Business Planning

Question 1

What would you include in a business plan if you were setting up alone?

Question 2

What is your company’s marketing plan?

Answer 2

Company’s market plan is to be the best provider of luxury property services in the world

Question 3

How do you fit in?

Answer 3

Ensuring client satisfaction

Question 4

What are they obliged to provide you with?

Answer 4

Tools to complete my job

Question 5

How do these reflect your daily work?

Answer 5

Ensuring client satisfaction and ensuring the best subcontractors are employed to provide the high level of service.

Question 6

How would a business measure its performance against its business plan?

Answer 6

1. Set KPI’s
2. Set financial goals
3. Track customer satisfaction
4. Quality Control
5. Marketing
6. Employee satisfaction

Question 7

What external factors beyond the control of the company would consider when constructing it’s business plan?

Answer 7

P - political
E - economical
S - social
T - technological
L - legal
E - environmental

Question 8

What current challenges is Covid and/or Brexit bringing to Business Planning?

Answer 8

• Harder to work overseas
• Harder to find workers

Question 9

How is your company dealing with this challenge?

Answer 9

• Increasing investment in apprenticeships to procure labour from the UK

Question 10

What legislation is relevant to Business Planning?

Answer 10

1. HMRC
2. Companies House
3. Corporation Tax, VAT, customs
4. Data Protection
5. GDPR
6. Employment Law
7. Health and Safety at Work Act

Question 11

What different business plans are there?

Answer 11

1. Strategic Business Plan
2. Feasibility Business Plan
3. Operation Business Plan
4. Growth Business Plan

Question 12

Why would you have a business plan?

Answer 12

1. Prove viability of a business
2. Set objectives and benchmarks
3. Secure financing
4. Understand the market
5. Reduce risk
6. Aid decision making
7. Iron out any issues

Question 13

What is a strategic business plan?

Answer 13

Provides a detailed map on how to achieve business goals.
5 elements:
1. Business
2. Vision
3. Mission statement
4. Critical success factors
5. Strategy for objectives

Question 14

What is a feasibility business plan?

Answer 14

Aims to establish if the business is viable by:
1. Establishing who needs the service?
2. Can it make a profit?
3. What capital do we need?

Question 15

What is a operational business plan?

Answer 15

1. Specifies markers
2. Deadlines
3. Outlines employee responsibility

Question 16

What is a growth business plan?

Answer 16

Establishes how to grow a business:
1. Consider what is working? What is not?
2. Who is helping?
3. Do we need potential investment

Question 17

What should be included in a business plan?

Answer 17

1. Name of the business
2. The owner
3. The staff required
4. The target Market
5. Income/Expenditure
6. Operations and Logistics
7. SWOT
8. Strapline
9. Finance summary
10. AIMS - Business Statement
11. Success Criteria
12. Business Address, contacts

Question 18

What is a SWOT analysis?

Answer 18

Used to evaluate:
Strengths
Weaknesses
Opportunities
Threats
To a business

Question 19

What are SMART targets/objectives?

Answer 19

Specific
Measurable
Achievable
Realistic
Time related

Question 20

Who are fee earning and non fee-earning staff?

Answer 20

Fee - QS’s, PM’s
Non Fee earning - HR, Accounts, Admin, IT

Question 21

What is the purpose of an organisation chart?

Answer 21

To establish the key roles, responsibilities, and relationships

Question 22

What are Porter’s 5 forces?

Answer 22

• Supplier Power
• Buyer Power
• Threat of substitutes
• Threat of new entrants
• Competitive rivalry