Business Planning Flashcards
How does a business plan for the future?
Review market conditions & Understand clients’ needs.
Understand employees’ needs.
Assess their finances.
Devise a strategy to acquire sales.
How do you keep up to date with market conditions?
Building magazine
MODUS
DeLever weekly APC Roadshow
How do you know what your competitors are doing?
Media publications
Building magazine
Word of mouth - speak to them and ask at regular networking events
Read the news and news of competitors
How can an up to date business plan help an organisation in current economic climate?
Secure new funding
Gain more clients
Respond to change
Set staff targets
What are SMART goals?
Specific
Measurable
Achievable
Realistic
Time Related
What is PESTLE analysis?
Political
Economic
Social
Technological
Legal
Environmental
What RICS business planning are you aware of?
RICS Strategic Foresight 2030.
Building towards a new future Business plan 2021–22.
What is SWOT analysis?
A business planning tool which looks at;
Strengths
Weaknesses
Opportunities
Threats
Why is it important to identify potential clients?
In order to identify opportunities and focus on where it may be useful to build relationships.
What are Porter’s five forces?
They are used to analyse the competitiveness of an industry and the barriers to entry.
These typically include:
Supplier Power
Buyer Power
Threat of substitutes
Threats of new entrants
Competitive rivalry
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 goals and objectives with their associated strategies and actions.
What is a Client Account Planning session?
A review of current workload, resources & 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 operational and financial objectives.
Typically across a period of 3-5 years.
Written plans are often required to obtain a bank loan or financing.
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 & net profit.
This must be submitted to Companies House in accordance with the Companies Act.
Would you be able to interpret & understand an annual account?
At a high level but I would seek further advice from one of our internal Chartered Accountants if necessary.
How do you contribute to your company’s goals?
My company’s goals are to uphold an ethic of high performance and to deliver clear reputation growth.
I contribute to both of these as I deliver to a high daily, whilst also trying to grow my reputation. This can be seen through my regular LinkedIn posting.
I also keep up with new technologies and aim to upskill the new and junior team members.
What impacts have covid-19 & brexit had on business planning?
Covid-19 - promoted flexible working, changed layouts & social distancing.
Covid-19 - Impacts on business planning on workforce locality & availability.
Covid-19 - Business being more flexible & working across multiple markets to reduce risk
Brexit & covid enhanced the reluctance to work with contractors / clients you don’t know as well.
Brexit - loss of foreign labour from industry, hauliers.
Brexit- exchange rates & value of £
