Business & Planning

Question 1

Why write a business plan?

Answer 1

Sets out objectives, strategy and action for the next 1-3 yrs. Helps focus on ideas and identifies priorites

Question 2

How to write a business plan?

Answer 2

1. Keep it brief
2. Include financial forecasts
3. Be realistic
4. Highlight areas of the market to compete with
5. Identify ways to compete with competitors

Question 3

What are the types of company in the UK?

Answer 3

1. sole traders
2. limited company
3. partnerships

Question 4

Tell me about your involvement with business planning

Answer 4

I drafted my own business plan prior to starting the business, setting out objectives for the first 3 years.

Question 5

What are the corporate objectives of your firm?

Answer 5

1. To obtain RICS membership
2. Provide client satisfaction
3. Grow the business to employ a trainee
4. Inclusion and diversity

Question 6

How do you work towards these in your role?

Answer 6

By ensuring that I provide a good, professional service to enable client satisfaction and hopefully recommendations. CPD.

Question 7

What are some of the typical things you’d find in a business plan?

Answer 7

1. A summary of what the business hopes to accomplish
2. A description of goals and objectives
3. Market analysis
4. A breakdown of products and services

Question 8

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

Answer 8

The property market is liable to change and a slow-down so reviewing a business plan to look at other products or services in different markets that may be able to generate more income can help to maintain growth. It also helps with budgeting and key priorities

Question 9

How do you use networking to further your business planning skills?

Answer 9

Networking can inform other people of companies within the industry to be aware of your company and services i.e I occasionally receive referrals from solicitors

Question 10

Why is relationship building important for your role?

Answer 10

A good relationship will help to receive more recommendations and referrals

Question 11

What is SWOT analysis?

Answer 11

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT analysis is a technique for assessing these four aspects of your business.

Question 12

What is PESTLE analysis?

Answer 12

A PESTLE analysis studies the key external factors (Political, Economic, Sociological, Technological, Legal and Environmental) that influence an organisation. It can be used in a range of different scenarios, and can guide people professionals and senior managers in strategic decision-making.

Question 13

Can you tell me about when you have used SWOT or PESTLE in your role?

Answer 13

I used a SWOT analysis when drafting my business plan

Question 14

What insurance types have you dealt with and what risks have they protected against?

Answer 14

1. PII - insurance against negligence
2. PL - insurance against accidents or damage to others property

Question 15

Explain the objectives of the RICS Covid-19 Recovery Business Plan?

Answer 15

1. Improve trust by stakeholders and society
2. Increase demand in RICS qualifications
3. Increase influence on sustainability, data and technology, diversity
4. Involve and engage members
5. Increase financial sustainability

Question 16

Why are the RICS consulting on their business plan?

Answer 16

To give members a greater say on priorities and decision making

Question 17

What is this strategic review called?

Answer 17

Defining our Future

Question 18

What is business continuity and why is it important?

Answer 18

Business continuity is a plan to avoid and mitigate risks associated with a disruption of operations. It details steps to be taken before, during and after an event to maintain the financial viability of an organization.

Question 19

What is the apprenticeship levy

Answer 19

An apprenticeship Levy is an amount paid by a company if they have an annual pay bill of more than £3 million

Question 20

Explain how the apprenticeship levy works.

Answer 20

I would need to consult the RICS and UK Gov website guidance

Question 21

What is the current corporation tax rate?

Answer 21

From April 2023 it will be 26.5% for profits more than £50,000 up to £250,000 or 19% for less than £50,000

Question 22

What is the VAT rate and threshold?

Answer 22

20% - £85,000

Question 23

Does your business produce annual accounts?

Answer 23

Yes annual accounts are compiled at the end of each financial year and submitted to companies house

Question 24

Can you interpret and understand your accounts?

Answer 24

In simple terms yes but I would seek advice from a qualified accountant if unsure

Question 25

What are in your terms of business?

Answer 25

I currently use the RPSA terms which include:
* The service to be provided as stated within the order
* contact information
* An explanation of the contract to be entered into
* What is not included
* An explanation of condition ratings
* How the survey is carried out (in accordance with the RPSA reporting standards)
* Assumptions and legal matters
* Limit of liability
* Cancellation procedures and requirements
* Complaints information