Business Planning (Level 1) Flashcards
Tell me about your involvement with business planning.
What are the corporate objectives of your firm?
The corporate objectives are to become and stay profitable, maintain cash flow and establish and sustain productivity and plan for growth.
How do you work towards these in your role? Company goals
I work towards these objectives by maintaining a high level of professionalism and dedication to my work. And by meeting targets and objectives set to achieve my companies goals.
What are some of the typical things you’d find in a business plan?
An executive summary,
a description of the business
the market the business will operate in
the services offered
market
a financial plan.
How can an up to date business plan help an organisation in the current economic climate?
It can help guide growth and ensure that key targets and goals are met.
It can help identify new opportunities in the market.
How do you use networking to further your business planning skills?
Why is relationship building important for your role?
Relationship building is important for my role as it allows me to build up rapports and creates a trust that my work is carried out in my clients best interests. As well as building relationships with people from the VAluation Office to collaborate on appeals in the order to provide a swift turn around on appeals.
What is a SWOT / PEST analysis?
A SWOT analysis is designed to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization, initiatives, or within its industry.
Can you tell me about when you have used one in your role? SWOT
I have used a SWOT analysis when analysing the viability of cases. In particular when there is a risk to the assessment increasing on the initial part of appeal.
What insurance types have you dealt with and what risks have they protected against?
Explain the objectives of the RICS Covid-19 Recovery Business Plan.
Influential thought leader
Through collaboration with others, we bring about beneficial change in response to the major challenges the world faces.
Trusted by our stakeholders and society
We are trusted globally to set and enforce consistent standards for the profession.
RICS professional qualifications remain in demand
As a result of market respect and demand for our profession’s standards and qualifications, highly talented individuals choose to qualify, commit to lifelong professionalism and work to our standards. We inspire more diverse entrants into a purpose-rich profession that plays a major role in shaping the world we live in. Our
professional qualifications continue to remain relevant in a world disrupted by new technology and advances in big data.
Sustainable 21st century professional body
We continue to generate the financial ability to invest in our vision; the profession and our employees are highly engaged in both our direction and purpose; those that engage with us and consume our products and services are satisfied that these add real value.
Why are the RICS consulting on their business plan?
consider all the views and suggestions put forward, as they set that future strategic direction
What is this strategic review called?
Defining our future
What is business continuity and why is it important?
Business continuity is a proactive plan to avoid and mitigate risks associated with a disruption of operations. It is important as it provides detailed steps to be taken before, during and after an event to maintain the financial viability of the business.
Explain how the apprenticeship levy works.
The apprenticeship levy is a government led scheme designed to increase the number of apprenticeships on offer throughout the UK by levying funds from the most successful businesses. The levy is paid by large businesses with a pay bill of over £3 million. This amounts to 2% of UK employers. Smaller employers pay just 5% of the cost of their apprenticeship training and the Government pays the rest.
