Business Planning Flashcards
What difficulties may a business experience with a high staff turnover?
- Resourcing challenges
- Difficulty recruiting experienced staff
- Costs of recruitment
- Training new staff
What is the difference between a business strategy and a business plan?
A business strategy looks at the business as a whole, outlining goals and objectives.
A business plan looks at certain elements of the strategy and how they can be implemented.
How would you assess the internal and external factors in a business plan?
Internal - SWOT (Strengths, weaknesses, opportunities and threats)
External - PESTLE (Political, Economic, Social, Technological, Legal, Environmental)
What are some of the objectives of your companies business plan?
OPRE Playbook:
- Embed Strategy - Understand our cilent’s requirements and try to fins ways to service these requirements
- Key Client Teams - Assign a team to each client whereby you meet with them once a quarter for a coffee in order to discuss their strategy
Are you aware of the RICS business plan and objectives?
My research showed that the last business plan the RICS published was in 2021. The key points were as follows:
Financial;
1. Reduce the RICS’ need to access external financial support.
2. Begin to strengthen financial reserves.
3. Deliver improved value for members
Corporate;
1. Aim to be the profession’s leading voice on sustainability, data, tech and DE&I.
2. Aim to increase participation and engagement with members.
3. Aim to ensure RICS qualifications remain relevant, and to uphold training.
4. Aim to improve stakeholder trust and confidence in RICS.
What are the typical time frames for business plan and strategy?
Business plan - 1-3 years
Business strategy - 3-5 years
How do you contribute to CBRE/OPRE’s business plan?
- I am a member of three key client teams, two within healthcare, and one within OPRE
- I am in the Junior board, serving as a conduit between the senior and junior teams, finding ways to include more juniors with our company’s strategy
- I am on the Alpha testing team for all AI programmes which are trialled in CBRE, providing feedback and enhancing the efficiency of the processes at my company
What is the RICS mission statement?
Establish the RICS as the most respected and highest profile global organisation.
Why would you require a business plan?
- Bank loans or financing
What would you expect to see in a business plan?
- Executive summary
- Company description
- Details of marketing and sales strategies
- Vision and missions statements
- Team structure
- Financial forecasting
- SWOT & PESTLE analysis
- Required training
Can you give some examples of fee earning and non-fee earning staff
Fee earning
- QS
- PM
- Architects
- Engineers
Non-fee earning
- IT
- Admin
- Finance
What must you do when setting up a surveying business?
- Notify the RICS
- Set up a company bank account
- Have relevant insurances
- Complaints Handling Procedure
- Register with companies house and inform HMRC
What are SMART objectives and targets or objectives as part of a business plan?
- Specific
- Measurable
- Achievable
- Realistic
- Timely
What kinds of business plan can be constructed?
- Feasibility business plans
- Strategic business plans
- Growth business plans
