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Business Planning Flashcards

1
Q
A
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2
Q

What is a business plan?

A

A business plan is a written document produced by a company that defines its business goals and aspirations

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3
Q

Why would you create a business plan?

A

Set business objectives – good leadership tool / direction for employees / team ethos. Business objectives trickle down to personal objectives.

Business direction – improved efficiencies / operations. Focused working. Market analysis / trends.

Improved profit / reduce operational cost

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4
Q

What would you consider when setting up a business plan?

A

Who are we? (Team / Company)

What are we trying to do? (Mission)

What problem do we solve? (Faster / better / easier / cheaper)

How do we reach our customers? (Sales / marketing / distribution)

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5
Q

What are the types of business plan?

A

Strategic
Operational
Departmental
Corporate

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6
Q

What is a strategic business plan?

A

A strategic business plan provides a high-level view of a company’s overall goals and how it will achieve them. Most plans include five elements:
- Business Vision
- Mission Statement
- Definition of critical success factors
- Strategies for achieving objectives - marketing, operational, and financial
- Implementation plan

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7
Q

What is a departmental business plan?

A

A departmental business plan is a document focused on a specific department within a company. i.e. QS team will have focused / specific targets in the business which they need to meet.

Activities to review include
- Review of period metrics
- Do metrics meet goals?
- Do annual goals need adjusting?

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8
Q

What is an operational business plan?

A

An operational business plan details daily operation of a business over the course of a year to meet strategic objectives.

An operation plan defines how you allocate human, physical and financial resources to reach short-term objectives that support your larger business goals.

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9
Q

What is a corporate business plan?

A

A corporate business plan defines actions / a strategy that the business can take to meet the overall business objectives within their business plan. It is a more detailed plan of what steps a company must take to achieve its goals e.g. increase sales of product C by 30% during the next quarter.

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10
Q

What are the steps to creating a corporate business plan?

A

Vision
Mission
Resources
Objectives
Strategies

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11
Q

What are SMART objectives?

A

Objectives within a business plan should be smart objectives
S - Specific
M - Measurable
A - Achievable
R - relevant
T - Time-based

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12
Q

What is a mission statement?

A

A statement written by a company that encapsulates what they offer, how they do this and who it helps.

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13
Q

What is the difference between operational planning and strategic planning?

A

Strategic planning helps your business outline / define long-term goals and fulfil the overall vision.
Operational plans define what process / procedures need to be undertaken to achieve strategic goals

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14
Q

What are your companies’ terms of business?

A

Terms of business – a document that sets out what services we offer to our clients. Also known as a schedule of services.

Limit of liability (project dependent, up to £10m)
Payment terms

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15
Q

What would you be interested in a clients business plan?

A

To understand the clients goals and aspirations – to help them reach / meet their objectives

To understand how we can shape the project you deliver to meet these objectives

Influence a project business case / brief
Use KPI’s
Understand the client’s financial position

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16
Q

How do you think an up-to-date business plan can help an organisation in the current economic climate?

A

The business can be updated proactively in line with market changes (e.g. produce / offer products that are less energy demanding)

May help to identify future opportunities

Consider any new legislation

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17
Q

How do staff appraisals influence business planning?

A

By assessing employees strengths and weaknesses, companies can be better able to match employee qualifications to job assignments

18
Q

What would you expect to see in a five-year business plan?

A

Executive Summary
Overview of current business structure, goals and performance
Establish a vision or mission
Develop well written smart objectives
Internal and external analysis e.g. SWOT analysis

19
Q

What are your companies markets and industries?

A

Construction industry: Multi-discipline consultancy firm (offering quantity surveying, building surveying, project management)
Operate in Residential, Commercial, Heritage and Education

20
Q

How can you add value to your business?

A

By understanding our targets and aligning my work personal targets to help the company achieve those.
Keeping up to date with market trends, networking and creating relationships
Becoming a chartered member of the RICS, gaining the knowledge and experience that goes with that.

21
Q

How can you generate additional business?

A

Repeat work – delivery projects and fulfilling client objectives
Creating good working relationships
Networking

22
Q

What is market analysis?

A

The activity of gathering information about conditions that affect a marketplace

23
Q

What is a KPI?

A

Key performance indicator – metric used to measure success against.
Profit margin
Staff numbers
Utilisation of staff

24
Q

What is SWOT analysis?

A

SWOT Analysis is a planning technique used by a company to identify its internal strengths, weaknesses, opportunities and threats
S - Strengths (internal)
W - Weaknesses (internal)
O - Opportunities (external)
T - Threats (external)

25
What is PESTLE analysis?
PESTLE analysis assesses key external factors that have the ability to influence a company. P = Political E = Economical S = Sociological T = Technological L = Legal E = Environmental
26
What are your companies’ values?
Innovation Integrity Collaboration Safety Excellence
27
Give me an example of how you have acted in line with one of your company’s values?
Safety = Actively acting with safety at the forefront of what I do when visiting sites Integrity = Always doing the right thing, no matter what
28
What can you tell me about AtkinsRéalis’ current business plan?
5 main targets People + Culture - fostering a high performance, agile environment where everyone can thrive Driving Growth - Accelerating Growth Delivery Excellence - Empowering teams to maximize value Revenue target for buildings and places - £209m
29
What are AtkinsRéalis’ financial targets for the year?
5% increase on previous year revenue for my specific sector £209m revenue is the target for 2025
30
How do you ensure that you contribute to the achievement of your company’s objectives / business plan?
Deliver and maintain high standards Awareness of the business strategy Consider how what you do helps those objectives to be met PDR - Personal development goals align with business ED&I objectives and H&S statement
31
What is contained within an appointment document?
Standard set of terms of business for different contracts - Scope of service - Duration of engagement - Fee and payment terms - Team that will be delivering the work - Rates for additional items - Exclusions - Insurances
32
When was the last RICS business plan issued?
2021 – 2022 Business Plan, which was released / published in December 2021 Mentions the RICS commitment to deliver on all of the 18 recommendations from the independent review by Alison Levitt
33
What does the RICS 2021-2022 business plan say?
Mentions the RICS commitment to deliver on all of the 18 recommendations from the independent review by Alison Levitt The RICS intend to focus on five key pillars over the next 12 months: - Trusted by our stakeholders and society – we aim to improve stakeholder trust and confidence in the RICS - RICS qualifications in demand – primary aim of ensuring RICS qualifications remain relevant for the next, more diverse generations and that increased numbers of members use RICS to meet their knowledge / training needs - Influential thought leader – we wish to be the profession’s leadership voice on sustainability, data and technology, and diversity and inclusion. Sustainable 21st century professional body – we aim to improve our financial sustainability and enhance the transparency of our governance, while improving overall satisfaction of members and the engagement of our people.
34
What is an organisation structure?
Organisational structure is the framework for which a business is managed and controlled It indicates roles and responsibilities, lines of communication and lines of authority
35
What are centralised and decentralised organisational structures?
Centralised = decisions are made by top managers and are distributed down the chain of command Decentralised = lower level employees pinpoint issues and make decisions before communication to upper management
36
What are the advantages and disadvantages of a centralised organisational structure?
Advantages - Greater control over business procedure - Decisions are made by highly experienced individuals Disadvantages - Time: The decision making process can be a long process
37
What are the advantages and disadvantages of a decentralised organisational structure?
Advantages - Time: Decisions can be made faster - Lower-level employees may be best placed to make decisions if they're working day in day our with clients / on projects Disadvantages - Coordination – Hard to ensure that businesses are consistent with their approach - Decisions may be made which are good short-term but long term has not been fully considered
38
What organisational structures are you aware of?
Functional Divisional Matrix Project
39
What is a functional organisational structure?
A functional structure groups employees into different departments by work specialisation. Each department has a designated leader, highly experienced in the job functions of each employee supervised by them.
40
What is a divisional organisational structure?
A divisional structure organises employees around a common product or location
41
What is a matrix organisational structure?
Hybrid - Employees are divided into functional teams that report to two managers - a project manager and functional manager. A matrix structure promotes duality and sharing of resources
42
What is AR’s organisational structure?
Matrix - We have different functions i.e. QS, PM, BS, but also different project leads which manage employees across each function.

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