Business Planning SoE Questions Flashcards
What is a business plan?
A business plan is a document that reviews a company’s operational and financial targets for the forthcoming period, setting objectives and goals.
Typically set goals for a 3-5 year period.
Typically required to obtain bank loans and financing.
What is business strategy?
Outlines the business actions and decisions the company plans to take to help reach its business goals and objectives.
The strategy defines what the business needs to do to reach its goals, which can help with the decision-making process for hiring and resource allocation.
What is the difference of business strategy and business plan?
Business Strategy – entire organisation – what is the company aims to do i.e. what are the goals etc.
Business Plan – Concerned with the detailed implementation to achieve certain aspects of the business strategy.
What is typically in a business plan?
Executive summary
Marketing strategy
Vision and mission statements
Management team and personnel
Financial forecasts
Responsibilities and targets
Training and resource plans
SWOT analysis
What’s in RLB’s business plan and how do you help achieve it?
RLB has a 2030 strategy with the aim of upholding our ethic of high performance, whilst working on iconic projects. I am helping to achieve this by ensuring I work to the highest standards, working on recognisable projects with important clients.
The aim is also to create sustainable shareholder returns, this has already been demonstrated, with RLB’s share price increasing and returns being seen.
We are also aiming to have an innovative approach to our work. I have helped with this by getting involved with carbon cost reporting and creating cost models for residential clients.
Why might a company produce a business plan?
To help gain additional funding from banks or external investors.
To gain new clients or commissions.
Help focus on business priorities and respond to change.
For setting targets for staff.
What’s a SWOT analysis?
Strengths, Weaknesses, Opportunities and Threats.
Can be used as the basis for the business strategy.
What’s a PESTLE analysis?
Political
Economic
Social
Technological
Legal
Environmental
What is SMART?
Specific
Measurable
Achievable
Realistic
Time Related
What are the different types of business plan?
Strategic
Operational
Departmental
Corporate
Are you aware of any planning tools that can be used to support the preparation of a business plan?
SWOT analysis
PESTLE
SMART objectives
What is RICS’s latest business plan and what does it state?
Building Towards a New Future Business Plan 21-22
Be more open and transparent with members and the public about the operation, including decision making and finances.
Develop and implementing new, more effective, internal whistleblowing arrangements.
Continue to support the profession as economies recover from Covid-19 and minimise any increases in the cost of subscription levels.
Reduce RICS’ need to access external financial support.
What is discussed during your company’s internal monthly meetings?
We discuss the company’s performance, detailing projected turnover, cost of staff, gross profit and any other overheads there may be like rental, to give a post property profit.
The meeting also highlights improvements that need to be made, i.e filling in missing timesheets and uncompleted service reviews.
What are the key sectors that your company is targeting?
One of the largest sectors that my company is currently targeting is the Data Centre market.
Can you advise me on your company’s growth within the past 12 months and where the biggest improvement has been seen?
Throughout the NWNI region, we have seen 15% growth throughout the QS, BS and H&S team.
However, our biggest growth has been seen in Belfast since we opened an office in NI.
