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Will P > Business Planning > Flashcards

Business Planning Flashcards

1
Q

What is business planning?

A

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

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2
Q

What is a business plan?

A

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

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3
Q

Why are business plans important?

A
  • Able to manage resources - prioritise efforts
  • Set a pathway for change
  • Assist with setting budgets
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4
Q

What are Workman’s business aims and objectives?

A
  • 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
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5
Q

What is RICS business plan?

A
  • 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
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6
Q

What is an LLP?

A

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

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7
Q

What is an Ltd?

A

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

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8
Q

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

A

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

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9
Q

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

A
  • Performance reviews
  • Timesheets
  • Fee reconciliation
  • Resource planning
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10
Q

What is SWOT analysis?

A

Strengths Weaknesses Opportunities Threats - strategic business planning tool

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11
Q

What is a PESTLE annalysis?

A

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

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12
Q

What is included in a business plan?

A
  • Executive Summary
  • Market Analysis - SWOT
  • Financial Info
  • Details of Management Team
  • Business Goals
  • Risks and problem identity
  • Goals
  • Measurement of progress
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13
Q

What is considered when writing a business plan?

A
  • Market analysis and competitive enviro - identify opportunities and risk
  • Develop goals and objectives with strategy and actions
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14
Q

What is a client account planning session?

A

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

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15
Q

How do you contribute to Workman’s goals?

A
  • Focus on safety
  • Excellence in my work
  • Sharing knowledge
    Keep up with new technology
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16
Q

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

A
  • Seek funding
  • Gain new instructions, clients, customers
  • Focus on priorities
  • Help with budgeting
  • Set staff targets
17
Q

What is a KPI?

A

Key performance indicator

18
Q

What are Workman KPIs?

A
  • Rent arrears
  • Service charge budgets
19
Q

What may affect staff turnover?

A
  • High cost of recruitment
  • High cost of training staff
  • Impact on team dynamics etc
20
Q

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

A

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

21
Q

What are SMART tergets?

A

Specific
Measurable
Achievable
Realistic
Time related

22
Q

What is the purpose of a organisation chart/oranogram?

A

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

23
Q

What is a business strategy?

A

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

24
Q

What is the difference between business plan and strategy?

A

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

25
Q

Who are the audience for a business plan?

A

Investors, government, insurers

26
Q

How does a business forecast fee income?

A

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

Will P (12 decks)

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