Business Planning Flashcards
What should a business plan include?
Business objectives
Marketing
finances
Where does the company want to be in 5 years
What information do you need to create a budget?
Estimated revenue
fixed costs
variable costs
profit
measure performance through historical data
What are the different business trading structures?
Sole Trader, Partnership, Limited liability partnership, Limited company
What different strategies of risk are there, and is there any risk guidance from the RICS?
Risk Avoidance
Risk Deduction
Risk Transfer
Risk Sharing
Risk Retention
RICS Management of Risk,(1st edition)
The Guidance note includes:
Principals of risk
Response/mitigation strategies
risk identification
Give me an example of a new business opportunity?
New client
New areas of work
How would you set an objective within a departmental meeting?
Number of new instructions per year
Improve upon performance from previous year
What are you looking for when you interpret third party business plans?
Their use, is it suitable for the area
Their financials, are they realistic and sufficient to pay our client rent.
What different type of business plans are there?
Strategic
Departmental
Operational
Cooperate
What are your departmental objectives at Arnolds Keys?
To cross sell our services.
To increase our client base and profit.
What management tools can you use to help monitor a business?
Survey’s and questionnaires
