Business planning Flashcards
What is your involvement with business planning?
I contribute to strategic planning meetings and ensure my work aligns with business objectives, such as improving service efficiency and client satisfaction.
What are the corporate objectives of your firm?
Delivering high-quality surveying services, stewardship of Llandudno, ensuring financial sustainability through cost control and revenue generation, and promoting sustainability in the built environment.
How do you work towards corporate objectives in your role?
By contributing to business development and client relationship management, ensuring compliance with RICS standards and regulations, and supporting CPD and knowledge-sharing initiatives.
What are some typical components of a business plan?
- Executive Summary – Overview of business goals and strategy.
- Market Analysis – Identifying opportunities, competitors, and trends.
- Financial Projections – Cash flow, profit & loss, and funding needs.
- Operational Plan – Structure, staffing, and key processes.
- Risk Management Strategy – Identifying and mitigating business risks.
How can an up-to-date business plan help an organization in the current economic climate?
It helps businesses adapt to changing market conditions, provides a roadmap for financial sustainability, identifies opportunities for growth and risk mitigation, and aids in securing investment or financing.
How do you use networking to further your business planning skills?
By attending industry events and RICS networking groups, engaging in cross-sector discussions to gain market insights, and building relationships with clients, peers, and professionals to create business opportunities.
Why is relationship building important for your role?
It increases client retention and referrals, strengthens collaboration and knowledge-sharing within the industry, and enhances opportunities for business development.
What is a SWOT analysis?
A SWOT analysis is used to analyze the internal strengths and weaknesses and external threats and opportunities of a company, aiming to exploit strengths and opportunities while mitigating weaknesses and threats.
What is a PEST analysis?
A method for analyzing influencing market conditions, considering political, economic, socio-demographical, technological, and environmental influences.
Can you provide an example of when you used a SWOT analysis in your role?
I conducted a SWOT analysis for a property investment (10 Mostyn Street), identifying strengths like prime location and stable tenant, weaknesses like high initial investment, opportunities like rental growth potential, and threats like economic downturn risks.
What insurance types have you dealt with and what risks have they protected against?
Public Liability Insurance – Covers third-party injury or damage claims. Employer’s Liability Insurance – Required for businesses with employees.
What are the objectives of the RICS Covid-19 Recovery Business Plan?
To ensure business resilience and professional integrity during the pandemic, support members and firms through regulatory flexibility, and encourage digital transformation and sustainability in the built environment.
Why is RICS consulting on their business plan?
RICS is reviewing its long-term direction and governance to enhance transparency.
What is this strategic review called?
Bichard review.
What is business continuity and why is it important?
It ensures operations can continue during disruptions such as economic downturns, cyber-attacks, or natural disasters, protecting clients, revenue streams, and company reputation.
Explain how the apprenticeship levy works.
A UK government initiative requiring employers with a payroll over £3 million to contribute 0.5% of their wage bill into a fund, which can be used to train apprentices and upskill the workforce.
Why might the apprenticeship levy be beneficial to a business?
It helps fund staff training and professional development, supports talent retention and succession planning, and reduces skills gaps within the industry.
When is the apprenticeship levy payable?
Monthly, through PAYE payroll deductions.
Why is business continuity important?
It prevents financial losses and reputational damage, ensures compliance with legal and regulatory obligations, and supports long-term sustainability and resilience.
What are Porter’s five forces?
Used to analyze the competitiveness of an industry and barriers to entry, the forces are: substitute products, bargaining power of suppliers, bargaining power of customers, and rivalry amongst existing firms.
How do companies write a business plan?
They analyze the market and industry to identify business opportunities and critical success factors, focus resources on developing competences in these factors, and develop goals and objectives with associated strategies and actions.
What is a client account planning session?
A review of current workload, resources, and fees, involving the identification of key client personnel and pipeline opportunities.
What is a business plan?
A formal statement of the business goals with reasons why they are thought to be attainable and the plan for reaching those goals, providing a common ground for employers.
What is contained within an appointment document?
It includes clarification of the work scope, the agreed fee bid, the firm’s terms of business, any agreed amendments to the firm’s terms of business, and contact details.
Does your firm produce an annual account?
Yes, it produces a statement of turnover, gross profit, and net profit, which must be submitted to Companies House in accordance with the Companies Act.
Would you be able to interpret and understand an annual account?
At a high level, but I would seek further advice from one of our internal accountants.
What are some of your firm’s terms of engagement?
They include problems and complaints handling procedures, payment terms and interest entitlement in the event of late payment, and termination notice.
What is your firm’s business plan?
To further grow estate assets and diversify the estate.
How do you contribute to your company’s goals?
By sharing knowledge within the business and keeping up with new technologies.
How do you think an up-to-date business plan can help an organization in the current economic climate?
It aids in budgeting purposes and helps focus on key priorities.
