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Alice’s APC > Business Planning > Flashcards

Business Planning Flashcards

1
Q

What is a business plan?

A

Formal document containing business goals, methods for achieving goals + timeframe for achieving goals

Provides direction to a business

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2
Q

What are the main business plans?

A

Strategic – sets out longer-term vision for company

Corporate – similar to strategic plan but more comprehensive. Includes strategic plan + operational aspects of running the business

Departmental – sets out goals for specific department within an organisation

Operational – sets out day-to-day operations of the entire organisation. Includes detailed plans for achieving short-term goals + managing daily tasks

Contingency – sets out what will happen in unforeseen scenarios

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3
Q

What is a strategic business plan?

A

Sets out a longer-term vision for company

Includes strategies for growth, competitive advantage + overall mission

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4
Q

What is a corporate business plan?

A

Similar to a strategic plan but more comprehensive

Includes strategic plan + operational aspects of running the business

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5
Q

What is a departmental business plan?

A

Sets out goals for specific department within an organisation

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6
Q

What is an operational business plan?

A

Sets out day-to-day operations of entire organisation

Includes detailed plans for achieving short-term goals + managing daily tasks

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7
Q

What is a contingency business plan?

A

Sets out what will happen in unforeseen scenarios

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8
Q

Why is it important to have a business plan?

A

Focuses on priorities

Helps respond to change

Helps with budgeting

Ensures businesses are committed to planning their future

Enables plans to be reviewed + reflected upon in future

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9
Q

What objectives can a business plan help with?

A

Setting goals

Securing funding

Measuring progress

Measurable milestones + keep people on track

Makes it clear how roles + responsibilities are divided

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10
Q

What might you include in a business plan?

A
  • Vision statement
  • Executive summary
  • Team
  • Operations
  • Forecast cash flows
  • Mission statement
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11
Q

What is the difference between a mission statement and vision statement?

A

Mission statement – defines + focuses on business + objectives today. Drives company

Vision statement – considers these in the future. Directs company

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12
Q

How often should a business plan be reviewed?

A

Annually

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13
Q

Why should a business plan be reviewed regularly?

A

To take account of market changes, business changes, amended objectives or new strategies

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14
Q

What makes a good business plan?

A
  • Short, concise, to the point
  • Regularly updated
  • Realistic
  • Formal + professional
  • Contents page + visuals
  • Inclusive of relevant information
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15
Q

Tell me about your involvement with business planning

A

No direct involvement in creating plans but have a good understanding of my company’s business plan

Align my tasks/goals with company’s objectives + ensure work contributes to its overall strategy

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16
Q

Explain what the Carter Jonas 2030 Vision means to you

A

Point of reference for me to consider in day-to-day job

When doing work, I consider how it contributes towards 2030 vision and if not, what can I do to change it to help my firm

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17
Q

What is included in your company’s business plan?

A

Growth targets

Profit targets

Recruitment targets + strategies

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18
Q

What are the corporate objectives of your firm?

A

To increase turnover growth

Employ more people

Certain profit margin that the business is working towards

Double business’ profit

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19
Q

How do you work towards your company’s goals?

A

Ensure I keep to billing targets

Help promote trust + good relationships with my clients

Onboard + develop new starters to make sure return on investment in them pays off as soon as possible

Identify opportunities to cut back on cost – e.g. lift share where possible to minimise expense to business

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20
Q

How can an up-to-date business plan help an organisation in the current economic climate?

A

Can help focus on key priorities

Sets targets for budgeting

Helps organisation respond to change

Could help organisation seek funding

Can help to gain new instructions, new clients + new customers

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21
Q

What is business continuity and why is it important?

A

Ability of organisations to keep running during + after disruptions, e.g. cyberattacks

Importance – keeps operations running smoothly, maintains trust with clients, reduces financial loss

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22
Q

What is a SWOT analysis?

A

Strategic planning tool used to identify + evaluate strengths, weaknesses, opportunities + threats related to a business

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23
Q

Can you tell me about when you have used a SWOT analysis in your role?

A

Used a SWOT analysis when doing a valuation

Strengths – property was located in an established business location

Weaknesses – there was no valid EPC

Opportunities – the property had redevelopment potential

Threats – difficult market conditions + high interest rates

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24
Q

What is a PESTLE analysis?

A

Considers external factors affecting a business

Split into political (e.g. Brexit), economic (e.g. inflation), sociological (e.g. demographics), technological (e.g. BIM), legal (e.g. new break clause case law) + environmental (e.g. MEES)

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25
What are the different business structures?
Sole trader Limited company Public Limited Company (PLC) Partnership Limited Liability Partnership (LLP)
26
What is a sole trader?
An individual who owns + operates a business on their own
27
What instances is a sole trader most common in?
Start ups Micro-surveying businesses
28
Who is responsible for all company liabilities, e.g. debts in a sole trading business?
The sole trader
29
Does a sole trader have to register with Companies House?
No However, they do have to inform HMRC as will retain business’ profits after income tax is paid
30
What is a limited company?
Small group of shareholders Shares are not available to the public and are typically held by company founders, family members or private investors
31
Who owns a limited company?
Small group of shareholders Shares are not available to the public and are typically held by company founders, family members or private investors
32
Tell me about a limited company + tax
Pays corporation tax on profits Shareholders may also pay personal tax on dividends
33
Does a limited company need to be registered with Companies House?
Yes
34
What is a Public Limited Company?
Business structure where company can sell shares to public on stock exchange Have additional reporting requirements + responsibilities accountable to shareholders
35
Tell me about a Public Limited Company + liability
Shareholders have limited liability, meaning their financial risk is limited to their investment
36
What is the main difference between a limited company + a Public Limited Company?
Limited company – shares are privately held + not available to public PLC – shares can be bought + sold by public on stock exchange
37
What is a partnership?
Simple + flexible way for 2 or more people to own + run a business
38
Who is responsible for liability of partnership’s debts?
Each party is jointly responsible (own share of partnership debts + all debts)
39
Why is a partnership risky?
If one partner cannot pay, other will be liable for their share
40
What is the difference between a limited company + partnership in terms of their formation?
Limited Company – requires registration with Companies House + more regulatory compliance Partnership – easier to set up with fewer formalities
41
What is a Limited Liability Partnership?
Business structure where partners have limited personal liability for debts of business. This protects their personal assets
42
Who owns a Limited Liability Partnership?
Owned by partners Each member has a share in the business
43
Does a Limited Liability Partnership have to register with Companies House?
Yes
44
Is a Limited Liability Partnership risky?
Less risky – personal assets are separated from business
45
For which business structures are personal and business finances kept separate?
Limited Company LLP
46
What type of business structure is Carter Jonas?
Limited Liability Partnership This means the business is owned by partners
47
What are the positives and negatives of a Limited Liability Partnership?
Positives – partners are not personally liable for business’s debts beyond their investment, flexibility in management + decision making Negatives – setting up LLP can be complex + more costly than traditional partnership, must comply with reporting requirements
48
Explain the business structure of Carter Jonas
It is divisional (groups based on shared services, products or locations)
49
Explain the divisional hierarchical structure of Carter Jonas and how you sit within this
Various departments – commercial, residential, rural, planning + development, infrastructure Management board sits above these departments who reported to the partnership board I sit under the infrastructure team
50
What are your firm’s core values?
Effective (do what we say we will + are accountable) Approachable (treat clients with integrity, respect + warmth) Ambitious (for company + clients)
51
What is a centralised business?
Decisions are made by senior management + disseminated to employees
52
What is a decentralised business?
Decisions are made by employees + then communicated to senior management
53
What is the key legislation relating to company law in the UK?
Companies Act 2006
54
Why should businesses consider whether they need to register for VAT?
Affects their pricing, cashflow + reporting requirements
55
What is VAT?
Tax added to specific products + services where a business is registered for VAT
56
When must a company register for VAT?
If your total taxable turnover for the last 12 months is over £90,000 Businesses can still register for VAT if they are below this threshold
57
What does it mean if a business is VAT registered?
It must charge VAT on all goods + services sold + it can reclaim the same on business expenditure
58
How often should VAT returns be submitted to HMRC?
Every 3 months
59
What three rates is VAT charged at?
20% = most goods + services 5% = reduced rate goods + services 0% = zero rate goods + services, e.g. good, train fares + books Some goods/services are exempt, e.g. post stamps
60
What are business liabilities?
Debts that a business owes
61
What are current business liabilities?
Debts that business owes + must pay within 12 months, e.g. VAT bill, wages owed or credit card debt
62
What are assets?
What a business owns
63
What are current assets?
What a business owns + expects to use or sell within 12 months, e.g. invoices owed by clients, inventory
64
What is stock?
Value of goods that a business has to sell to customers
65
What is a debtor?
Who owes the business money
66
What is a creditor?
Who the business owes money to
67
What is shareholders’ equity?
Amount of money that would be returned to shareholders if all company’s assets were liquidated + all debts were paid off
68
What are some key financial ratios?
Working capital ratio Quick ratio (acid test) Debt to equity ratio Return on equity
69
What is working capital ratio?
Measure of company’s ability to pay off short-term liabilities with long-term assets Calculated by dividing current assets by current liabilities Ratio should be positive, showing that business can meet liabilities + may have a surplus to invest in the business
70
What is quick ratio (acid test)?
Measures company’s ability to meet current liabilities with its liquid assets Calculated by dividing liquid assets (i.e.) cash by current liabilities Shows that a company can meet current liabilities with assets that can be converted quickly to cash Ratio can be compared + used as a snapshot of financial health
71
What is debt to equity ratio?
Measures business’s reliance on debt finance, e.g. loans by comparing total debt to its shareholders’ equity Calculated by dividing company’s total liabilities by total shareholder equity
72
What is return on equity?
Measures business’s profitability + efficiency in generating profits Calculated by dividing net income by average shareholder equity Higher ratio shows that a business is better at converting equity into profit (great for shareholders of business)
73
Why is forecasting an essential part of business planning?
Allows businesses to prepare for market changes + adjust strategies accordingly Helps allocate resources efficiently by estimating future expenses + revenues Helps set realistic + measurable goals
74
What must businesses do if they want to forecast effectively?
They should keep accurate records + update their business plan (every 12 months)
75
What are the two types of forecasting?
Qualitative forecasting Quantitative forecasting
76
What is qualitative forecasting?
Uses experience + knowledge of business + market
77
What is quantitative forecasting?
Based on historical data
78
How do you forecast fees?
Review work + assess to see what will be completed + billed within relevant timeframe (usually 1 month) Document projected fees in a shared document with my team
79
What are KPIs?
Shared goals/commitment to client Contractually obliged to stick to goal
80
What would happen if you missed a KPI?
Risk losing trust with client
81
Do the RICS have a business plan?
RICS strategy – Future Foundations Sets out strategy from late 2023 – late 2026 Sets a vision to achieve a natural + built environment that is sustainable, resilient + inclusive for all
82
What is a CSR?
Corporate Social Responsibility Refers to company’s efforts to operate in an ethical + sustainable manner, considering impact on society, environment + economy
83
Does your company have any accreditations for CSR?
Accreditation from Investors in People (IPP) for recognition of Health + Wellbeing good practice

Alice’s APC (21 decks)

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