Business Planning - Level 1 Flashcards
Tell me about your involvement with business planning
Regular team meetings on a weekly and quarterly basis to assess department performance and highlight objectives and areas for improvement.
What are the corporate objectives of your firm?
How do you work towards these in your role?
What are some of the typical things you’d find in a business plan?
- Company description
- Market analysis
- Marketing strategy
- Management
- Financial plan
How can an up-to-date business plan help and organisation in the current economic climate?
- Providing a roadmap
- Identifying opportunities
- Mitigating risks
- Securing funding
How do you use networking to further your business planning skills?
- Learning from others
- Getting feedback
- Building reputation
- Staying up-to-date
Why is relationship building important for your role?
- Trust with clients to gain repeat business
- Referrals from clients
What is a SWOT / PEST analysis
Strategic planning tools to assess internal and external factors that may have an impact on the success of a venture
PEST is used to analyse macro-environmental factors - Political, Economic, Social and Technological
Can you tell me about when you have used one in your role?
SWOT analysis included in the valuation report of a building
SWOT analysis included when pitching for a leasing instruction
What insurance types have you dealt with and what risks have they protected against?
PII - negligence claims
Property/portfolio insurance
Explain the objectives of the RICS Covid-19 Recovery Business Plan?
- Provide practical guidance
- Build resilience
- Promote collaboration
- Support innovation
- Advocate for the profession
Why are the RICS consulting on their business plan?
As a result of the Bichard Review
What is this strategic review called?
Bichard Review
What is business continuity and why is it important?
The ability of a firm to continue operating its critical business functions during and after disruption. It involves identifying potential threats, assessing risks and developing plans to ensure that essential operations can continue with minimal disruption.
Explain how the apprenticeship levy works
All employers with a payroll bill of over £3 million per year are required to pay a levy of 0.5% on their annual payroll costs. Once the levy has been paid, employers can then access funds in their apprenticeship service account to pay for apprenticeship training and assessment. The government also provides a 10% top-up to the finds.
