Business Planning

Question 1

What should you do and consider when starting up a business?

Answer 1

1) Register company with companies house. 2) Register for VAT with HMRC - Threshold is £85 000. 3) PII insurance. 4) Employers liability insurance. 5) Buildings and contents insurance. 6) You may require funding to start a business. 7) Look at areas you will be working in. 8) Who is you clients? 9) What services are you going to provide? 10) Will you be doing agency, letting or professional. 11) Register AML with HMRC. 12) You will be striving for business growth. 13) Data handling an prevention of cyber crime procedures. 14) Encryption of data. 15) Best practice when using cloud based storage in the event of a data or malware attack.

Question 2

What legislation is there relating to Business planning?

Answer 2

• HMRC
• Banking Business Loan Requirements
• UK Company Law (Companies Act 2006)

Question 3

What does a business Plan do?

Answer 3

• Helps to:
  
  • Clarify your business idea
  • Spot any problems
  • Set out your goals
  • Measure your progress

Question 4

What is a start up business plan?

Answer 4

• Steps to start a business
• Desciption of the comany
• The products or services that the company will provide
• Analyses of competitors, Customer and Market
• Potential New Markets
• Provide a financial analysis of income, profit and cash flow projections

Question 5

What is an internal business plan?

Answer 5

• Targeting an audience for the business
• A plan to evaluate where a market may have changed
• Is any capital required for the start up
• Proviide information on any assocaited costs
• Maket analysis with potential customer base
• Will the market have a positive effect on the income

Question 6

What is a strategic Business Plan?

Answer 6

• What is the companies Goals
• How will the goals be achieved
• The five element foundation plan
  
  • ​Business
  • Vision
  • Mission Statement
  • Definition of critical success factors
  • Strategies for acheiving objectives

Question 7

What is a Feasibility Business Plan?

Answer 7

• Determines who will purchase the service or product
• Can the venture return a profit
• ​​Feasibility plan include:
  
  • ​Sections describing the need for the service or product
  • Target audience
  • Any required capital outlay
• A feasibility plan ends with recommendations for going forward

Question 8

What is an Operations Business Plan?

Answer 8

• Internal plans that consist of elements related to the company operations
  
  • Such as Work Flow
• Operation plan
  
  • Specified implementation markers/processes
  • Deadlines for the week/month/year
  • Outlines employees responsibilities

Question 9

What is a Growth Business Plan and what might it need?

Answer 9

• Expansion plans of proposed growth written for internal and external purposes
• Does the Growth require investment and may include
  
  • ​Descriptions of the comany
  • Details of managemetn and officers
  • Company details for potential investors
• If it needs no capital then it will include financial sales and expense projections

Question 10

What are typical Business Plan life spans?

Answer 10

• Short Term
  
  • ​Annually (1 year)
• Medium
  
  • ​2 to 5 years
• Long
  
  • ​5 to 10 years or longer

Question 11

What would you include in a Business Plan?

Answer 11

• Business name
• Business owner
• Busiiness Address
• Products/Services
• Market Research/Strategy
• Cost/Pricing Strategy
• Financial Forcasts
• Personal survival budget
  
  • ​Income
  • Expenditure
  • Cashflow
  • COVID-19
• Marketiing Strategy
  
  • ​RICS Rules
  • Advertising
  • Web Site
• Staff Resource
  
  • Recruitment
  • Admin
  • finacne
  • IT - GDPR 2018
  • Accountant
• SWOT
  
  • ​Strengths of your company
  • Weaknesses that your company can improve
  • Opportunities to allow for growth
  • Threat of competitors or new legislation
• PESTLE
  
  • ​Political
  • Economics (Pricing strategy)
  • Social implications
  • Technical - CPD’s, IT, Property
  • Legal - H&S, Insurance, Bribery Act
  • Environmental

Question 12

Why would you review or develop your business plan?

Answer 12

• To achieve the company objectives
• Good accounting practices
• Dividing business into sevice types (Professional/Sales/Lettings)
• Allocation of resources (Assets/staff)
• Measure Performance
  
  • ​Financial Performance
  • Customer satisfaction
  • Present performance
  • Improvements for future
• Investment requirements
  
  • Growth
  • Research and Development

Question 13

If you set up your own business what would you put in your short term business plan?

What would you want to measure or evaluate?

What would be your main aspiration?

Answer 13

• Market Research
• Products
• Pricing strategy
• Client base
• Competition
• Evaluate after 3 or 6 months
• Client satisfaction
• Profit/loss
• To make a profit/Growth