Business planning Flashcards
How do you feel your role contributes to the achievement of the organisation’s objectives?
Operating as a multi dis team, digital products use, maintaining CPD, doing my APC) .
How do you think an up to date business plan can help an organisation in the current economic climate?
Consider issues such as:
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; and
for setting targets for staff.
- What is a business plan?
It is a logical decision making process based on market analysis and forecasting to set a company’s goals and objectives. The plan is continuously updated using a feedback system and measuring performance.
- What is a SWOT analysis?
It is a structure analysis of the market (demand side). It is used to analyse internal strength and weaknesses and external threats and opportunities to exploit strengths and opportunities and mitigate weaknesses and threats.
- What is a PESTLE analysis?
This is a structured method of analysing the key factors influencing markets (the demand side). These factors are;
- Political influences
- Economical influences
- Socio-demographical influences
- Technological influences
- Legal
- Environment
- What are Porter’s five forces?
They are used to analyse the competitiveness of the industry. (the supply side)
Porter’s Five Forces are Threat of new entrants, Bargaining power of buyers, Bargaining power of suppliers, Threat of new substitutes, and Competitive rivalry.
- What do you find in a Business plan?
The vision Objectives and goals Strategies and actions
- How do companies write a business plan?
The analysis of the markets and industry enable companies to identify business opportunities and critical success factors in their markets and industry. 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.
- What is a Client Account Planning session?
- What is a Client Account Planning session?
Review of current workload, resources, fees etc. Identification of key client personnel who have influence over job opportunities and who from ECH shall build up the relationship with them. Review of pipeline opportunities with that that client.
- What is a Business Plan?
A formal statement of the businesses goals, reasons why they are attainable and the plan for reaching the goals. Provides employers with a common ground to focus upon.
- What is contained in an appointment document?
- Clarification of workscope
- Agreed fee bid (aligned to workscope)
- Terms of Business
- Agreed amendments to ECH terms approved by GLS
- Contact Details
- Would you be able to interpret / understand an annual account?
At a high level but would seek further advice from one of our internal Chartered Accountants.
- How do you contribute to your company’s goals?
Focus on safety Excellence in my work Sharing knowledge in integrated teams Keeping up with new technologies
- How do you think an up to date business plan can help an organisation in the current economic climate?
- 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.
- What is included within a business plan?
- Exec summary
- Company description
- Your products and services and their competitive advantages
- Marketing and Sales Strategy
- Operational Plan
- Market analysis
- markets you’ll pursue
- Financial plans and projections needs
- Risk Management
- Implementation Plan
- Types of business plan
- Startup
- Strategic
- Feasibility
- Expansion
- Operations
- Internal
- Growth
- Companies Act 2010
The UK Companies Act 2010 is an important piece of legislation that governs the operation and management of companies incorporated in the United Kingdom. It replaced the Companies Act 2006 and introduced several changes and updates to company law.
Some key provisions of the UK Companies Act 2010 include:
* Company Formation: The Act sets out the requirements and procedures for incorporating a company, including the types of companies that can be formed, registration requirements, and the use of model articles of association.
* Directors’ Duties: The Act defines the duties and responsibilities of company directors, including their duty to act in the best interests of the company, exercise reasonable care, skill, and diligence, and avoid conflicts of interest.
* Shareholder Rights: The Act outlines the rights of shareholders, including the right to attend general meetings, vote on important matters, and receive information about the company’s affairs.
* Capital and Shares: The Act regulates the issuance and maintenance of share capital, including provisions related to the allotment and transfer of shares, share buybacks, and reduction of capital.
* Corporate Governance: The Act promotes good corporate governance practices by establishing requirements for the composition and operation of company boards, the appointment and removal of directors, and the role of auditors.
* Financial Reporting: The Act sets out the obligations for companies to prepare and file financial statements, including the requirements for auditing, reporting, and disclosure of financial information.
* Insolvency and Administration: The Act provides procedures for dealing with company insolvency, including administration, liquidation, and receivership processes.
- What is a limited liability partnership?
A limited liability partnership (LLP) is a business structure that combines elements of a partnership and a limited liability company (LLC). It is designed to provide the benefits of limited liability protection to its partners while maintaining the flexibility and tax advantages of a partnership.
What is a business plan?
’- A written plan describing your business, including:
- Objectives, strategies, executive summary, operational info, financial forecasts, organisational structure, marketing, branding etc.
- Required to secure funding
What are the main headings you would see under a business plan?
’- Executive summary
- Company description
- Market analysis
- Competition analysis
- Financial records
What is the purpose of a business plan and why is it important to update it, especially in the current climate?
’- Seek funding
- Gain new instructions, new clients, new customers
- Help focus on key priorities
- Opportunity for the organisation to respond to change
- Budgeting
- Setting targets for staff
What is your company’s business plan?
What is RICS’ business plan?
How do you feel your role contributes to the achievement of the organisation’s objectives?
’- My role is not only fee earning, which contributes towards our financial targets, but I also promote sustainability in everything that I do
- I also aim to be promote inclusivity, not only in my own workplace but also when specifying refurbishment designs
Operating as a multi dis team, digital products use, maintaining CPD, doing my APC)
What is a SWOT analysis?
‘A study undertaken by an organisation to identify its:
- Strengths
- Weaknesses
- Opportunities
- Threats
What is a PESTEL analysis?
‘A tool used to identify the macro (external) forces facing an organisation:
- Political
- Economical
- Social
- Technological
- Environmental
- Law
What is the role of marketing in business planning?
’- Demonstrate how you will sell your products or services to consumers
- To build a brand
- Help facilitate sales
How does a feasibility study differ to a business plan?
’- Feasibility study is carried out before starting a business to determine the viability of it
- Business plan will then detail how it operates on the basis that the feasibility study was positive
What would you need to set up as a company ?
’- Public liability insurance
- Building and contents insurance (cyber and gadgets)
- Employer’s liability insurance
- Professional Indemnity Insurance
- Register with companies house
- Suitable policies
- Register with RICS for regulation
What are SMART goals?
’- Specific, Measurable, Attainable, Relevant and Time specific
What is the current VAT threshold?
’- £85,000
- A company won’t pay VAT until their turnover reaches £85k.
- I would seek professional advice from an accountant, where needed.
What are the different types of business structure?
‘Sole Trader
- A person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses (unlimited liability).
Partnership
- Where two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.
Limited
- Shareholders’ liability is limited to the capital they originally invested. If such company becomes insolvent, the shareholders personal assets remain protected. Shares in a private limited company are not offered to the general public (distinguishing it from a public limited company - plc.)
Limited Liability Partnership (LLP)
- A partnership in which some or all partners have limited liabilities. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.
Public Limited Company (PLC)
What is a Locum?
’- Appendix A: Professional Obligations
- Firms must have arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work
What is a Responsible Principal?
’- A RICS registered firm must have one at all times.
- They should take steps to ensure that the Firm complies with all RICS requirements.
- Must be able to demonstrate the Firm’s compliance if requested.
- Essentially, an appointed employee who represents the firm and ensures RICS compliance.
What do you need to do when closing down a RICS firm?
’- Inform the RICS
- Notify all insurers and arrange PII run-off cover
- Notify clients and make recommendations for other consultants to finish outstanding work
- Return all client’s money
When does a firm have to register to become RICS regulated?
‘A - The Firm provides surveying services to the public
B - The Firm is operating in Regulated Area A (UK)
C - At least 50% of the Firm’s Principals are RICS Members
What do you need to set-up a new RICS firm?
‘Rules for the Registration of Firms 2022
- Inform the RICS
- Comply with the Rules of Conduct and all other mandatory RICS requirements
- A complaints handling procedure
- Appropriate training and access to CPD for staff
- Set up general rules and principles for your firm (in line with RICS guidance and standards)
- Obtain insurances (PI, public liability, employer liability)
- Open a company bank account
What is your organisations current strategy?
Arcadis’ 2024-2026 strategy - accelerating a planet positive future includes:
* Digital & human innovation - enabled by digital and human innovation and combining advisory and digital solutions, such as use of AI, ArcadisGTP, partnering with other leading organisations such as Microsoft.
* Sustainable project choices - We’re partnering with clients on projects that align with the 2050 Paris Goals, We will sharpen our business selection criteria, and drive forward the 2035 NZC goals.
* Powered by our people - Support people and develop people programs to create more inclusive and diverse teams
What is the RICS current strategy?
- RICS is currently operating under the future foundations strategy.
- The vision: A natural and built environment that is sustainable, resilient and inclusive for all
- Mission: Inspire members, Advance knowledge, Uphold standards
- Strategic goals: Lead and influence on sustainability, Attract a diverse next generation, Strengthen
trust in the profession, Enhance member value and engagement
Phoenix firm
A “phoenix firm” is a term used to describe a company that has been restructured or revived after facing financial difficulties or insolvency. In this context, a new company is typically formed to take over the assets, operations, or business of the previous company that has ceased trading or been liquidated.
The term “phoenix” refers to the mythical bird that is reborn from its own ashes, symbolizing the concept of resurrection or renewal
