L1 - Business Planning

Question 1

What is your firms business plan?

Answer 1

• Retain repeat business
• Start up and grow within the USA market
• Retain reputation as leader in the industry for professionalism

We don’t assess things in terms of 3-5 year plans, work quarterly

Question 2

What are assets?

Answer 2

An item of property owned by a person regarded as having value

Question 3

What are liabilities?

Answer 3

an obligation to, or something that you owe somebody else

Question 4

What is a creditor?

Answer 4

a person or company to whom money is owing e.g. a bank

Question 5

What is a debtor?

Answer 5

a person, country, or organization that owes money.

Question 6

What are corporate objectives?

Answer 6

Statements of intent that provide the basic direction for the activities of an organization in pursuit of its mission.

Question 7

What are key areas for corporate objectives?

Answer 7

• Innovation
• Market standing
• Productivity
• Physical and financial resources
• Profitability
• Public responsibility

Question 8

What is a (strategic) business plan?

Answer 8

A strategic plan outlines your mission, vision, and high-level goals for the next three to five years. It also takes into account how you’ll measure those goals, and the major projects you’ll take on to meet them.

Question 9

What is an operational plan?

Answer 9

An operational plan (also known as a work plan) is an outline of what your department will focus on for the near future—usually the upcoming year.

Question 10

What is the RICS’ impression of the key world challenges?

Answer 10

• Mass urbanisation.
• Increasing instability
• Scarce resources

Question 11

How are fees for a project calculated?

Answer 11

• Resource – programme, nr of people and their rate, expenses etc.
• Percentage – of the Contract Sum.

Question 12

What would you include in a bid submission document for a project?

Answer 12

•	Fee proposal / breakdown of resource
•	Scope of services
•	Personnel / CV’s / experience
•	Relevant insurances (PI, Employer’s Liability)
•	Terms and conditions
               o	Complaints handling
               o	Client’s money

Question 13

How can a company analyse its position in the market?

Answer 13

• Analyse its market share
• Review it’s profitability compared to competitors

Question 14

Can you name one opportunity to your business

Answer 14

Previously it was to expand in the USA where the market was starting to open up

Companies going bust in COVID19, we can increase our market share