Business Planning - Level 1

Question 1

What is long term forecasting and why is it used?

Answer 1

• Is planned for in excess of a year. This helps to plan for expansion over a longer period of time.

Question 2

• What system is in place for continuity of practice in your company?

Answer 2

• Keep healthy business contacts.
• Look at the economics relating to the property industry.
• Seek new ventures through existing contacts.

Question 3

• How do you identify potential new business streams in your company?

Answer 3

• To firstly identify if the business is within an area that we are competent in.
• Then build on the business relationships.

Question 4

• What part does marketing play in business planning?

Answer 4

• Marketing is imperative providing it is done in the correct way and at the correct time.

Question 5

• What current challenges is Covid and/or Brexit bringing to Business Planning?

Answer 5

• From my perspective since the pandemic none.
• And this is because I have been too busy with appointments booked in some case 5/6 weeks in advance.

Question 6

• How is your company dealing with this challenge?

Answer 6

• At the moment we are thriving on the business that we are doing.

Question 7

• What does a start-up plan involve.

Answer 7

• Description of the company.
• Register with Companies House
• Register with VAT with HMRC
• Obtain PII Insurance.
• Arrange Employers Liability.
• Buildings and Contents insurance.
• Market research.
• Who are your clients.
• What services will you be offering.
• Register AML with HMRC

Question 8

•What is the importance of business plan objectives.

Answer 8

• Helps to clarify your business idea.
• Identify any problems.
• Set out your goals
• Measure your progress.
• The main aim being GROWTH.

Question 9

• What are the typical business life spans.

Answer 9

• Short Term – One Year
• Medium Term – Two to Five years.
• Long Term – Five to 10 years or longer.

Question 10

• Why you would review a business plan.

Answer 10

• To keep up to date with any potential changes within the company or industry
• May need to make changes to the plan.
• To attract new clients to allow for growth.

Question 11

What is the HSBC Business Plan tool?

Answer 11

• A business plan template.

Question 12

How would you start up a business?

Answer 12

• Register with Companies House
• Register with VAT with HMRC.
• Obtain PII Insurance
• Arrange Employers Liability.
• Buildings and Contents insurance
• Market research.
• Who are your clients.
• What services will you be offerin
• Register AML with HMRC