Business planning

Question 1

What would you find on a business plan?

Answer 1

Analysis of some of the key risks and opportunities facing the business.
Resources required to service clients.
Market/competitor analysis.
Products and services.
Marketing and sales strategy.
Financial plan.

Question 2

How can you use commercial awareness to identify cross selling opportunities?

Answer 2

Get to know our clients well and understand their portfolios to see if they have other business / property opportunities.

Aim to understand the needs of occupiers in the market so we can target their requirements for commercial space.

Question 3

What are your firm’s business objectives?

Answer 3

1. To develop and grow the business.
2. Increase market share.
3. Retain existing and gain new clients.

Question 4

What are your employer’s Key Performance Indicators?

Answer 4

Key performance indicators (KPIs) refer to a set of quantifiable measurements used to gauge a company’s overall long-term performance.

My firm measures the following:

Fees billed.
Work in Progress - Volume and value of transactions.
Number of active clients.
Volume of enquiries.
Number of viewings.
Client satisfaction levels.

Question 5

How would you produce a small business cashflow projection?

Answer 5

I would use an excel spreadsheet to document the cashflow forecast for a set period of time (e.g. 1 year).

I would include all regular outgoings (e.g. wages, utilities, loan repayments, contracts etc).

I would look at fees in hand and assess the likelihood of these transactions completing, and the proposed completion date.

I would also look at opportunities further down the line such as active or upcoming instructions.