Mandatory - Business Planning Flashcards
What tools does Greenwoods use to ensure we’re making a profit?
Timesheets.
Fee calculation spreadsheets and conciliation tools.
Project reviews.
Performance meetings.
Team meetings.
Workload planners.
What is benchmarking on a construction project?
When you compare the estimated cost of a project against similar, completed projects. Can highlight areas of design that are not providing good value or whether the contractor’s price is in line with the wider market rates.
What is a SWOT analysis?
Strategic planning tool to evaluate Strengths, Weaknesses, Opportunities and Threats for a prospective project or business venture. Use it as a basis for developing strategy.
What is a PEST analysis?
A tool to work out how external force impact a business or project. Stands for Political, Economic, Social and Technological.
What are the main issues relating to staff turnover?
Expensive and time consuming to replace staff.
Training is time consuming and expensive.
High turnover can affect staff morale and business productivity.
What are SMART objectives as part of a business plan?
Objectives that are specific, measurable, achievable, realistic and time related.
What do I need to consider when setting up a QS business?
Tell RICS I’m starting a business and comply with the Rules of Conduct for members and firms.
Create a business plan.
Create a H&S policy.
Register with Companies House and the HMRC.
Set up a business bank account.
Set up a complaints handling procedure.
Get professional indemnity and run off insurance (covers against claims of negligence).
Employer’s liability insurance (covers against death or injury resulting from work).
Building insurance (covers the office in case of damage by fire, flood etc).
Public liability insurance (covers against claims from the public).
What is an investment appraisal?
Used to assess whether a business or project would be a worthwhile investment in terms of financial or reputational return. Consider the rate of return, payback period and Net Present Value (NPV = value of cash inflow against cash outflow).
Who are fee earning staff?
QS
PMs
Principal Designers
Marketing
Who are non-fee earning staff?
Admin
IT
HR
What is an organisational chart?
Graphical representation of roles and responsibilities within the organisation, and how these relate to each other. Depicts the structure of an organisation as a whole, or by departments.
How do I contribute to my company’s goals?
Understand my role and how it fits into the organisation.
Deliver the work we’ve promised to clients.
Work diligently and try to exceed expectations.
Attend interviews and bring in repeat business.
Train junior staff and continually learn myself.
What is meant by business strategy?
Outline plan of how the company means to achieve its business goals and objectives. Helps guide decision making for recruitment and resource allocation.
What is strategic planning?
Managerial process pf balancing the businesses objectives and resources against changing market conditions and opportunities.
What is the difference between business strategy and business planning?
Business Strategy is focused fundamental choices that impact on the entire organisation. Such as how we work, where we operate and resource allocation.
Business Planning focuses on the detail and how we implement day to day tasks to achieve the Business Strategy.
