Business Planning Flashcards
What is JLL’s business planning process?
Improve revenue and margin
Reduce costs and increase efficiency for JLL and the client
Expand the scope of relationships through expansion into additional geographies, introduction of innovation, additional products and technology
Proactively plan actions to further develop authentic client relationships
Maximise service delivery quality
What is involved in a SWOT analysis
Strengths - considering what you do well and what unique resources you have
Weaknesses - how could you improve, where do you have fewer resources than others
Opportunities - what trends could you take advantage of, what strengths can you turn into opportunities
Threats - what threats do your weaknesses expose you to, what is your competition doing
What are fee forecasts used for
To plan business activities (e.g. recruitment, where to target resources where there is potential for growth) and ensure attainment of a desired minimum profit margin
Why are budgets and cash flows important
To ensure correct allocation of resources and expenditure
Sole trader
Personally responsible for business’s debts
Limited company
Company finances are separate from personal finances - limited by shares or guarantee
Public limited company
Company finances separate from personal finances - can sell shares to the general public on the stock market
Limited liability partnership
Partners’ liability is limited to the amount of money they invest in the business. Untaxed profits are transferred to the members who pay tax themselves (instead of corporation tax)
What are the main components of a business plan
Clarifying the business and the services it will provide
Analysis of the market including target customer and competition
Plan for marketing/how to win business
Organisation and team structure
Financial projections
SWOT
What is cross selling
When one team within a firm is working with a client providing a particular service and sells that client other services provided by the firm - maximising the revenue from that client
What are JLL’s short and medium term objectives
Become strategic partners the clients rather than one off/sporadic advice
Leverage advanced data and tech including through JLL Spark prop tech venture capital fund allowing us to bring newest advances to clients
Strong emphasis on training and development e.g. sustainability upskilling
Attracting and diverse talent pool - inclusive recruitment process not just targeting real estate students
What are JLL’s long term objectives
Overarching strategy shaping the future of real estate for a better world
Sustaining position as leaders on sustainability
Net zero 2040 target
Build brand beyond real estate
Have much more diverse leadership
How does JLL market itself?
Through though leadership and research which can sometimes be promoted in national press
Hosting webinars
Sponsoring events/conferences
LinkedIn
How can performance be monitored and measured
Fee targets set based on previous performance and potential for growth, then monitored throughout the year
KPIs set e.g. size of fee, return clients, client feedback score, cross sells
How might a business plan have had to adjust to covid?
Adjusting services e.g. moving more towards strategic advice than transactional
Stopping hiring
