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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
Q

What are the different business structures?

A

Sole trader

Limited company

Public Limited Company (PLC)

Partnership

Limited Liability Partnership (LLP)

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26
Q

What is a sole trader?

A

An individual who owns + operates a business on their own

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27
Q

What instances is a sole trader most common in?

A

Start ups

Micro-surveying businesses

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28
Q

Who is responsible for all company liabilities, e.g. debts in a sole trading business?

A

The sole trader

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29
Q

Does a sole trader have to register with Companies House?

A

No

However, they do have to inform HMRC as will retain business’ profits after income tax is paid

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30
Q

What is a limited company?

A

Small group of shareholders

Shares are not available to the public and are typically held by company founders, family members or private investors

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31
Q

Who owns a limited company?

A

Small group of shareholders

Shares are not available to the public and are typically held by company founders, family members or private investors

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32
Q

Tell me about a limited company + tax

A

Pays corporation tax on profits

Shareholders may also pay personal tax on dividends

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33
Q

Does a limited company need to be registered with Companies House?

A

Yes

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34
Q

What is a Public Limited Company?

A

Business structure where company can sell shares to public on stock exchange

Have additional reporting requirements + responsibilities accountable to shareholders

35
Q

Tell me about a Public Limited Company + liability

A

Shareholders have limited liability, meaning their financial risk is limited to their investment

36
Q

What is the main difference between a limited company + a Public Limited Company?

A

Limited company – shares are privately held + not available to public

PLC – shares can be bought + sold by public on stock exchange

37
Q

What is a partnership?

A

Simple + flexible way for 2 or more people to own + run a business

38
Q

Who is responsible for liability of partnership’s debts?

A

Each party is jointly responsible (own share of partnership debts + all debts)

39
Q

Why is a partnership risky?

A

If one partner cannot pay, other will be liable for their share

40
Q

What is the difference between a limited company + partnership in terms of their formation?

A

Limited Company – requires registration with Companies House + more regulatory compliance

Partnership – easier to set up with fewer formalities

41
Q

What is a Limited Liability Partnership?

A

Business structure where partners have limited personal liability for debts of business. This protects their personal assets

42
Q

Who owns a Limited Liability Partnership?

A

Owned by partners

Each member has a share in the business

43
Q

Does a Limited Liability Partnership have to register with Companies House?

A

Yes

44
Q

Is a Limited Liability Partnership risky?

A

Less risky – personal assets are separated from business

45
Q

For which business structures are personal and business finances kept separate?

A

Limited Company

LLP

46
Q

What type of business structure is Carter Jonas?

A

Limited Liability Partnership

This means the business is owned by partners

47
Q

What are the positives and negatives of a Limited Liability Partnership?

A

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
Q

Explain the business structure of Carter Jonas

A

It is divisional (groups based on shared services, products or locations)

49
Q

Explain the divisional hierarchical structure of Carter Jonas and how you sit within this

A

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
Q

What are your firm’s core values?

A

Effective (do what we say we will + are accountable)

Approachable (treat clients with integrity, respect + warmth)

Ambitious (for company + clients)

51
Q

What is a centralised business?

A

Decisions are made by senior management + disseminated to employees

52
Q

What is a decentralised business?

A

Decisions are made by employees + then communicated to senior management

53
Q

What is the key legislation relating to company law in the UK?

A

Companies Act 2006

54
Q

Why should businesses consider whether they need to register for VAT?

A

Affects their pricing, cashflow + reporting requirements

55
Q

What is VAT?

A

Tax added to specific products + services where a business is registered for VAT

56
Q

When must a company register for VAT?

A

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
Q

What does it mean if a business is VAT registered?

A

It must charge VAT on all goods + services sold + it can reclaim the same on business expenditure

58
Q

How often should VAT returns be submitted to HMRC?

A

Every 3 months

59
Q

What three rates is VAT charged at?

A

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
Q

What are business liabilities?

A

Debts that a business owes

61
Q

What are current business liabilities?

A

Debts that business owes + must pay within 12 months, e.g. VAT bill, wages owed or credit card debt

62
Q

What are assets?

A

What a business owns

63
Q

What are current assets?

A

What a business owns + expects to use or sell within 12 months, e.g. invoices owed by clients, inventory

64
Q

What is stock?

A

Value of goods that a business has to sell to customers

65
Q

What is a debtor?

A

Who owes the business money

66
Q

What is a creditor?

A

Who the business owes money to

67
Q

What is shareholders’ equity?

A

Amount of money that would be returned to shareholders if all company’s assets were liquidated + all debts were paid off

68
Q

What are some key financial ratios?

A

Working capital ratio

Quick ratio (acid test)

Debt to equity ratio

Return on equity

69
Q

What is working capital ratio?

A

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
Q

What is quick ratio (acid test)?

A

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
Q

What is debt to equity ratio?

A

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
Q

What is return on equity?

A

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
Q

Why is forecasting an essential part of business planning?

A

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
Q

What must businesses do if they want to forecast effectively?

A

They should keep accurate records + update their business plan (every 12 months)

75
Q

What are the two types of forecasting?

A

Qualitative forecasting

Quantitative forecasting

76
Q

What is qualitative forecasting?

A

Uses experience + knowledge of business + market

77
Q

What is quantitative forecasting?

A

Based on historical data

78
Q

How do you forecast fees?

A

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
Q

What are KPIs?

A

Shared goals/commitment to client

Contractually obliged to stick to goal

80
Q

What would happen if you missed a KPI?

A

Risk losing trust with client

81
Q

Do the RICS have a business plan?

A

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
Q

What is a CSR?

A

Corporate Social Responsibility

Refers to company’s efforts to operate in an ethical + sustainable manner, considering impact on society, environment + economy

83
Q

Does your company have any accreditations for CSR?

A

Accreditation from Investors in People (IPP) for recognition of Health + Wellbeing good practice

Alice’s APC (22 decks)

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