Business Planning Flashcards
- What does a business plan entail?
A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts.
- What is the role of KPIs in Savills business plan?
what are key elements that should be included in business plan?
an executive summary, company description, products and services, market analysis, marketing strategy, financials, and budget
describe the role of budgeting in business planning - how does it support decision making?
For businesses specifically, budgeting entails creating a detailed plan, outlining the organisation’s predefined spend over a specific period, usually a fiscal or calendar year. It serves as a blueprint, dictating financial decisions including investments, asset acquisitions, hiring, and the scope of future projects
What are KPIS and how are they used in business planning
Key performance indicators provide targets and metrics to record business planning - fee targets, cost targets, ESG targets, employee retention targets, employee satisfaction targets.
what is SWOT analysis and how is it used in developing a business plan?
A SWOT analysis is a strategic planning tool used to assess the strengths, weaknesses, opportunities and threats of your business. Developing a SWOT analysis can help you look at your business in a new way and from different directions. It can also help you to: create or fine tune your business strategy.
how do risk assessments impact the business planning process?
For a business, assessment and management of risks is the best way to prepare for eventualities that may come in the way of progress and growth. When a business evaluates its plan for handling potential threats and then develops structures to address them, it improves its odds of becoming a successful entity.
- How can business planning achieve corporate objectives
A business plan is a powerful tool that can help organisations define their objectives and identify opportunities. It can also help allocate resources and communicate with stakeholders. In addition, it is a roadmap that guides organisations towards their goals and helps them overcome obstacles along the way.
- What is group strategy at Savills?
- How do you keep abreast with company strategy?
Keep track of company annoucements, half-year results, year end results, town halls, financial news and general news
how is your team’s performance measured?
We have team KPIs - Key Performance Indicators , primarily we have forecastedfee targets each year and these are measured throughout the year to ensure we are hitting targets. Unfortunately due to confidentiality I am unable to provide the exact figure
to ensure profit margin
why are budgets and financial controls important?
Ensure correct allocation of resources and expenditure
how can a business monitor performance and what key management tools are needed
management of KPIs
company, departmental, team, individual
- performance appraisals,
- personal development programmes and learning new skills
- reward and incentive programmes i.e. bonuses
what are requirements of RICS when starting a new business?
RICS compliance:
- Inform RICS filling in Firm Details Form
- Appoint Responsible Principal
- Register with RICS for regulation of firm
- Arrange PII and send details to RICS
- Set up procedures for client money handling
- Register for VRS if undertaking valuations
- Obtain RICS approval for complaints handling
- Set up complaints log
- Appoint complaints handling officer
- Plan for succession
- Ensure CPD logged online
- Ensure completion of online RICS Annual Return at end of year
Statutory Compliance:
- Must disclose business name
- Insurance compliance for public and employer liability
- Disability Discrimination compliance (Equality Act)
- Financial services compliance
- Bribery Act 2010 compliance
- Appoint Money Laundering Reporting Officer (MLR 2017)
- H&S compliance (HS Act 1974 )
- Asbestos Register (Control A Reg 2012)
- Fire safety compliance
- Register for Data Protection (GDPR DPA 2018) - ICO
- Inform HMRC for VAT
- Ensure compliance with employment laws
- And insurance – employer liability, director
- Recruitment of staff (Don’t talk about this)
different types of business entity
- sole practitioner
- partnership
- LLP (limited liability)
- limited company
- PLC
