Business Planning Flashcards
What are some of the objectives on your company’s (T&T’s) business plan?
Our Purpose: We are making the difference; transforming performance for a green, inclusive and productive world.
* Green - investment in net zero and renewables. Deliver projects more sustainably.
* Inclusive - collaboration and diverse talent
* Productive - more data driven and insight led
How do you contribute to T&T’s business plan?
1) Spend time with the junior members of the team and have assisted a number of them in their apprenticeships.
2) Spent time with a new member of staff from Qatar
3) I use all of our digital tools which contribute towards our digital transformation
4) I always recycle where I can and car pool to site meetings and events to other offices
5) Networking
6) Share knowledge with my team
What are SMART targets/objectives?
Specific
Measurable
Achievable
Realistic
Time related
What is the difference between a business strategy and a business plan?
The business strategy sets the overall direction and long-term goals…
the business plan provides the detailed steps and actions needed to achieve those goals
What is T&T’s business plan?
T&T Vision 2025 - to undergo a digital transformation, to develop the training of graduates and operate at Net Zero.
To be green, productive and inclusive.
What do you need to do to set up your own business?
1) Business plan
2) Company bank account
3) Register with Companies House
4) H&S policies
How can you assess internal and external factors affecting business?
- Internal factors - use SWOT analysis (Strengths, Weaknesses, Opportunities and Threats in a business/project)
- External factors - use PESTLE analysis (Political, Economical, Social, Technological, Legal and Environmental)
What would you expect to find in a business plan?
- Executive Summary
- Company description
- Marketing & sales strategy
- Vision and Mission Statements
- Team Structure
- Services
- Financial Forecasting
- Required Training
- SWOT analysis
Why would you need a business plan?
Typically required if you require a bank loan or other financing.
What is the RICS’ mission statement?
“promote and enforce the highest professional qualifications and standards”
Their goal is to create confidence in the standards of the industry, protect public interest, and enhance trust in the profession globally.
Can you give examples of fee-earning and non fee-earning staff?
- Fee earners - QS, PM, architect
- Non-fee earners - admin, IT
Are you aware of the RICS business plan and some of it’s objectives?
Financial objectives are to:
Repay furlough monies received Reduce RICS’ need to access external financial support
Begin to strengthen financial reserves
Corporate objectives are:
Influential thought leader
Sustainable 21st century professional body
Involved and engaged members
RICS qualifications in demand
Trusted by stakeholders and society
What tools does your company use to ensure they’re making a profit?
Timesheets (D365)
Resource planner
Fee/cost reconciliation tools
Performance reviews
Project reviews
What is a SWOT analysis?
Strategic planning method used to evaluate the SWO&T involved in a project.
Basis for business strategy
What are the issues related to staff turnover?
1) Expensive & time consuming to hire and train staff
2) Turnover affects team dynamics, productivity & continuity
What is the purpose of a business organisation chart?
Graphical representation of the roles, responsibilities and relationships between individuals within the organisation
How do I contribute to my company’s goals?
1) Share knowledge
2) Keep up with new technology
3) Deliver & exceed my responsibilities
4) Bring in new business
5) Focus on safety
What is a JV?
Business arrangement where 2 or more parties pool their resources for the purpose of accomplishing a task.
Venutre is own entity, separate from participants’ other business interests.
What is working capital?
Amount available to a company for day-to-day uses.
Difference between current assets and current liabilities.
What is the difference between a vision statement and a mission statement?
Vision - focusses on tomorrow and what an organisation ultimately wants to become
Mission - focusses on today and what an organisation does to achieve it
How can a business plan help a company?
1) Secure additional funding
2) Gain new clients and commissions
3) Budgeting
4) Set targets for staff
5) Focus on business priorities and respond to change
