Business Planning

Question 1

What is a business plan?

Answer 1

A business plan is a document that summarises the operational and financial objectives of a business. It is a business road map to success with detailed plans and budgets that show how the objectives will be realised.
Likely timescale of 3-5 years if not more!
Written business plans are often required to obtain a bank loan or other financing.

Question 2

What would typically be included in a business plan?

Answer 2

• Executive summary
• Marketing strategy
• Vision and mission statements
• Products and services
• Management team and personnel
• Financial forecasts
• Responsibilities and targets
• Training, resource strategy and hierarchy plans
• SWOT analysis

Question 3

What things do you need to consider when setting up a QS business?

Answer 3

• Advise the RICS that you are starting a business and comply with the Rules of Conduct for members and firms.
• Create a business plan
• Create a H&S policy
• Register the business with companies house and inform the HMRC
• Setup company and client bank accounts
• Set up a complaints handling procedure

Get the relevant insurances in place such as:
- Professional indemnity & run off cover
- Directors liability
- Buildings insurance
- Public liability insurance

Question 4

What is a PESTLE analysis?

Answer 4

It is a way of understanding and reviewing how the external forces may impact the business.

Political
Economic
Social
Technological
Legal
Environmental

Question 5

What is a SWOT analysis?

Answer 5

Strengths, Weaknesses, Opportunities, Threats
SWOT analysis can be used as a basis for business strategy.

Question 6

What is a RACI matrix?

Answer 6

A RACI matrix, also known as a RACI chart or responsibility assignment matrix (RAM), is a project management tool that captures the roles and responsibilities of project stakeholders12345. It is a simple spreadsheet or table that lists all stakeholders on a project and their level of involvement in each task, denoted with the letters R, A, C or I. The acronym RACI stands for the different responsibility types: Responsible, Accountable, Consulted, and Informed.

Question 7

What was Gleeds Global turnover last year?

Answer 7

£250million(?)

Question 8

What is Tuckmans model/theory?

Answer 8

Forming
Storming
Norming
Performing
Adjourning (Mourning)

Question 9

What are Porters 5 forces?

Answer 9

• They are used to analyse the competitiveness of an industry and the barriers to entry.
  These typically include:
• Substitute products
• Bargaining power of suppliers
• Bargaining power of customers
• Rivalry among existing firms

Question 10

How do companies write a business plan?

Answer 10

• They undertake an analysis of the market and industry to identify business opportunities and critical success factors
• Companies should focus their resources in developing their competencies in the critical success factors
• This then leads to the development of goals and objectives with their associated strategies and actions.

Question 11

What is contained within an appointment document?

Answer 11

• It includes a clarification of the work scope
• the agreed fee bid
• the firms terms of business
• any agree amendments to the firms terms of business
• Contact Details

Question 12

Does you firm produce an annual account?

Answer 12

• Yes it produces a statement of turnover, gross profit & net profit
• This must be submitted to Companies House in acccordance with the Companies act.

Question 13

Would you be able to interpret and understand an annual account?

Answer 13

At a high level but I would seek further advice from one of our internal Chartered Accountants if necessary.