Business Planning Level 1 Flashcards
Tell me about your involvement with business planning
I wrote the current business plan -
vision for future of firm, SWOT analysis, and marketing and sales strategy.
Set corporate objectives… steps to achieve the vision.
Revisit annually
What are the corporate objectives of your firm
key objectives are to allow MD to retire, find new markets and clients and build relationships with new referrers in south west.
How do you work towards these in your role?
Excellent client service
Complete APC
Business development - meeting new potential referrers
What are some of the typical things you’d find in a business plan?
1) Executive summary
2) SWOT analysis
3) Marketing and sales strategy
4) Management team and personnel
5) Operations
6) Financial forecasts
How can an up-to-date business plan help an organisation in the current economic climate?
- seek funding
- gain new instructions, new clients and new customers
- focus on key priorities in timely fashion
- respond to change
- budgeting
- set targets
How do you use networking to further your business planning sills?
- Meet new referrers
- Meet third parties that may be able to provide services to business
Why is relationship building important for your role?
Relationships are important for all aspects of business - dealing with third parties whether contractors, architects, clients, stakeholders, employees etc etc
What insurance types have you dealt with and what risks have they protected against?
PII - financial loss as a result of negligence
Employers liability / Public liability - liability for injury or damage suffered by employees or public
Structural warranties - financial loss from structural issues with property
Insurance backed guarantees - specialist subcontractor not providing competent service
Office insurance - financial loss as a result of damage to office
Cyber security - financial loss as a result of IT attack
Explain the objectives of the RICS Covid 19 Recovery plan
Strategy to support members during pandemic and afterwards due to the volatility that it created in the construction industry and beyond
Why are the RICS consulting on their business plan?
To ensure that members have pride in the institution - understand what members want and how to prioritise members goals to develop in the future
What is this strategic review called?
Future Foundations?
What is business continuity and why is it important?
Business continuity is a risk assessment and strategy to deal with biggest risks - eg key person being incapacitated - ensuring that there is a strategy to keep business going and to keep providing service to clients, paying staff, meeting liabilities
Explain how the apprenticeship levy works
It is paid at a rate of 0.5% of employers annual pay bill - have to pay it if business meets certain criteria (have annual pay bill of more than £3million, are connected to companies or charities for employment allowance purposes and have annual bill of more than £3million.
Why might the apprenticeship levy be beneficial to a business?
Gives employers opportunity to invest in skill development within their workforce.
When in the apprenticeship levy payable?
When business liability for payroll exceeds £3million annually - 0.5%
Why is business continuity important?
To maintain client service, to maintain cash flow and business solvency
What were the key aspects of business planning that you have learned?
Importance of setting time SMART objectives that are relevant and support long term objectives.
Without business plan then just dealing with day to day work and don’t look at the bigger picture and direction of the business. - may miss opportunties
What are the sections you would expect to find in a business plan?
- SWOT analysis
- SMART objectives
- marketing strategy
- executive summary
What is your companies business plan?
To deal with current challenge of retirement of key person and look to future
How do you support your companies business plan in your role?
Good client service
New referrers
Networking to identify new opportunities
What are the long term objectives in your companies business plan?
What are the short term objectives?
Retirement
New market - south west
How did you go about developing the business plan for your organisation?
Carried out SWOT analysis
Looked at financial records
Identified SMART objectives
How did you include or the key retirement in your organisation?
- Looked at RICS requirements for regulated firms
- what are the regulatory requirements for retirement and business continuity
- looked at options to enable retirement and set objectives to achieve goal.
