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05 Business Planning > RICS Business Plan > Flashcards

RICS Business Plan Flashcards

1
Q

What is the current Business Plan?

A

RICS Business Plan 2021-2022

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2
Q

Are you aware of some the aims highlighted within the RICS Business Plan?

A

1) Support the profession as economies recover (C19)- minimise any increase in subscription costs.
2) Any surplus cash to pay back furlough monies.
3) Maintain/increase demand for RICS qualification- remain relevant for future generations.
4) Members use RICS to meet their knowledge/training needs.

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3
Q

What has the current Business Plan superseded?

A

COVID-19 Recovery Business Plan 2020-21

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4
Q

What is a business plan?

A

Provide an outline of goals and objectives along with how and why these are achievable.

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5
Q

What are the main headings you would see under a business plan?

A
  • Executive summary
  • Company description
  • Market & Competition analysis
  • Organisation structure + services offered
  • Strategy and Financial records
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6
Q

What are your Business milestones?

A

Short term - High level of service and Recruitment
Medium term - Make sustainability a key driver.
Long term goals - Build relationships with new clients to continue the business, continue new revenue streams

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7
Q

How would you prepare a long term strategy?

A

Identify Key stakeholders + needs.
SWOT analysis, PEST analysis, SMART goals.
Marketing strategy/organisation resources (funding/staff).
Monitor/Review progress regularly.

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8
Q

How can/have you measure performance on a project?

A

KPI’s.

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9
Q

What is the SMART criteria you mention?

A

Specific, Measurable, Attainable, Relevant and Time specific

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10
Q

How does a feasibility study differ to a business plan?

A

A feasibility study will carried out before starting a business to determine the viability of it.

A business plan will then detail how it operates and done on the basis that the feasibility study was positive.

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11
Q

What is the difference between a Sole Trader, Partnership, Limited, and a LLP?

A

Sole Trader = Exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.

Partnership = two or more individuals manage and operate the business. (Both owners are equally and personally liable for the debts from the business.)

Limited Company = shareholders’ liability is limited to the capital they originally invested.

Limited Liability Partnership = 1 partner is not responsible/liable for another partner’s misconduct or negligence.

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12
Q

How would you assess a contractors financial accounts?

A

Request a copy of the contractors company accounts for the last 3 years (3 statements).
• profitability
• Calculate their liquidity ratio assets vs their liabilities (if they would be able to cover losses under a contract and stay solvent.)
•Further advice is sought through financial reports/qualified accountant.

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13
Q

How could you check a companies financial standings pre tender ?

A

A credit check, check companies house, news articles and a google search.

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14
Q

What might be included in a SWOT analysis?

A

Strengths, Weaknesses, Opportunities and Threats.

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15
Q

How often might you update a business plan?

A

at least once a year

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16
Q

What are the different types of business plans?

A

Start up plan – how the business will operate long term
Annual Growth Plan – financial, marketing and operations
Scenario Plan – for companies in rapidly changing industry

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17
Q

Do you know what is included in your employer’s business plan?

A
  • Sustained growth

* Meet market requirements

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18
Q

What are some of your business targets & objectives for the current year?

A

Sustainable approach plus increase staff count.

19
Q

Give me some examples of some new business areas you could considering moving into.

A
  • Drones

* Thermography

20
Q

Explain how you manage your own time to ensure you deliver projects in a cost-effective manner.

A

Align my diary and share calendar. I logically assess inspection locations and delegate to individuals who live nearer.

21
Q

What current challenges is Covid and/or Brexit bringing to Business Planning?

A

Shortage of staff/materials.

Increased prices of material

22
Q

How can/have you measure performance on a project?

A

KPI’s (Key Performance Indicators)

23
Q

What is your understanding of a succession plan?

A

Replace senior members

24
Q

What is a mission statement?

A

Formal summary of the aims and values of a company

25
Q

What is a fee forecast?

A

Future financial position to be assessed and ensures records are maintained for potential fees.

26
Q

What is the difference between LLP and Ltd?

A

Ltd company can be non-profit/charity whereas LLP is always profit making. Ltd pays Corp tax and LLP doesn’t as they are classed as self employed.

27
Q

What is a SMART Goal ?

A

To make sure your goals are clear and reachable, each one should be:

  • Specific (simple, sensible, significant).
  • Measurable (meaningful, motivating).
  • Achievable (agreed, attainable).
  • Relevant (reasonable, realistic and resourced, results-based).
  • Time bound (time-based, time limited, time/cost limited, timely, time-sensitive).
28
Q

What is PEST analysis ?

A 
PEST stands for :
• Political
• Economic
• Social
• Technological factors

Once these factors are analysed organisations can take better business decisions

29
Q

What are the different types of business set ups ?

A
  • Sole Trader
  • Partnership
  • Limited company
  • Limited liability company
30
Q

Where would you find details of a company’s assets ?

A

Business assets are itemized and valued on the balance sheet, which can be found in the company’s annual report.

31
Q

What affect has Covid 19 had on your business planning ?

A

High contractor demand, material delays, labour shortages etc

32
Q

Why would you create a business plan?

A
  • To help achieve funding
  • Set business objectives
  • Create a business direction
33
Q

What is a Key Performance Indicator?

A

A measurable value to determine the success of project.

34
Q

What is PESTLE analysis ?

A 
External marketing factors:
• P- Political
• E- Economic
• S- Social
• T- Technological
• E- Environmental
• L- Legal
• E- Ethical
35
Q

How did you generate the fee? what other methods could you use?

A
  • Hourly charge
  • % of project value
  • Fixed fee
36
Q

How feedback been dealt with if the feedback was negative?

A
  • Discuss initially with the client
  • Consider in reflection what could be done differently
  • Implement these into future project and share with the team as lessons learnt
37
Q

How do you protect yourself?

A
  • Correspondence is documented.
  • Clear and understood service agreement.
  • Suitable PII cover.
  • Agree limitations, timescales, a break down of the fee so its clear (fee proposal) and reference my firm operates a complaint handling procedure.
38
Q

What do you do to help you business remain solvent ?

A
  • Forecasting
  • Reviewing profit margins
  • Marketing
  • Ensuring repeat custom
  • Working within my competence.
39
Q

What is solvency ?

A

The possession of assets in excess of liabilities; ability to pay one’s debts.

40
Q

Why was the business plan redacted?

A

There was personal information regarding colleagues and their envisaged growth within the company.

41
Q

Why enrolling in frameworks is important?

A

Better working relationships.
Procurement over extended period of time
Reduced transaction costs.

42
Q

What are the benefits of public sector projects?

A

Safe and consistent.

43
Q

What is a framework?

A

Agreement between one or more contracting authorities e.g. Local Authorities or an NHS Trust and one or more suppliers e.g consultants.

05 Business Planning (1 decks)

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