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, notify the bank and arrange for account names to be changed, notify professional bodies (ARMA, FCA), notify HMRC and register new company for tax (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?
What existing IT systems were you using?
Apart from the usual Microsoft package, we use use a system called Blockman which is an accounting 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?
Roles were adjusted to better align with skills and company needs.
Tell me about your Data security policy and any changes you had to make for the new ways of working.
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 workflows and identifying areas for improvement.
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 clear career paths and opportunities for skill development.
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?
You will need to submit the necessary documentation and fees.
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.
How do you motivate your staff to feel more invested in the business?
By recognizing their contributions and providing growth opportunities.
What records do you keep of training being undertaken?
We maintain a training log and track completion of required courses.
How do you ensure that the training your staff undertakes is relevant?
By aligning training programs with company goals and staff needs.
What challenges do you think your company is facing?
Adapting to market changes and maintaining staff morale.
What would you do differently next time?
I would involve staff earlier in the decision-making process.
How did you act ethically?
By adhering to industry standards and prioritizing transparency.
What were your key achievements?
Successfully transitioned to a limited company and improved team dynamics.
