Business Planning Flashcards
What is business planning?
Process of identifying where you envisage a business heading in the future and formulating a strategy to get there
What is a business plan?
Formal statement of business goals, why they are attainable and strategy for getting there
Why are business plans important?
- Able to manage resources - prioritise efforts
- Set a pathway for change
- Assist with setting budgets
What are Workman’s business aims and objectives?
- Achieve sustainable and profitable growth
- Expand customer base and meet client needs
- Make positive impact on communities
- Deliver high quality service
- Maintain culture where people thrive and reach full potential
What is RICS business plan?
- Trusted by stakeholders and society
- RICS qualifications in demand
- Have involved and engaged members
- Be an influential leader
- Be a sustainable 21st Century professional body
What is an LLP?
Limited Liability Partnership
- Partners have personal interest for liability for debts and claims of partnership
What is an Ltd?
Limited Company
- Owned by shareholders, where liability limited by number of shares they have in the company
What’s the difference between a business plan and mission statement?
Mission - overarching permanent business objective
BP - less static, measured over a period and has changing goals
What tools can be used to ensure a business makes a profit?
- Performance reviews
- Timesheets
- Fee reconciliation
- Resource planning
What is SWOT analysis?
Strengths Weaknesses Opportunities Threats - strategic business planning tool
What is a PESTLE annalysis?
Political Economic Social Technological Legal and Enviro factors affecting business now and in the future
What is included in a business plan?
- Executive Summary
- Market Analysis - SWOT
- Financial Info
- Details of Management Team
- Business Goals
- Risks and problem identity
- Goals
- Measurement of progress
What is considered when writing a business plan?
- Market analysis and competitive enviro - identify opportunities and risk
- Develop goals and objectives with strategy and actions
What is a client account planning session?
Review of workload, resources etc
Identify client personnel
Review pipeline opportunities with client
How do you contribute to Workman’s goals?
- Focus on safety
- Excellence in my work
- Sharing knowledge
Keep up with new technology
How can an up to date business plan help in current economic climate?
- Seek funding
- Gain new instructions, clients, customers
- Focus on priorities
- Help with budgeting
- Set staff targets
What is a KPI?
Key performance indicator
What are Workman KPIs?
- Rent arrears
- Service charge budgets
What may affect staff turnover?
- High cost of recruitment
- High cost of training staff
- Impact on team dynamics etc
What is the difference between fee earning and non-fee earning staff?
Fee earning - PMs, BC etc - direct fee income from clients
Non-fee earning - credit control etc - no direct fee but vital to business function
What are SMART tergets?
Specific
Measurable
Achievable
Realistic
Time related
What is the purpose of a organisation chart/oranogram?
Sets out structure of organisation/team providing graphical representation of roles, responsibilities between individual
What is a business strategy?
Outline actions and decisions a business plans to take to reach goals and guide decision making
What is the difference between business plan and strategy?
Strategy - choices affecting an organisation
Plan - implementation of an overall strategy
Who are the audience for a business plan?
Investors, government, insurers
How does a business forecast fee income?
Using captive and possible fee, to understand secured and pipeline fee
+ Captive - covered by contracts
+ Possible - forecast - quantifying the probability they will become captive
