Business Planning Flashcards
Tell me about your involvement with business planning.
What are the corporate objectives of your firm?
How do you work towards these in your role?
What are some of the typical things you’d find in a business plan?
Business description
Market analysis
Marketing and sales plan
Products and services and their competitive advantages
The markets you’ll pursue
The background of your management team and key employees
Your financing needs
Develop and execute strategy
Set priorities
Allocate efforts and resources according to priorities
Establish tasks, responsibilities, and performance expectations
How can an up to date business plan help an organisation in the current economic climate?
It can help identify emerging trends, market gaps, and untapped customer needs. Businesses can leverage these opportunities to diversify their offerings, expand into new markets, or invest in research and development.
How do you use networking to further your business planning skills?
Why is relationship building important for your role?
It can lead to positive reviews from clients, interest from new clients and sometimes to directly recruiting new staff.
What is a SWOT / PEST analysis?
SWOT - internal factors - Strengths, Weaknesses, Opportunities, Threats.
PEST - external factors - Political, Economical, Social anmd Technological.
Can you tell me about when you have used one in your role?
I used a SWOT analysis when
What insurance types have you dealt with and what risks have they protected against?
Explain the objectives of the RICS Covid-19 Recovery Business Plan.
Address the challenges caused by the COVID-19 pandemic in the real estate and construction sectors.
Support for members.
Health & Wellbeing focus.
Promote Sustainability and Resilience.
Adapting to New Working Practices.
Economic Recovery.
Enhancing Digital Capabilities.
Addressing Key Risks and Challenges.
It is about helping the sector recover, adapt, and thrive in the post-pandemic world, with a focus on sustainability, digital transformation, and the well-being of professionals.
Why are the RICS consulting on their business plan?
To ensure that the plan is well-informed, relevant, and aligned with the needs and perspectives of its members and stakeholders.
What is this strategic review called?
Explain how the apprenticeship levy works.
The Apprenticeship Levy is a tax levied on UK employers with an annual wage bill of more than £3 million. Employers are required to pay 0.5% of their payroll each month as a levy tax, which is then stored in a fund to help pay for apprenticeship training costs.
Why might the apprenticeship levy be beneficial to a business?
It incentivises employers to offer training opportunities to both new recruits and existing employees. This, in turn, helps businesses enhance productivity, innovation, and competitiveness.
When is the apprenticeship levy payable?
It is payable monthly by employers with an annual wage bill of over £3m.
Why is business continuity important?
It ensures a company can continue to operate during and after a disruptive event.
