Business planning (Level 1) Flashcards
What is a SWOT analysis, and how is it used in business planning?
SWOT analysis examines an organisation’s Strengths, Weaknesses, Opportunities, and Threats to inform strategic planning and decision-making.
How does PESTLE analysis impact business planning?
PESTLE analysis evaluates Political, Economic, Social, Technological, Legal, and Environmental factors affecting the business, helping in anticipating external challenges and opportunities.
What is the importance of aligning strategy with organisational objectives?
Aligning strategy with objectives ensures that all business activities support the overall goals and drive the organisation towards its desired outcomes.
How can SWOT and PESTLE analyses be integrated into business planning?
Integrating both analyses provides a comprehensive view of internal and external factors, enabling more informed and balanced strategic decisions.
What is the role of cross-selling in achieving organisational objectives?
Cross-selling enhances revenue and client relationships, contributing to the achievement of organisational objectives by expanding service offerings.
Why is it important to regularly review and update business plans?
Regular reviews ensure the business plan remains relevant and effective, adapting to changes in performance, market conditions, and organisational goals.
What is a business plan?
A document that outlines a company’s goals and strategies for achieving them.
What are the key components of a business plan?
❖ Description of company
❖ Operational plan or structure
❖ Performance indicators
❖ Market analysis
❖ Financial plan
❖ Timescales
❖ Values
❖ Social Impact
What is the purpose of a business plan?
❖ To guide a company towards their objectives
❖ Demonstrate financial viability of a business
❖ Identify potential risks and mitigations
❖ Set goals and methods to measure progress/success
What steps would you have to take to set up your own practice as an MRICS?
- Register your firm with the RICS
- Obtain adequate insurance policies – professional indemnity, employer’s liability, public liability
- Practices in place to protect Client money
- Publish complaints handling procedure
- Compliance with RICS Rules of Conduct
- Staff training practices for competence and development
What is a balance sheet?
Reports on a company’s assets and liabilities at a point in time.
What is a profit and loss statement?
Reports on a company’s revenues and expenses over a period of time.
What is a cashflow statement?
tracks the inflow and outflow of cash over a period of time.
What is the minimum limit of indemnity required by the RICS for firms with a turnover of £200k+?
£1,000,000 on an ‘each and every’ claim basis or aggregate plus unlimited round the clock reinstatement basis
What should you include as the last step of a complaints handling procedure?
A form of ADR in the instance that the complaint is cannot be resolved.
