Business Planning Flashcards

1
Q

What is a business plan? Why is it needed?

A

Documented strategy that highlights a business’ goals and plans for achieving them. It summarises an organisations strategy to execute goals, secures investors and helps forecast business demand.

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2
Q

What should be included in a business plan?

A

Executive summary, company description, business opportunity, competitive analysis, target market, marketing plan, financial summary, team, funding requirements.

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3
Q

What is included in your company’s business plan?

A

aims to improve people/clients/services/commercial. Develop apprentice / graduate programme, job sharing strategy, monitor flexible working arrangements, focus on client workshops, understand services across business, secure new work and increase turnover by 10%.

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4
Q

What is the purpose of a business plan?

A

To set out the goals and objectives of a business.

To create an effective strategy.

To inform employees, investors and others of the plans of a business.

To ensure appropriate decisions are made on recruitment, investment, etc.

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5
Q

How can morale in a team be improved?

A

Ensure regular meetings are held with the team.

Ensure there are clear communication links with the team.

Ensure that the team’s motivational factors are met, e.g. - praise, bonus, growth opportunity, etc

Ensure that the teams hygiene factors are met, e.g. - positive environment, equality, job security

Ensure theres a clear whistleblowing policy and complaints handling procedure.

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6
Q

What is SWOT analysis? What is the purpose of SWOT?

A

strengths, weaknesses, opportunities, threats. Helps to understand the market, what your company does well and devise a future strategy.

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7
Q

What is PESTLE?

A

analyses external factors (political, economic, sociological, technological, legal, environmental).

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8
Q

How can you feed into a business plan?

A

Through meetings with the employer or providing any comments to HR.

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9
Q

How might regular team meetings help a business?

A

improve morale, coordinate resource, gain employee understanding and can explain rationale.

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10
Q

Name some mandatory policies that your company has in place?

A
  • Staff handbook
  • Hospitality policy
  • Travel policy
  • Environmental policy
  • Lone working policy
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11
Q

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

A

Business Plan – Documented strategy that highlights a business’ goals and plans for achieving them.
Business model – Sets out the main idea of the business and a description on how it is working.
Business strategy – Specific long term guidelines for achieving business goals or outcomes.

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12
Q

What are Porter’s five forces?

A

(model analysing competitive forces) –
Barriers to entry
Substitute products
Bargaining power of suppliers
Bargaining power of customers
Rivalry among existing firms

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13
Q

What is in included in normal Terms of Engagement?

A

Covers scope of service, limitations, insurance cover, CHP and fees

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14
Q

Does RICS have a business plan?

A

RICS Business Plan provides a detailed strategy for the next three years (2018 – 2021) and the year following the financial implications of the pandemic (2021-2022)

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15
Q

Name some policies that your company has?

A

staff handbook, lone working policy, H&S policy, data protection policy, environmental policy, travel policy.

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16
Q

Name some policies that a start up company would need to have in place?

A

Health and safety policy
Staff handbook
Travel policy
Environmental policy
Lone working policy

17
Q

What should you do if there’s a fee proposal request?

A

confirm client objectives, clarify scope, agree fee basis and insurance.

18
Q

How would you go about a SWOT analysis? How would you determine the item’s strengths for instance?

A

Identify strengths. Identify weaknesses. Identify or list the opportunities and threats.

Research online, discuss with focus groups, interview industry experts.

19
Q

What is a client account plan?

A

Review of current workload, resources, fees etc. Identification of key client personnel who have influence over job opportunities and who shall build up the relationship with them.

20
Q

What is contained in an appointment document?

A

Parties, scope, fee, terms and conditions, CHP and PII.

21
Q

What are your company’s core values

A
  • Collaboration
  • Excellence
  • Integrity
  • Giving back
  • Support
  • Authenticity
22
Q

What are the different types of business plan?

A
  • Operational Planning (how things will happen)
  • Strategic Planning (why things will happen)
  • Tactical Planning (what will happen)
  • Contingency Planning (something unexpected happens)
23
Q

What are the RICS corporate objectives for 2021 - 2022?

A

1 Trusted by our stakeholders and society - We aim to improve stakeholder trust and confidence in RICS.
2 RICS qualifications in demand - Our primary goal is to ensure RICS qualifications remain relevant for the next, more diverse generations and that increased numbers of members use RICS to meet their knowledge and/or training needs.
3 Influential thought leader - We wish to be the profession’s leadership voice on sustainability, data and technology, and diversity and inclusion.
4 Involved and engaged members - We want to increase member participation in our communities and increase engagement beyond renewal of professional subscription fees.
5 Sustainable 21st century professional body - We aim to improve our financial sustainability and enhance the transparency of our governance, while improving the overall satisfaction of members and the engagement of our people.

24
Q

What are some RICS immediate financial prioritise for 2021 - 2022?

A
  • continue to support the profession as economies recover and seek to minimise any increases to subscription levels, which will continue to be frozen for the next year at least
  • utilise any surplus in our cash generation to pay back furlough monies received via the UK government’s Coronavirus Job Retention Scheme and elsewhere, which helped support jobs and the organisation at a critical point in our history when our cash flows were impacted overnight
  • reduce RICS’ need to access external financial support
  • deliver improved value for members from the resources by delivering better services and increasing our own efficiency – we will also increase financial transparency so as to demonstrate value
  • begin to strengthen our financial reserves, recognising that COVID-19 has exposed us to risks that were perhaps unimaginable in the past. While we may have historically been comforted that our reserves could have helped buffer the organisation against shocks, the long and sustained shutdowns resulting from a pandemic have made us rethink our reserves policy for the future and
  • reduce any funding deficit in our closed Final Salary Pension Scheme.
25
Q

What are SMART objectives?

A

Specific, Measurable, Achievable, Relevant, and Time-Bound

26
Q

What is limited liability?

A

The cap you would be liable to pay in a claim.

27
Q

Where can you find details relating to a company and its assets?

A

Companies House

28
Q

What is a KPI?

A

Key performance indicators to measure the performance of a business.

29
Q

Identify the different business types?

A

Sole Trader, Partnership, PLC or LLP

30
Q

What is auditing?

A

Conduct an official financial inspection of a company or its accounts.

31
Q

What challenges did Brexit and Covid bring to business planning?

A
  • It changed circumstances, in terms of strategy, goals, finance, and structure.
  • There were more unknowns and less market predictability.
  • There needed to be flexibility and adaptability, with many businesses introducing Covid Recovery Business Plans.
32
Q

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

A

A feasibility study contains computations, research, and projected financial forecasts for a company possibility.
After that a business plan is made to be implemented.

33
Q

How long should a business plan cover?

A

Typically 3 years

34
Q

How do you contribute to your company’s goals?

A
  • Ensure repeat business
  • Mentor junior members of the team
  • Attend conventions
  • Ensure a high quality service
  • Share knowledge
  • Focus on safety
35
Q

What are your firms terms of business?

A

1) Introduction
2) Our General Obligations
3) Your General Obligations
4) Additional Services
5) Our Liability
6) Remuneration
7) Termination and/or Suspension
8) Force Majeure
9) Intellectual Property Rights
10) Assignment and Subcontracting
11) Communications
12) Problems and Complaints
13) Adjudication
14) Governing Law

36
Q

How can an up to date business plan help a company in the current market?

A
  • to seek funding;
  • to gain new instructions, new clients, new customers;
  • to help focus on key priorities;
  • to allow the organisation to respond to change;
  • for budgetting;
  • for setting targets for staff.