The Future Of Grace Miller Flashcards
What were you required to do to move from being a sole trader to a limited company?
Incorporate the new company, notify clients and arrange for them to sign new terms of business, arrange PI insurance in name of new company, update CHP, notify the bank and arrange for account names to be changed, notify professional bodies (ARMA, FCA), notify HMRC and register new company for tax (VAT, PAYE, NIC, Incorporation Tax), arrange for information to be updated on letterheads, website etc.
What do you have to provide in your annual returns to HMRC?
Statutory company accounts must be provided on an annual basis, a Confirmation Statement must be filed (detailing directors, shareholders, PSCs, registered office, company activities), annual Corporation Tax return, payroll related information such as PAYE and NIC.
How did you approach the task of finding out what tasks each staff member were doing?
I already had a good idea because I work with them every day and essentially I write their job description, but as to some degree their roles had evolved without being clearly specified I spoke to them about what they were doing and how they were doing it. This allowed me to fully understand what they were spending their time on.
How did you assess the different personalities of your staff members?
I already had a good understanding of their personalities but by talking to them, observing behaviour and tools like DiSC (dominance, influence, steadiness, conscientiousness) analysis which is helpful in understanding behavioural styles, strengths and weaknesses.
What existing IT systems were you using?
Apart from Microsoft Office 365, we use a system called Blockman which is an accounting, data management and administration platform for property managers. For our sales & lettings work we use a system called Alto.
Why were the existing IT systems a weakness?
Although Blockman is generally very good, there are areas where we feel it could be a lot better such as invoice processing and health & safety related task management. Blockman offers a portal to property owners but this is essentially a means of us providing information to them, there is no way for them to interact with us via the portal.
What made your company vulnerable in relation to legislation changes?
Because we are a smaller firm, we do not have the sort of resources bigger firms have, i.e. dedicated departments to keep up to speed and advise staff on new legislation. We therefore need to work hard to do that ourselves alongside everything else.
How did you think you could remove those vulnerabilities?
By continued monitoring and regular discussion with my team to ensure they are updated and informed.
Why was it important to you to make the staff feel involved in the future company plans?
Because they are the company and we want them to be invested. Involvement fosters engagement and commitment to our goals.
What alternative systems did your staff review for invoice processing and contractor payments?
We have looked at systems that would completely replace our existing system, such as Qube, Propman and Resident, and also software that we could bolt on to our existing system - we looked at something called Gigabyte and also one called Roboteer.
How did you appoint the new team leaders?
This wasn’t really a difficult choice to be honest. The three people I chose were my most senior and most experienced people and they are all good leaders.
How could you have undertaken a fair recruitment process for the new heads?
By ensuring a transparent application process and equal opportunity for all.
What adjustments did you make to some of the other roles and why?
Really a question of reallocating things and giving some people different responsibilities
Tell me about your Data security policy and any changes you had to make for the new ways of working.
Our Data security policy requires that we check staff and take references before we employ them, we give a security briefing to all staff on an annual basis to make sure they understand our security controls and comply with them, our data is controlled by things like password protection, access restriction and encryption, our system is configured to prevent unauthorised access, any information we sore is held on a secure, web-based system in servers in the London area, we operate a clear screen and clear desk policy, back-ups of customer data are maintained as part of our business continuity planning, filing cabinets are locked and the end of each day and the office secured and alarmed, our office has an access control system and any visitors are supervised at all times.
We updated the policy to include remote work protocols and data encryption for mobile devices.
What updates did you make to your Personal security policy in line with Surveying Safely?
We enhanced training and procedures for personal safety on-site.
How did you identify what the new structure should look like?
By analyzing current workloads and identifying areas for improvement. It was clear that the team structure was the logical way to expand and would mean that there was support in place for everyone.
How are you approaching the refresh of your website and marketing?
We are conducting market research and redesigning the website for user experience.
How does the new structure enable personal development of your staff?
It provides a clearer structure and the team leaders have more time available to spend with their team. The team members benefit as a result of this.
How did you ensure your staff were happy with the changes?
By soliciting feedback and making adjustments based on their input.
Once you qualify, what will you need to do to register the firm with RICS?
Complete the application process in order to submit the information the SRB require. This is done via an online form on the RICS website and includes things like information on the company, registered office, who the directors are, our PI insurance, our CHP.
How have you developed relationships with clients?
Through regular communication and delivering consistent value.
How are you sourcing new business?
By networking, referrals, and targeted marketing efforts.
What measures do you take to ensure you have the resource to take on new business?
We assess current capacity and plan resource allocation accordingly.
How do you consult your staff and involve them in new decisions?
By holding regular meetings and encouraging open discussions.
