BUSINESS PLANNING - Level 1 Flashcards
What is a Business Strategy?
Sets vision and goals and how the business proposes to meet them.
What is a Business plan?
- A documents that sets out operating and financial objectives.
- Usually set over a duration – commonly 3 or 5 years
What is the RICS’ business plan?
• The RICS Business Plan 2018 – 2021 is a detailed strategy for the next three years, providing direction on our vision:
• “Through our credential and our professional standards we will create confidence in markets and be known for effecting positive change in the built and natural environments.”
Strategy
• Sustainable 21st century professional body
• our professional qualifications remain in demand
• Trusted by our stakeholders and society
• Influential thought leader
What is Calfords Business Plan?
- 5 year financial target
- Vision ‘We aspire to excellence through innovation, integrity, collaboration and investment’
- Core values
- Current state of business
- Financial strength
- Investment in BIM and staff training
- Plan to delivery multi disciplinary services to various sectors
- Calford’s Vision
• ‘We aspire to excellence through innovation, integrity, collaboration and investment’
What is in a business plan
• Vision Statement Executive Summary • Company Overview • Marketing Strategy • Products and services • Management team • Financial targets • Goals/Methods for achieving it • SWOT/PESTLE/Other analysis • Training and resource strategy
What different types of analysis can a business undertake to assist in the development of their objectives?
- SWOT (Strengths, Weaknesses, Opportunities, Treats)
* PESTLE (Political, Economic, Social, Technology, Legal, Environmental)
What type of threats would Calfords have on their SWOT analysis?
- Currently market conditions – difficulties finding skilled resources / retaining staff
- Competitors
- Keeping up with advancing technologies
Define an investment appraisal for me?
• Used to assess if a business or project is worth investing in , in terms of risk.
How do you feel your role contributes to the success of the company?
- Undertake CPD – helps me keep upto date with changes in the market for my own grown and advising clients
- I assist with training more junior members of staff – where training is a core part of calfords business plan
- I ensure I complete time sheets which assists with invoicing/ income
- What is discussed in the periodic corporate business plans and the fortnightly team meetings?
- Business – financial performance and lookahead . Also discuss any Opportunities and Treats. Sometimes CPD is given as part of these
- Team meetings – focus on pipeline work opportunities ,team targets and resourcing.
What is the Liquidity Ratio?
Indicator to assess the companies ability to quickly turn assists into cash to pay debts
What is the Profitability Ratio?
Indicator on the ability for a company to generate a profit.
What is the Gearing Ratio?
Indicator to assess proportion of companies borrowed funds to its equity.
Can you explain some Company Structures
- Hierarchical – Traditional power at the top, with everyone reporting up the chain.
- Functional - breaks up a company based on the specialization of its workforce. Most small-to-medium-sized businesses implement a functional structure.
- Flat – Smaller organisations where nearly all employees are at the same level.
