Business planning Flashcards
What is a PLC?
Public limited company - public can buy shares on the stock market.
How do you determine a company’s financial status?
Balance sheet, profit ratio, debt ratio.
What insurances could you have in place [wanted 2 types of Performance Bond]?
On-demand (no conditions need to be met).
Conditional (client needs to provide evidence contractor didn’t meet their obligations under the contract).
What critical things do you need to put in place if you’re setting up as a sole practitioner?
- Register with the RICS.
- Complaints handling procedure.
- PI and run off cover.
- Abide by rules of conducts.
- 25% of employees chartered.
- Use the designated ‘Regulated by RICS’ on all practice material.
- Practices in place to ensure staff training and CPD requirements.
- Sole practitioners: need to agree a locum (other firm will step in if you are incapacitated).
What do you need to close a business?
De-register your business.
Resolve finances.
Run-off cover.
What are the three minimum levels of Professional Indemnity Insurance?
£250k.
£500k.
£1mil.
What are the minimum levels or amount of RICS members for a firm to be registered?
25% of employees.
Are you aware of what an RICS regulated firm is?
Company that commits to following professional standards, ethics, and rules.
You had CPD last year on recent wins and overviews of each PDS team. How can that help with your team’s business plan?
Shows what worked and what needs improving which helps improving income and resourcing for the team.
If your turnover is £90,000, what level of PII cover do you need?
£250k fo each and every claim.
What is run-off cover and for how long should you main PII for?
- Insurance that protects against claims made after a business has stopped trading.
- At least six years after they cease practising.
