage overheads
Forecast staff tunrover
Recruitment strategy
Training requirements

20
Q

How would a business measure its performance against its business plan?

A

KPI’s

21
Q

What external factors beyond the control of the company would consider when constructing its business plan?

A

Covid
Brexit
Flexibility
Investment
Sickness / absence of staff

22
Q

What current challenges is Covid and/or Brexit bringing to Business Planning?

A

Covid-19 - promoted flexible working, changed layouts & social distancing.
Covid-19 - Business being more flexible & working across multiple markets to reduce risk
Brexit - loss of foreign labour from industry, hauliers.
Brexit- exchange rates & value of £
Investment in AI/software

23
Q

How is your company dealing with the challenges related to covid/brexit?

A

Updates to in house measurement software due to increased usage.
Centralised teams system for document storage/timesheets/accounting.

24
Q

How to measure profit?

A

Timesheets
Project reviews
Yearly performance reviews
Team meetings

25
Q

What is an Investment appraisal?

A

It is the analysis of the profitability of an investment over life of an asset.

26
Q

What is Working capital?

A

Available funds for running of a business - available cash in business after paid creditors.

27
Q

What is benchmarking?

A

A process of comparing performance (cost) of a project against a similar project.
This can highlight areas that are not offering good value for money.

28
Q

What issues relate to staff turnover?

A

It can be expensive and time consuming.
Training new people is time consuming and expensive.
Turnover can affect team dynamics.

29
Q

What is the purpose of an organisation chart?

A

It provides a graphical representation of the roles, responsibilities, and relationship between individuals within the organisation.

30
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 goals and objectives.

31
Q

What is meant by strategic planning?

A

A process in which an organisation’s leaders define their vision for the future and identify their organisation’s goals and objectives.

32
Q

What is the difference between a business strategy and business plan?

A

A business plan deals with the detailed implementation of specific aspects of the overall strategy.

33
Q

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

A

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

34
Q

What would you include in a business plan?

A

Executive Summary.
Marketing Strategy.
Vision and mission statements.
Products and services.
Management team and personnel.
Financial forecasts.
Responsibilities and targets.
Training, resource and hierarchy plans.
SWOT analysis.

35
Q

What is a business model?

A

The plan implemented by a company to generate revenue and make a profit from operations.

36
Q

L1 - What would you include in a Business Plan if you were setting up on your own?

A

I would include targets for the next 3-5 years which would include items such as:
Turnover
Profitability
Staff retention
Marketing Strategy
Sustainability

37
Q

L1 - What is your company’s marketing plan?

A

My company is focused on delivering clear reputation growth, market share increases on a sector-by-sector basis and a consistently high win rate of valuable projects.

38
Q

L1 - How do you fit in to your company?

A

I aim to grow my reputation within the market and this aligns with my companies vision to deliver reputation growth.
My company also aims to achieve high performance. I work towards this every day and therefore contribute to my company.

39
Q

L1 - What are your company obliged to provide you with?

A

Required training.
Safe place of work.

40
Q

L1 - What are the objectives of your company’s business plan?

A

My company has a 2030 strategy to:
Lead by example striving to uphold our ethic of high performance.
Focused on profitable outcomes to create sustainable shareholder returns.
Embracing our evolving industry, taking an entrepreneurial yet considered approach to innovation. Growth led with positive ambition.

41
Q

L1 - How do your company’s business plan objectives reflect on your daily work?

A

My company’s business plan reflects on my daily work as I aim to lead by example and provide a high level of performance. These are some of my company’s objectives within the market.

42
Q

L1 - How would a business measure its performance against its business plan?

A

Key Performance Indicators.

43
Q

L1 - What external factors beyond the control of the company would consider when constructing its business plan?

A

Pandemic as seen with Covid-19.
War as seen between Ukraine and Russia.
Increased rates of inflation and interest.

44
Q

L1 - What current challenges is Covid and/or Brexit bringing to Business Planning?

A

Covid-19 - promoted flexible working, changed layouts & social distancing.
Covid-19 - Business being more flexible & working across multiple markets to reduce risk
Brexit - loss of foreign labour from industry, hauliers.
Brexit- exchange rates & value of £
Investment in AI/software

45
Q

L1 - How are your company dealing with these challenges?

A

Improved software updates to facilitate working at home. Implementation of Microsoft teams throughout the company.
Gaining new lines of work in assisting with production of carbon cost plans.

APC QS 2022 (40 decks)

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