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RICS APC - 2023 > Business planning > Flashcards

Business planning Flashcards

1
Q

How does a business plan for the future?

A

Review market conditions & Understand clients’ needs
Understand employees’ needs
Assess their finances
Devise a strategy to aquire sales

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1
Q

How can an up to date business plan help an organisation in current economic climate?

A 
Secure new funding
Gain more clients
Focus on key priorities
Respond to change
Set staff targets
The news
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2
Q

What is PEST analysis?

A 
Political
Economic
Socail
Technological
Environmenal 
Legal
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3
Q

What is SWOT analysis?

A

A business planning tool which looks at; Strengths, Weaknesses, Opportunities, Threats

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4
Q

What effects have recent changes to legislation had on business planning?

A

Change of requirements of plant machinery - many business has to update and renew stock - demand has created a long wait times for new machines and increased prices.

IR35 - business cannot freely use freelance consultants in the same way - costing business’ more in tax liabilities.

VAT Reverse charge - retraining existing teams, updating systems

COP26 - elec cars

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5
Q

What impacts have covid-19 & brexit had on business planning

A

Covid-19 - promoted flexible working, changed layouts & social distancing. Pressures on hauliage of materials & increased demand on materials & huge increases in prices in 2021. Many manufacturers closed during lockdown still trying to catch up. Forced business online - those not already using systems had a sharp learning curve and had to make prompt investments into staff WFH & remotely accessible servers.

Covid - Impacts on business planning on workforce locality & availability.

Covid - Buisness being more flexible & working across multiple markets to reduce risk - increase in demand for more warehouses for e-commerce.

Covid - Business plans to reviewed more often.

Brexit & covid enhanced reluctance to work with contractors / client you dont know as well.

Brexit - loss of foreign labour from industry, hauliers.

Brexit- exchange rates & value of £

R&D constantly innovating to keep up with fast changing world and markets (AI, IT, Data- making best use of skills and diversifying)

Enhanced working H&S so entended programmes. More realistic & detailed contingency & back up plans in event of a change.

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6
Q

What would you include in a Business Plan if you were setting up on your own?

A

Training
Organagrams
Vision & Misson statements - vision (tomorrow), misson (today & how to achieve)
SWOT

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7
Q

What are the objectives of your company’s business plan?

A 
5% profit this year
Double turnover
Team of 4 (FT) by Sept 2022
70% repeat clients
1 new client every 1/4
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8
Q

What external factors beyond the control of the company would consider when constructing its business plan?

A 
Covid
Brexit
Flexibility
Investment 
Sickness / absence of staff
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9
Q

What current challenges is Covid and/or Brexit bringing to Business Planning?

A

Buying IT equipment
forecasting
flexible working
Investment in AI / technology / software

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10
Q

How is your company dealing with this challenge?

A

Cloud based systems - increased use of software - bluebeam, Xero accounting software linked to timesheets, video calls, promoting elec cars, minimal / no printing /

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11
Q

What are some of the key things to include in a business plan?

A
  • Analysis of some of the key risks and opportunities facing the business
  • Resources required to service clients
  • Market/competitor analysis
  • Products and services
  • Marketing and sales strategy
  • Financial plan
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12
Q

What sort of financial planning would you use?

A

Budgets, cash flows and financial/audit controls

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13
Q

How does your firm comply with the Modern Slavery Act 2015?

A
  • Group procurement policy defining minimum standards when procuring goods or services
  • Whistleblowing policy
  • Training and awareness
  • Corporate responsibility policy
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14
Q

Whats the apprentaship levy

A

Apprenticeship Levy: A UK tax on employers to fund apprenticeship training. Employers with a pay bill over £3 million annually pay 0.5% of their bill into the fund.

Benefits: Encourages workforce training, enhances skills, attracts talent, and businesses can reclaim funds for their own apprenticeships.

Payment: Payable monthly through PAYE alongside income tax and National Insurance.

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15
Q

Tell me about the RICS Business Plan

A

Purpose: The business plan for 2021-2022 outlines RICS’ goals and strategies for the year.

Focus: RICS emphasizes trust, professionalism, and public interest.

Strategic Goals:
Build trust through transparency and integrity.
Influence global standards.
Stay relevant by updating qualifications.
Promote sustainability in the industry.

Key Actions:
Develop and promote global standards.
Produce industry research.
Offer educational opportunities.
Enhance digital services.

Financial Goal: Aim for a balanced budget by year-end.

16
Q

What is a business plan?

A
  • a guide that defines objectives and details the steps to take to achieve a particular business goal.
17
Q

What does it do?

A
  • Business plans are used throughout the growth of a company from its startup to its expansion to provide a path to success.
18
Q

What types of business plan are there?

A

Start up - business plan a new company gives to potential investors in the hopes of receiving startup funding.
Strategic - details the strategies a company will use to achieve its overall goals. Five main components.
Feasibility – written when a company is seeking a new business venture such as selling current products to a new market.
Operations - focuses on mapping out the day to day operational activities.
Expansion/growth - used when a company is looking to grow.
What if plan - a business is seeking financing, considering an acquisition or contemplating another possibly risky move.
One page - highlights the most important parts of a lean plan, summarizing a business, and is used to brief potential investors.

19
Q

Essential elements?

A

Exec summary; business description; market analysis; marketing plan; sales strategy; competitive analysis; management & organisation; products & services; operating plan; financial projections & assumptions; requests for funding; and exhibits & appendices.

20
Q

Why are they important?

A

Prove viability; guides through business cycle; make better business decisions; eliminates mistakes; secures finance; and attracts top people.

21
Q

Best way to maintain business turnover?

A

Concentrate on both existing and new business.

RICS APC - 2023 (20 decks)

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