Business Planning L1 Flashcards
1
Q
What procedures does your firm adopt to ensure they are profitable (6)
A
- Timesheets
- Resource planners
- Fee / cost reconciliation tools
- Project reviews
- Business development strategy
- Team meetings
2
Q
What issues would a company face with a high employee turnover (5)
A
- Increased recruitment costs
- Increased training costs
- Poor staff morale
- Lower customer satisfaction
- Loss of repeat business
3
Q
Give examples of fee earning staff (4)
A
- Quantity surveyors
- Architects
- Valuers
- Building Surveyors
4
Q
Give examples of non-fee earning staff (3)
A
- Accountants
- IT support staff
- Business development managers
5
Q
What is an investment appraisal (2)
A
- Used to determine whether a business or project would generate the required level of return and be financially viable
- It would consider: Rate of return, payback period and net present value
6
Q
What components would you identify within a business plan (6)
A
- Executive summary
- Marketing strategy
- Vision & Mission statements
- products & services
- SWOT analysis
- Financial forecasts
7
Q
How can a business plan help a company remain profitable (4)
A
- Assist with securing new funding and investment
- To grow existing client base and projects
- Grow market shares
- Supports accurate forecasting and budgeting
8
Q
What is a business model (2)
A
- Strategy implemented by an organisation to generate revenue and make profits from its operations
- it may include the following concepts: Products & services being offered, business sector being operated in, target client/customers
9
Q
What is meant by the term business strategy (2)
A
- Outlines the actions and decisions a company plans to reach its business goals and objectives
- Key components are: SWOT analysis, resource allocation, performance monitoring & review
