Business & Planning Flashcards
Why write a business plan?
Sets out objectives, strategy and action for the next 1-3 yrs. Helps focus on ideas and identifies priorites
How to write a business plan?
- Keep it brief
- Include financial forecasts
- Be realistic
- Highlight areas of the market to compete with
- Identify ways to compete with competitors
What are the types of company in the UK?
- sole traders
- limited company
- partnerships
Tell me about your involvement with business planning
I drafted my own business plan prior to starting the business, setting out objectives for the first 3 years.
What are the corporate objectives of your firm?
- To obtain RICS membership
- Provide client satisfaction
- Grow the business to employ a trainee
- Inclusion and diversity
How do you work towards these in your role?
By ensuring that I provide a good, professional service to enable client satisfaction and hopefully recommendations. CPD.
What are some of the typical things you’d find in a business plan?
- A summary of what the business hopes to accomplish
- A description of goals and objectives
- Market analysis
- A breakdown of products and services
How can an up to date business plan help an organisation in the current economic climate?
The property market is liable to change and a slow-down so reviewing a business plan to look at other products or services in different markets that may be able to generate more income can help to maintain growth. It also helps with budgeting and key priorities
How do you use networking to further your business planning skills?
Networking can inform other people of companies within the industry to be aware of your company and services i.e I occasionally receive referrals from solicitors
Why is relationship building important for your role?
A good relationship will help to receive more recommendations and referrals
What is SWOT analysis?
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT analysis is a technique for assessing these four aspects of your business.
What is PESTLE analysis?
A PESTLE analysis studies the key external factors (Political, Economic, Sociological, Technological, Legal and Environmental) that influence an organisation. It can be used in a range of different scenarios, and can guide people professionals and senior managers in strategic decision-making.
Can you tell me about when you have used SWOT or PESTLE in your role?
I used a SWOT analysis when drafting my business plan
What insurance types have you dealt with and what risks have they protected against?
- PII - insurance against negligence
- PL - insurance against accidents or damage to others property
Explain the objectives of the RICS Covid-19 Recovery Business Plan?
- Improve trust by stakeholders and society
- Increase demand in RICS qualifications
- Increase influence on sustainability, data and technology, diversity
- Involve and engage members
- Increase financial sustainability
Why are the RICS consulting on their business plan?
To give members a greater say on priorities and decision making
What is this strategic review called?
Defining our Future
What is business continuity and why is it important?
Business continuity is a plan to avoid and mitigate risks associated with a disruption of operations. It details steps to be taken before, during and after an event to maintain the financial viability of an organization.
What is the apprenticeship levy
An apprenticeship Levy is an amount paid by a company if they have an annual pay bill of more than £3 million
Explain how the apprenticeship levy works.
I would need to consult the RICS and UK Gov website guidance
What is the current corporation tax rate?
From April 2023 it will be 26.5% for profits more than £50,000 up to £250,000 or 19% for less than £50,000
What is the VAT rate and threshold?
20% - £85,000
Does your business produce annual accounts?
Yes annual accounts are compiled at the end of each financial year and submitted to companies house
Can you interpret and understand your accounts?
In simple terms yes but I would seek advice from a qualified accountant if unsure
What are in your terms of business?
I currently use the RPSA terms which include:
* The service to be provided as stated within the order
* contact information
* An explanation of the contract to be entered into
* What is not included
* An explanation of condition ratings
* How the survey is carried out (in accordance with the RPSA reporting standards)
* Assumptions and legal matters
* Limit of liability
* Cancellation procedures and requirements
* Complaints information
