Business Planning Flashcards
What would you include in a business plan if you were setting up alone?
What is your company’s marketing plan?
Company’s market plan is to be the best provider of luxury property services in the world
How do you fit in?
Ensuring client satisfaction
What are they obliged to provide you with?
Tools to complete my job
How do these reflect your daily work?
Ensuring client satisfaction and ensuring the best subcontractors are employed to provide the high level of service.
How would a business measure its performance against its business plan?
- Set KPI’s
- Set financial goals
- Track customer satisfaction
- Quality Control
- Marketing
- Employee satisfaction
What external factors beyond the control of the company would consider when constructing it’s business plan?
P - political
E - economical
S - social
T - technological
L - legal
E - environmental
What current challenges is Covid and/or Brexit bringing to Business Planning?
- Harder to work overseas
- Harder to find workers
How is your company dealing with this challenge?
- Increasing investment in apprenticeships to procure labour from the UK
What legislation is relevant to Business Planning?
- HMRC
- Companies House
- Corporation Tax, VAT, customs
- Data Protection
- GDPR
- Employment Law
- Health and Safety at Work Act
What different business plans are there?
- Strategic Business Plan
- Feasibility Business Plan
- Operation Business Plan
- Growth Business Plan
Why would you have a business plan?
- Prove viability of a business
- Set objectives and benchmarks
- Secure financing
- Understand the market
- Reduce risk
- Aid decision making
- Iron out any issues
What is a strategic business plan?
Provides a detailed map on how to achieve business goals.
5 elements:
1. Business
2. Vision
3. Mission statement
4. Critical success factors
5. Strategy for objectives
What is a feasibility business plan?
Aims to establish if the business is viable by:
1. Establishing who needs the service?
2. Can it make a profit?
3. What capital do we need?
What is a operational business plan?
- Specifies markers
- Deadlines
- Outlines employee responsibility
What is a growth business plan?
Establishes how to grow a business:
1. Consider what is working? What is not?
2. Who is helping?
3. Do we need potential investment
What should be included in a business plan?
- Name of the business
- The owner
- The staff required
- The target Market
- Income/Expenditure
- Operations and Logistics
- SWOT
- Strapline
- Finance summary
- AIMS - Business Statement
- Success Criteria
- Business Address, contacts
What is a SWOT analysis?
Used to evaluate:
Strengths
Weaknesses
Opportunities
Threats
To a business
What are SMART targets/objectives?
Specific
Measurable
Achievable
Realistic
Time related
Who are fee earning and non fee-earning staff?
Fee - QS’s, PM’s
Non Fee earning - HR, Accounts, Admin, IT
What is the purpose of an organisation chart?
To establish the key roles, responsibilities, and relationships
What are Porter’s 5 forces?
- Supplier Power
- Buyer Power
- Threat of substitutes
- Threat of new entrants
- Competitive rivalry
