Questions

Question 1

What is business planning?

Answer 1

Process of identifying where you envisage a business heading in the future and formulating a strategy to get there

Question 2

What is a business plan?

Answer 2

Formal statement of business goals, why they are attainable and strategy for getting there

Question 3

Why are business plans important?

Answer 3

Able to manage resources - prioritise efforts
Set a pathway for change
Assist with setting budgets

Question 4

What are Workman’s business aims and objectives?

Answer 4

Achieve sustainable and profitable growth
Expand customer base and meet client needs
Make positive impact on communities
Deliver high quality service
Maintain culture where people thrive and reach full potential

Question 5

What is RICS business plan?

Answer 5

Trusted by stakeholders and society
RICS qualifications in demand
Have involved and engaged members
Be an influential leader
Be a sustainable 21st Century professional body

Question 6

What is an Ltd?

Answer 6

Limited Company
- Owned by shareholders, where liability limited by number of shares they have in the company

Question 7

What is an LLP?

Answer 7

Limited Liability Partnership
- Partners have personal interest for liability for debts and claims of partnership

Question 8

What’s the difference between a business plan and mission statement?

Answer 8

Mission - overarching permanent business objective
BP - less static, measured over a period and has changing goals

Question 9

What tools can be used to ensure a business makes a profit?

Answer 9

Performance reviews
Timesheets
Fee reconciliation
Resource planning

Question 10

What is SWOT analysis?

Answer 10

Strengths Weaknesses Opportunities Threats - strategic business planning tool

Question 11

What is a PESTLE annalysis?

Answer 11

Political Economic Social Technological Legal and Enviro factors affecting business now and in the future

Question 12

What is included in a business plan?

Answer 12

Executive Summary
Market Analysis - SWOT
Financial Info
Details of Management Team
Business Goals
Risks and problem identity
Goals
Measurement of progress

Question 13

What is considered when writing a business plan?

Answer 13

Market analysis and competitive enviro - identify opportunities and risk
Develop goals and objectives with strategy and actions

Question 14

How do you contribute to Workman’s goals?

Answer 14

Focus on safety
Excellence in my work
Sharing knowledge
Keep up with new technology

Question 14

What is a client account planning session?

Answer 14

Review of workload, resources etc
Identify client personnel
Review pipeline opportunities with client

Question 15

How can an up to date business plan help in current economic climate?

Answer 15

Seek funding
Gain new instructions, clients, customers
Focus on priorities
Help with budgeting
Set staff targets

Question 16

What are Workman KPIs?

Answer 16

Rent arrears
Service charge budgets

Question 17

What may a high staff turnover affect a business ?

Answer 17

High cost of recruitment
High cost of training staff
Impact on team dynamics etc

Question 18

What are SMART targets

Answer 18

Specific
Measurable
Achievable
Realistic
Time related

Question 18

What is the difference between fee earning and non-fee earning staff?

Answer 18

Fee earning - PMs, BC etc - direct fee income from clients
Non-fee earning - credit control etc - no direct fee but vital to business function

Question 19

What is the purpose of a organisation chart/oranogram?

Answer 19

Sets out structure of organisation/team providing graphical representation of roles, responsibilities between individual

Question 20

Who are the audience for a business plan?

Answer 20

Investors, government, insurers

Question 21

What is the difference between business plan and strategy?

Answer 21

Strategy - choices affecting an organisation
Plan - implementation of an overall strategy

Question 22

What is a business strategy?

Answer 22

Outline actions and decisions a business plans to take to reach goals and guide decision making

Question 23

How does a business forecast fee income?

Answer 23

Using captive and possible fee, to understand secured and pipeline fee
+ Captive - covered by contracts
+ Possible - forecast - quantifying the probability they will become captive