Business Planning Flashcards
What tools does your company use to ensure that they make a profit
timesheets
resource planners
project reviews
performance reviews
What is benchmarking
where estimated cost of a project is compared to other similar projects.
it can highlight areas of design that are not offering good value for money.
What is a pestle analysis
way of understanding and reviewing how external forces may impact the business
Political
economic
social
technoligical
legal
environmental
What is a SWOT Analysis
is a strategic planning method used to evaluate strengths weaknesses opportunities and threats.
What are SMART Targets
specific
Measurable
Achievable
Realistic
Time Related
What things do you need to consider when setting up a business
Advise RICS that you are starting a business
Create a business plan
create a H&S policy
Register business with HRMC
Set up company accounts
Set up CHP
Ensure relevant insurances are in place
Give examples of fee earning and non fee earning staff
Fee earning : QS , Architect PM
Non Fee Earning : Support staff , IT tech
How do I contribute to my companys goals
-Share knowledge with my team
-Keep up to date with new tech and systems
-understand my personal objectives and responsibilities and look to exceed them
What is the porter 5 forces model
It identifies competitive forces that shape every industry
Frequently used to identify an industry’s structure to determine business strategy.
Whats the difference between business strategy and business planning
Business strategy: is concerned with the entire organization such as how it competes and allocates resource
Business Planning : is concerned with how this strategy is implemented after the big choices have been made.
Whats the difference between a vision statement and mission statement
Vision statement focuses on tommorow and what the business wants to become
Mission statement focuses on today and what a business does to achieve that.
Whats included in a business plan
business plan : used to obtain a bank loan or funding
time scale of 3 - 5 years
outlines operation and financial objectives and how they intend to achieve this
Typically includes :
Executive summary
Marketing strategy
Vision and mission statements
Products and services
Financial forecasts
SWOT analysis
How can a business plan help a company in the current climate
-Secure additional funding
-Clearly set out their objectives for the next 3 -5 years
- Gain new clients
- Set targets
- Focus on priorities
