Business Planning Flashcards
Tell me about your involvement with business planning.
WIP – By-weekly
What are some of the typical things you’d find in a business plan?
Description of the business, SWOT analysis, Marketing, Financial Plan
How can an up to date business plan help an organisation in the current economic climate?
Guides growth, helps forecast finances.
Why is relationship building important for your role?
Client relations bring repeated business. Agent relations help facilitate transactions.
What is a SWOT / PEST analysis?
SWOT – Strengths, weaknesses, opportunities & threats
PEST – Political, Economic, Social, Technological
Can you tell me about when you have used one in your role?
Preparing pitches to clients on their assets.
What insurance types have you dealt with and what risks have they protected against?
PII (professional indemnity insurance) – protects against negligence claims
Building insurance – fire etc.
Explain the objectives of the RICS Covid-19 Recovery Business Plan.
To continue the existing strategic direction for RICS & the profession, and delivers on strategic objectives. It plots how to achieve this in the context of a significantly changed environment.
Why are the RICS consulting on their business plan?
What is this strategic review called?
To respond to the financial implications of the pandemic & reshaping itself over the last year to cope with an agile shift to new ways of operating. Plans to better support the profession & the leadership contribution it can make to society.
Defining our Future
What is business continuity and why is it important?
A proactive plan to avoid & mitigate risks associated with a disruption of operations.
Explain how the apprenticeship levy works.
Employers must now pay for their apprentices to be employed.
Large employers with a staff payroll of over £3m will pay 0.5% of that bill as a levy, paid via their PAYE system. The levy pays for the training of any apprentices they employ.
Smaller non-levy paying employers pay for their apprenticeships through a subsidized formula. The government pays 95% & the employer pays 5%.
Why might the apprenticeship levy be beneficial to a business?
It attracts a diverse range of talent with different routes into the profession. It can improve; profitability, productivity, customer satisfaction and staff turnover.
When is the apprenticeship levy payable?
Each month, alongside PAYE.
