Business Planning Flashcards
What is a business plan?
A formal statement of the business goals, how they are obtainable and the plan for reaching these goals.
What would you expect to be included within this business plan?
“EOMMBF
- Exec Summary
- Objectives,
- Market & sales strategies,
- Management Team
- Business Opportunities
- Financial forecasts”
What is the point of a business plan?
”- Sets direction
- Helps to achieve targets
- Allows to achieve funding
- Set targets for staff”
What are the business objectives of your company?
“The Turner & Townsend objectives include:
- Focus on better outcomes in turnover, recruitment and growth
- Make informed decisions
- Be open & transparent
- Maintain high standard and professional integrity.”
Does the RICS have a business plan?
“Yes, 2021 - 2022 business plan.
How they been responding to the immediate financial implications of the pandemic and reshaping itself over the last year to cope with an agile shift to new ways of operating.
Future plans will be based on the outcome of decisions taken by Governing Council and may look significantly different.”
How do you contribute to business planning within your company?
”- By understanding the business and driving this forward. For example, taking the initiative to make things happen.
- Handover information for clients
- Pre start works
- Commercially initiating talks
- Speaking to clients / partners to create relationships.”
What tools are commonly used to understand your current position in the market place?
”- SWOT
- KPI’s
- Competitors
- Opportunities
- Management”
What is a SWOT analysis?
A review by a business to identify its strengths, weaknesses, opportunities and threats.
What is a Key Performance Indicator?
A measurable value to determine the success of project/venture.
What is PESTE analysis?
“Analysis of external influences;
- Political
- Economical
- Socio-demographic
- Technology
- Environmental”
What are the three levels of business management?
“1. Corporate Level
2. Management Level
3. Operational Level”
Does the RICS have a Corporate Strategy?
It sets out long term strategic goals of the organisation.
“What should you do when starting a business?
“
Create a Business Plan, such as a 3 – 5 year business plan.
What strategies can businesses take to prosper?
“Market penetration (same market but increased market share - lowering price or marketing)
Market development (introducing products or services to new markets)
Diversification (totally new product to new market)
Product development (new product same market)”
What are the different type of businesses?
“Sole Trader - a person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.
A Partnership - consists of two or more people who combine their resources to form a business and agree to share risks, profits and losses.
A Limited Company - A limited company (LC) is a general form of incorporation that limits the amount of liability undertaken by the company’s shareholders.
A Limited Liability Partnership - is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.”
