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RICS APC QS > Business Planning > Flashcards

Business Planning Flashcards

1
Q

What are your company aims and objectives?

A

Equans empowers transitions for today and tomorrow

Equans expresses the desire to provide the right answer [ANS] to the equations [EQU] of our customers: the Right Answer providing a unique, innovative, custom-made set of solutions developed with accuracy and precision to meet our clients’ individual needs.

We empower transitions for today and tomorrow, reflecting the commitment of all our teams to meet the needs of our customers. Our ability to innovate and adapt to provide high value-added services and position us as the preferred partner of our customers

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2
Q

What is the structure of the RICS?

A
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3
Q

Why are businesses analysed?

A
  • analyse the need to set up a new business
  • to manage a change in an existing one
  • identify areas for growth and investment
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4
Q

Name some business analysis methods?

A
  • SWOT
  • PESTLE
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5
Q

What is a PESTLE Analysis?

A
  • acronym for Political, Economic, Social, Technological, Legal & Environmental
  • a way of understanding & reviewing how external forces may impact the business
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6
Q

What is the P in PESTLE for?

A

Analyses Political forces such as:
- political stability
- corruption
- foreign trade policy
- tax policy
- funding grants

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7
Q

What is the first E in PESTLE for?

A

Analysis Economic forces such as:
- economic growth
- interest rates
- inflation
- disposable income of consumers
- labour costs

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8
Q

What is the S in PESTLE for?

A

Analyses Social forces such as:
- population growth
- age distribution
- cultural barriers
- consumers views
- workforce trends

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9
Q

What is the T in PESTLE for?

A

Analyses Technological forces such as:
- emerging technologies
- maturing technologies
- copyright and patents
- production & distribution
- research & investment

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10
Q

What is the L in PESTLE for?

A

Analyses Legal forces such as:
- regulation
- employment laws
- consumer protection laws
- tax policies
- anti-trust laws

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11
Q

What is the last E in PESTLE for?

A

Analyses Environmental forces such as:
- climate
- environmental policies
- availability of inputs
- corporate social responsibility

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12
Q

What is a SWOT analysis?

A
  • a strategic planning method used to evaluate strengths, weaknesses, opportunities & threats involved in a project or business venture
  • can be used as a basis for a business strategy
  • can help to identify both internal & external factors that affect its performance and to understand current & future potential
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13
Q

What are the various business types or structures?

A

Business Link identifies 5 types of business structures:
- Sole traders
- Limited companies
- Partnerships
- Limited liability partnerships
- Franchise

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14
Q

What do you know about sole traders?

A
  • very simple way to set up a business
  • but you are personally liable for debts
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15
Q

What do you know about limited companies?

A
  • avoids personal liability associated with those who are sole traders
  • have to pay corporation tax
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16
Q

What do you know about limited liability partnerships?

A
  • avoids personal liability associated with those who are sole traders
  • partners are taxed individually on their share of the profits
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17
Q

What are debtors?

A
  • Those who owe money to a business
  • For example, a customer who owes the payment of an invoice
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18
Q

What are creditors?

A
  • Those who the business owes money to
  • For example, the lender of a loan
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19
Q

What are the typical elements of a business plan?

A
  • Executive summary
  • Marketing strategy
  • Vision & mission statements
  • Products & services
  • Management team & personnel
  • Financial forecasts
  • Responsibilities & targets
  • Training, resource strategy & hierarchy plans
  • SWOT analysis
  • Summary
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20
Q

What is a business vision statement?

A
  • Vision statements focus on tomorrow & what an organisation wants to ultimately become
21
Q

What is a business mission statement?

A
  • Mission statements focuses on today & what an organisation does to achieve it
22
Q

What is business forecasting?

A
  • considering what may happen in the future
  • often difficult to predict
  • up-to-date data will assist in making forecasting as useful as possible
  • e.g. using work-in-progress schedules or forecast planned billing for instructions currently working on
23
Q

What are business goals?

A
  • What a business wants to achieve in the short, medium & long-term
24
Q

What is a SMART goal?

A

Objectives which are:
- Specific
- Measurable
- Achievable
- Realistic
- Time related

25
Q

What is an investment?

A
  • At some stage, a business will need investment to grow
  • Can be financial in the form of a loan or equity finance from a creditor
  • can be in training, service development or resourcing such as hiring more staff or buying better equipment
26
Q

What is an investment appraisal?

A

IA is used to assess whether a business or project would be a worthwhile investment in terms of return (both financially and/or added value)

Considerations are typically:
- Rate of return
- Pay back period
- Net present value (NPV)

27
Q

What are KPIs?

A
  • Key performance indicators
  • quantifiable measures of performance over time for a specific objective
  • helps businesses to consistently track progress, identify trends and put plans into place where indicators are not met
  • can also help businesses focus on the right goals
28
Q

What is liquidity?

A
  • Measures how quickly a business can convert assets into cash, thus able to meet short-term financial obligations
  • lacking liquidity can become a problem when payments such as VAT and tax are due
  • on the other hand, holding too much money in liquid sources such as cash can limit capital growth
29
Q

What are financial ratios?

A
  • a relative magnitude of 2 selective numerical values taken from a businesses financial statements
  • aim to evaluate overall financial condition of a business
  • help understand how efficient a business is and inform planning
  • should be included within the financial analysis section of the business plan
30
Q

What are examples of financial ratios?

A
  • working capital, debt & equity, profit margin and current ratio
31
Q

What is an X-Ray approach?

A
  • means exploring all data about a business
  • speaking with relevant personnel and leaving no stone unturned
  • helps to ensure business plans are relevant & offer the best chance of success
32
Q

What is working capital?

A
  • represents funds available for a business to meet its current, short-term obligations
  • its calculated by dividing current assets by current liabilities, with the ideal ratio being between 1.5 and 2 - suggesting a business is healthy & can meet its obligations in the short term
33
Q

What are the issues relating to staff turnover?

A
  • it can be expensive & time consuming to hire staff, having to pay agency fees to help find the right people
  • training new people is time consuming & expensive
  • turnover can also affect team dynamics, productivity & continuity
34
Q

What things do you need to consider when setting up a business?

A
  • advise RICS that you are starting a new business & comply with the RICS ROC for member & firms
  • create a business plan
  • create a H&S policy
  • register the business with Companies House & inform HRMC
  • set-up company & client bank accounts
  • set-up a complaints handling procedure
  • get the relevant insurances in place?
35
Q

When setting up a business, what are the relevant insurance that need to be in place?

A
  • professional indemnity & run off cover
  • directors’ liability
  • buildings insurance
  • public liability insurance
36
Q

What is an investment appraisal?

A
  • Investment appraisals are used to assess whether a business or project would be a worthwhile investment in terms of return (both financially and / or added value).
37
Q

What is considered as part of an investment appraisal?

A
  • rate of return
  • payback period
  • net present value
38
Q

Give some examples of fee earning staff?

A
  • Quantity Surveyors
  • Project Managers
  • Architects
39
Q

Give some examples of non-fee earning staff?

A
  • Administration staff
  • IT technicians
40
Q

What is the purpose of an organisation chart?

A
  • a graphical representation of the roles, responsibilities & relationships between individuals within the organisation
  • it can be used to depict the structure of an organisation as a whole or broken down by smaller business units
41
Q

What are the levels or types of business plans?

A
  • Corporate Level
  • Management Level
  • Operational Level
42
Q

What is a corporate level business plan?

A
  • For an entire company, is long term & in fairly broad terms
43
Q

What is a management level business plan?

A
  • For an area of an organisation, is in monthly or quarterly periods & quite detailed
44
Q

What is an operational level business plan?

A
  • For individuals in an organisation, is in days or even hours & will be very detailed
45
Q

What are the main types of organisational or management structure?

A
  • functional
  • multi-divisional
  • flat
  • matrix
46
Q

What do you know about functional organisational structures?

A
  • the most common structure
  • breaks up a company based on specialisation of its workforce
  • most small to medium sized businesses implement this structure
47
Q

What do you know about multi-divisional structures?

A
  • the second most common structure amongst large companies with many business units
  • a company using this structures its leadership team based on the products, projects or subsidiaries they operate
  • each business unit operates its own company with its own president
48
Q

What do you know about flat organisational structures?

A
  • a relatively newer structure
  • used among start-up companies
  • it flattens the hierarchy & chain of command, giving its employees a lot of autonomy
  • companies using this structure have a high speed of implementation
49
Q

What do you know about matrix organisational structures?

A
  • most confusing & least used structures
  • matrixes employees across different superiors, divisions or departments
  • For example, an employee working for a matrixed company may have duties in 2 departments

RICS APC QS (20 decks)

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