Matt - Business planning - Level 1

Question 1

What are the essential components required to create a successful business plan?

Answer 1

1. Executive summary
2. Description of the business
3. Market it operates in
4. SWOT analysis
5. Products or services offered
6. Marketing
7. Financial plan

Question 2

What is a business plan?

Answer 2

A document which sets out the objectives that a business wants to achieve and how it plans to do that

Question 3

What is the VOA’s business plan?

Answer 3

1. Be a great place to work
2. To provide excellent customer service
3. To provide thorough and detailed valuations

Question 4

What is the current RICS business plan?

Answer 4

“Building towards a new future”

Question 5

What is the purpose of a SWOT analysis?

Answer 5

A tool used to assess whether a business is meeting the objectives detailed within its business plan

Question 6

What are some of the various business structures in the UK?

Answer 6

1. Sole trader
2. Limited liability partnership
3. Limited company

Question 7

What is a sole trader?

Answer 7

Where a surveyor is self employed and runs the company as an individual

Question 8

What are a sole traders liabilities?

Answer 8

The sole trader is liable to all of the businesses debts

Question 9

Does a sole trader have to register with Companies House?

Answer 9

No, but they must inform HMRC

Question 10

What is a limited liability partnership?

Answer 10

This is where a business is set up and is ring fenced from each partners personal assets and finances

Question 11

What are the liabilities for a limited liability partnership (LLP)?

Answer 11

Only the business assets, their personal assets are kept separate

Question 12

Do limited liability partnerships need to be registered with Companies House?

Answer 12

Yes, however the partners register themselves individually to HMRC for Income Tax purposes.

Question 13

What is a limited company?

Answer 13

This is where a business is set up that separates the business from the owners, similar to a limited liability partnership.

An example of this is a PLC, which is where shares can be sold to the public on a listed stock exchange.

Question 14

What is the VOA’s Key Performance Indicators?

Answer 14

CT and NDR - Ensuring cases are dealt with quickly and don’t get too old

DVS - Cost recovery model, ensuring client targets are met, UTZ 70% rate