Business Planning Flashcards
What is a SWOT analysis
Can be used to analyse the internal strengths and weaknesses and external threats and opportunities of a company. This is carried out with a view to exploit the strengths and opportunities and mitigate the weaknesses and threats
What is a PEST analysis?
This is a structured method of analysing the key factors influencing market conditions. These factors include: political, economical, socio-demographical, technological and environmental influences.
What are Porter’s five forces?
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 and rivalry amongst existing firms.
How do companies write a business plan?
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 competences in the critical success factors. This then leads to the development of foals and objectives with their associated strategies and actions.
What is a Client Account Planning session?
A review of current workload, resources and fees. It involves the identification of key client personnel who have influence over job opportunities and identification of who the firm should look to build relationships with. A review of pipeline opportunities with that client is also undertaken.
What is a Business Plan?
A formal statement of the business’s goals with reasons why they are thought to be attainable and the plan for reaching the goals. The business plan also provides employers with a common ground to focus upon.
What is contained within an appointment document?
It includes a clarification of the work scope.
The agreed fee bid.
The firms terms of business.
Any agreed amendments to the firms’ terms of business.
Contact details.
Does your firm produce an annual account?
Yes it produces a statement of turnover, gross profit and net profit
This must then be submitted to Companies House in accordance with the Companies Act
Would you be able to interpret and understand an annual account?
At a high level but I would seek advice from one of our internal accountants if necessary.
What are your firms’ Terms of Business?
What is your firms’ business plan?
Vision - establish and maintain our position as number one property consultants in the South West, focus on creating a sustainable business for the long term and supporting the team to reach their full potential (there are 10, these are just 3 of them)
The current 5 year business plan is called ‘The Future: Our Vision 2022-2027’
Turnover of £4 million
How do you contribute to your company’s goals?
Part of the company’s vision is to ‘build on our excellent reputation for quality and value’. I contribute to this by ensuring I produce high quality work. For example in a valuation report I will do my due diligence to ensure I only include good comparables which have been confirmed by the agent.
Another point - our company is heavily focused on growth and collaboration, so when I can I help train and upskill new graduates.
How do you think an up to date business plan can help an organisation in the current economic climate?
The business plan helps to focus on key priorities and allows an organisation to respond to change.
What are the business objectives of your company?
For sustainable and profitable growth across all services, by strengthening our relationships with existing and new clients, cross-selling pro-actively and by working more efficiently as individuals and teams.
Aim to reach £6m by 2026/27 giving 10% growth and 12% profit each year.
What are RICS strategic goals?
Lead and influence on sustainability
Attract a diverse next generation
Strengthen trust in the profession
Enhance member value and engagement
