Business Planning Flashcards
Tell me about your involvement with business planning.
While I am not directly involved in formulating my companies business plan, I do attend regular company days and office meetings to stay abreast of my organisations aims and objectives. I also aid in business development and the development of new service offerings.
What are the corporate objectives of your firm?
- Growth to £10m turnover in the next 5 years
- Diversify into new sectors / markets
- Increase gross profit %
How do you work towards you firms corporate objectives in your role?
- Service delivery - ensuring a good standard of service is received by my clients, generating repeat business.
- Business development, develop new service offerings with new clients
- Training, gaining new skillsets in order to offer more services to our existing and new clients.
What are some of the typical things you’d find in a business plan?
an executive summary
a business description
a market analysis and strategy
a marketing and sales plan
an analysis of the competition, including their services
an operating plan
detail of company structure
financial analysis
objectives or goals
summary of the strategy.
How can an up to date business plan help an organisation in the current economic climate?
guide your growth
support your business strategy
ensure that you meet key targets and goals
help you manage business priorities
drive efficiencies
identify opportunities
allow you to benchmark your business results
What is a SWOT analysis?
Strengths, weaknesses, opportunities, threats
A SWOT analysis is a planning tool which seeks to identify the Strengths, Weaknesses, Opportunities and Threats involved in a project or organisation. It’s a framework for matching an organisation’s goals, programmes and capacities to the environment in which it operates.
What insurance types have you dealt with and what risks have they protected against?
Professional Indemnity - Professional indemnity insurance protects you against claims for loss or damage made by clients or third parties as a result of the impact of negligent services you provided or negligent advice you offered.
Public Liability - Public liability protection covers injuries and damage claims brought against your business by a third party, whether caused at your own workplace, a customer’s workplace or elsewhere.
Contractors all risk - Contractors all risk insurance typically includes cover for the contract work undertaken and provides cover for the building works itself, whether completed or in progress. It also includes cover for all materials which are stored on or immediately next to the site on which you are working.
Explain the objectives of the RICS Covid-19 Recovery Business Plan.
- ensuring the profession is equipped to respond to the challenges of operating in a COVID-19
environment - supporting governments and working with other professions in the area of improved standards of
Building Fire Safety - leading a comprehensive strategic review of the future of valuation in the context of sustainability,
rapidly changing asset and ownership structures alongside access to new data sets and technology.
Why are the RICS consulting on their business plan & what is it called?
Defining our Future:
The review will assess the progress of existing strategic activities and aims to:
consider how best to maintain stakeholder and public trust in RICS and the profession
ensure RICS remains a sustainable professional body
investigate how the purpose and ambitions of RICS can be aligned to further reinforce its relevance to all its membership and relevant industry sectors.
What is business continuity and why is it important?
A business continuity plan will ensure that staff know their roles and responsibilities in the event of an unexpected incident and respond following a recognised practiced and agreed procedures.
