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RICS APC > Business Planning JS > Flashcards

Business Planning JS Flashcards

1
Q
A
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2
Q

How do you keep up to date with market conditions?

A

Building magazine
MODUS
DeLever weekly APC Roadshow

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3
Q

How do you know what your competitors are doing?

A

Media publications
Building magazine
Word of mouth - speak to them and ask at regular networking events
Read the news and news of competitors

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4
Q

How can an up to date business plan help an organisation in current economic climate?

A

Secure new funding
Gain more clients
Respond to change
Set staff targets

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5
Q

What are SMART goals?

A

Specific
Measurable
Achievable
Realistic
Time Related

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6
Q

What is PESTLE analysis?

A

Political
Economic
Social
Technological
Legal
Environmental

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7
Q

What RICS business planning are you aware of?

A

RICS Strategic Foresight 2030.
Building towards a new future Business plan 2021–22.

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8
Q

What is SWOT analysis?

A

A business planning tool which looks at;
Strengths
Weaknesses
Opportunities
Threats

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9
Q

How do companies write a business plan?

A

They undertake an analysis of the market and industry to identify business opportunities and critical success factors.
Companies should focus their resources in developing their competences in the critical success factors.
This then leads to the development of goals and objectives with their associated strategies and actions.

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10
Q

How do you contribute to your company’s goals?

A

My company’s goals are to uphold an ethic of high performance and to deliver clear reputation growth.
I contribute to both of these as I deliver to a high daily, whilst also trying to grow my reputation. This can be seen through my regular LinkedIn posting.
I also keep up with new technologies and aim to upskill the new and junior team members.

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11
Q

Why does a business need to understand it’s staffing levels?

A

Manage overheads
Forecast staff tunrover
Recruitment strategy
Training requirements

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12
Q

What is meant by business strategy?

A

A business strategy is an outline of the actions and decisions a company plans to take to reach its goals and objectives.

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13
Q

What is the difference between a business strategy and business plan?

A

A business plan deals with the detailed implementation of specific aspects of the overall strategy.

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14
Q

L1 - What would you include in a Business Plan if you were setting up on your own?

A

I would include targets for the next 3-5 years which would include items such as:
Turnover
Profitability
Staff retention
Marketing Strategy
Sustainability

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15
Q

L1 - How do you fit in to your company?

A

I aim to grow my reputation within the market and this aligns with my companies vision to deliver reputation growth.
My company also aims to achieve high performance. I work towards this every day and therefore contribute to my company.

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16
Q

L1 - What are your company obliged to provide you with?

A

Required training.
Safe place of work.

17
Q

L1 - What are the objectives of your company’s business plan?

A

My company has a 2030 strategy to:
Lead by example striving to uphold our ethic of high performance.
Focused on profitable outcomes to create sustainable shareholder returns.
Embracing our evolving industry, taking an entrepreneurial yet considered approach to innovation. Growth led with positive ambition.

18
Q

L1 - How do your company’s business plan objectives reflect on your daily work?

A

My company’s business plan reflects on my daily work as I aim to lead by example and provide a high level of performance. These are some of my company’s objectives within the market.

19
Q

L1 - How would a business measure its performance against its business plan?

A

Key Performance Indicators.

20
Q

L1 - What external factors beyond the control of the company would consider when constructing its business plan?

A

Pandemic as seen with Covid-19.
War as seen between Ukraine and Russia.
Increased rates of inflation and interest.

21
Q

L1 - What current challenges is Covid and/or Brexit bringing to Business Planning?

A

Covid-19 - promoted flexible working, changed layouts & social distancing.
Covid-19 - Business being more flexible & working across multiple markets to reduce risk
Brexit - loss of foreign labour from industry, hauliers.
Brexit- exchange rates & value of £
Investment in AI/software

22
Q

L1 - How are your company dealing with these challenges?

A

Improved software updates to facilitate working at home. Implementation of Microsoft teams throughout the company.
Gaining new lines of work in assisting with production of carbon cost plans.

23
Q

L1 - What is the RLB business plan?

A

It is called the 2030 vision. It focuses on four key areas

Financial - To hit 150m turnover and 30m profit. This is done through pipeline surety and debt management

‘Have fun’ - Ensure that all employers feel valued and having business culture as a differentiator

Stay sustainable and independent

Reach into new markets

24
Q

What is a business plan?

A

A formal document which contains the goals of business, methods to achieve and timeframes

25
Q

What are the different types of business plan?

A

Strategic
Operational
Start Up
Internal
Corporate

26
Q

What is a strategic business plan?

A

Looks at the long term goals and objectives of a business. Focusing more on the goals and strategy and how they will be achieved.

27
Q

What is a internal business

A

Targeted audience are the internal staff, can be the marketing team putting together a bid

28
Q

What is a operational business plan?

A

Looks specifically at internal plans. Employer responsibilities and the deadlines

29
Q

What is a start up?

A

Defines who the company are, the structure, the market the operate in, the next steps and provides a financial summary to investors

30
Q

What is a corporate business plan?

A

Focuses on who the target audience are and what they need to generate profits.

31
Q

What are the different types of business structure?

A

Sole Trader
Partnership
Limited
Limited Liability

RICS APC (20 decks)

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