Business Planning Flashcards
What is a business plan
A formal statement of the business goals, how they are obtainable and the plan for reaching these goals over 3-5 years.
Why have a business plan
- To help achieve funding goals
- To set business objectives
- To create a business direction
What are the Elements of a Business Plan
Method Statement; Goals and Objectives; Financial Forecasts; Management team; Analysis; Key Performance indicators;
What are some types of business analysis
- KPI’s, e.g. target revenue/actual revenue, target new cleints/ actual new clients, target new starters/ actual new starters.
- SWOT analysis; Strengths, Opportunities, Weaknesses, Threats
- PEST analysis; Political, Economic, Social, Technological
What are the types of business plan
Types of a business plan; Start-up, internal, strategic, feasibility, operations, growth plans
What are the types of business
Partnership (P) Sole Proprietorship (SP) Limited liability partnership (LLP) Public limited company (PLC) Corporation (C) Cooperative
What is a partnership
Partnership (P) - A partnership is a business owned by two or more persons who contribute resources into the entity. The partners divide the profits and risk of the business among themselves.
What is a Sole Proprietorship
Sole Proprietorship (SP) - A sole proprietorship is a business owned by only one person. It is easy to set-up and is the least costly among all forms of ownership. This type of business carries the ultimate risk.
What is a Limited liability partnership
Limited liability partnership (LLP) - A limited liability partnership is a partnership in which some or all partners have limited liabilities. It therefore can exhibit elements of partnerships and corporations.
What is a Public limited company
Public limited company (PLC) - A company which has shares that can be purchased by the public and which has allotted share capital with a nominal value of at least £50,000
What is a Corporation
Corporation (C) - a large company or group of companies authorized to act as a single entity and recognized as such in law.
What is a Cooperative
Cooporative - business, or other organization that is owned and run jointly by its members, who share the profits or benefits.
What is stock
Stock - The capital raised by a company or corporation through the issue and subscription of shares.
What is Working Capital
Working Capital; the capital of a business which is used in its day-to-day trading operations, calculated as the current assets minus the current liabilities.
What are Liabilities
Liabilities - an outstanding expense that a companies owes e.g. wages and loans.
What is a Debtor
Debtor - A company or person that owes money.
What is a Creditor
Creditor - A company or person who lends money.
What position do you hold at your organization
I am a Building Surveying graduate with 3 years of experience.
What is a stratigic buisness plan
A strategy to achieve the overall goals set by a business
What is a departmental business plan
Focusing on the performance, needs and goals of a specific department within a business.
What is an operation working plan
Inline with ISO9001 it ensures that businesses have appropriate measures in place to plan the operation of their business including resources, services.
What is a corporate business plan
Similar to a strategic plan it sets out a vision for the business focusing on it’s operation.
What information does the RICS regulated firm need to provide the RICS
Annual return Type of business Staffing Nature of clients Training provisions Complaints handling PII Client money
How do you register to become an RICS regulated firm
A form is available on the RICS website. Several preconditions must be met;
- Your firm must offer professional services in surveying disciplines
- At least 25% of principals must be charted with the RICS
- Agree to comply with RICS Rules of Conduct for Firms
What are the types of business structure
Functional - a traditional hierarchy
Divisional - each independent function is separated into separate entities with their own admin, marketing and financial
Matrix - This is set up as a grid rather than a traditional hierarchy with employees typically reporting to a function manager and a project manager
Flatarchay - a flat company that forms temporary hierarchies for projects that then disband once complete
An RICS regulated firm must
Practises to globally recognised standards.
Behaves ethically and acts with integrity and honesty.
Has the required skills and competencies to do the job.
Manages conflicts of interests transparently.
Safeguards the security of client money.
Manages its finances appropriately.
Provides adequate and appropriate indemnity for your work.
Handles complaints and disputes fairly.
What is the current RICS Business plan
2018-21 business plan, titled: A global professional body fit for the 21st century shaping the built and natural environments.
What is contained within an appointment document?
A description of the service to be provided
Terms and conditions
PII requirements
QP5 - quality management questionnaire
What tools does your company use to manage its business?
Workflow Max - Management tool for timesheets and creating job milestones and checking actual time against time allowance.
Xero - Admin tool for managing expenses
Bamboo - HR tool for booking leave and contains colleagues details
What are your company’s values?
INTELLIGENT DESIGN AND EFFECTIVE MANAGEMENT
LEADERS IN INNOVATION
CREATING INSPIRING ENVIRONMENTS
What is your company’s management structure?
A mixture of geographical and functional structure as there are partners and directors of each office and each function.
The company is top-heavy with many associates and directors.
Can you tell us about your company’s current business plan?
Our companies business plan is no different from a typical plan it contains;
- Executive summary
- Strategic issues
- Financial plan
- Risk assessment
- Competition
- Training
- Marketing
How do you ensure that you contribute to the achievement of your company’s objectives/business plan?
- Always providing a high standard of service
- Share progress updates and celebrate success
- Promote the business on social media
- Complete CSR works e.g. planting with social housing, the clipper, pump track, George street cafe.
