Business Planning Flashcards
What is your firms corporate objectives? (5 year plan)
People Potential
- Diverse place to work
- Entrepreneur challenger mindset
Client Centricity
- Deep rooted relationships to meet our clients current needs and anticipated future needs
- Global Partnerhsip – alliance with Berkadia
Creating the future
- ESG
- Data, and technilgiy
- Insight: market knowledge and future trends
- Workspaces: motivated and supported work environment to deliver the best advice and practice to our clients
What are key factors to include in a business plan?
- KPIs
- Quarterly Management meetings
- Debt Control
What is a SWOT analysis and why might it be useful?
Strength/Weakness/Opportunities and Threats
I have used them in loan security valuations to analyse the property and the properties market to highlight to the client any risks and opportunities might be encountered.
What does using a fee forecast show?
Crucial for planning the future of a business and ensure attainment of desired profit margin?
Why are using budgets/cashflows/financial/audit controls important?
Important to ensure the correct allocation of resources and expenditure
How would you set up as a sole practitioner and what is your business plan?
- Establish the business activity
- SWOT analysis
- Work on the budget, estimate income and costs
- Fee forecasts
- Identifying whether you need client accounts
- Put in Place KPIs
- Ensure that staffing is currently budgeted for
- Conduct monthly reviews on business performance
What are different forms of business vehicles?
Sole practioners - A professional who practices independently
LLP - An LLP has partners who hold ownership of the LLP and also hold powers to manage
Limited company - A limited company is a type of business structure whereby a company is considered a legally distinct body
PLC - In a PLC company, the shareholders (owners) do not necessarily have to have management powers
What did you takeway from your Firm’s Global Living Sectors Conference’
Developed a new alliance with Berkadia, a US capital markets advisory firm.
- establish a premier global capital markets platform, providing clients with access to the most active cross-border investors, international institutions, banks and sovereign wealth funds.
- The platform spans all major capital hubs and sources of capital, including the US, Asia Pacific, Europe, the UK and the Middle East.
Berkadia - $75 billion in commercial loans and advised on $48 billion in asset sales over the last two years
What do you do in your WIP meetings?
Project updates, sharing of knowledge, fees, timelines, Actions and next steps, work load
Efficiency, communication, transparency, accountability
Tell me about your involvement with business planning?
I have been involved in business planning within my team, by regularly reviewing our financial target for the year and establishing current and future instructions that will contribute to it
How do you work towards these in your role?
I ensure that I meet the values of my firm in my everyday work such as upholding ethics and working effectively as a team. For example, I work closely on projects with my supervisor and partners
How do you use networking to further your business planning skills?
Networking allows for discussions and knowledge sharing within and outside your firm in a less formal environment
Why is relationship building important for your role?
Real estate is a people business and we heavily rely on being able to network and meet new people. It can help us and our clients, by referring our clients to various teams in the business if we believe they can help achieve the clients objectives.
What insurance types have you dealt with and what risks have they protected against?
PII – protects against negligence claims
What is business continuity and why is it important?
Having a plan to deal with difficult situations
