Business Planning Flashcards
- What are JLLs short and long term goals?
a. Increase recruitment and expansion
b. Pioneer innovation and new technology
c. Net Carbon Zero by 2030
- What would you do as a business owner to ensure objectives are being met?
a. Regular meetings with team to ensure deadlines are being met
b. Discussions on how to expand the business
c. Ensuring we are providing good quality diligent service
- What role does forecasting play in business planning?
a. Allows organizations to make informed decisions about resource allocation, budgeting and risk management
- What is included in a business plan?
a. Company description
b. Products and services
c. Market analysis
d. Marketing strategy
e. Financial forecasts
- What are the different types of business structure?
a. LLP – need to register with companies house, shared partnership with at least two partners – Income needs to be disclosed and costs associated with setting up but not liable for partners’ negligence and get the advantage of a partnership and a limited company
b. Sole trader – running your own business – full liability but full control and easy to set up
c. Limited Company – must register with companies house, have a company address and have at least one director – annual accounts in public domain but limited financial and legal liability
d. Partnership – running a business with a partner – shared liability (still carries personal risk) but easy to set up and more chances of raising finance
- What procedures does your firm adopt to ensure they are profitable?
a. Fee forecasts
b. Project pipeline monitoring
c. Expense management on accounting software
d. Resource planners
e. Yearly performance reviews
f. Team meetings
g. Director one-to-one meetings
- Do you know the RICS’ business plan?
a. “Building Towards a New Future” – December 2021 RICS Business plan
b. Create confidence in markets
c. Be known for effecting positive change in the built and natural environments
d. Tackling climate change and working towards a sustainable future
e. Increase diversity amongst members
f. Improve member satisfaction
- What issues would a company experience with a high staff turnover?
a. Increased recruitment & training costs
b. Inconsistent production/performance
c. Poor staff morale
d. Lower customer satisfaction
e. Loss of repeat business
f. Higher operating expenditure
g. Reduced profitability
- Give some examples of fee earning vs non-fee earning staff?
a. Fee earners include surveyors, sustainability consultants, data consultants.
b. Non-fee earners include admin staff, business development managers, IT support staff
- What is an investment appraisal?
a. Determines whether a business or project would generate the required return to be financially viable
- What components would you identify within a business plan?
a. Executive summary
b. Marketing strategy
c. Vision & mission statements
d. Products & services
e. Management team & organisational structure
f. Financial forecasts
g. Targets
h. SWOT analysis
- How can a business plan help maintain profitability?
a. Assist with securing new funding and investment
b. Grow existing client base and projects
c. Highlight key business objectives
d. Assist with responding to change
e. Grow market share
f. Support accurate forecasting and budgeting
g. Allow resource planning
- What is a business model?
a. The strategy implemented by an organisations to generate revenue and make a profit from its operations.
- What is meant by business strategy?
a. Outlines actions and decisions a company plans to take to reach its business goals and objectives.
- What is a SWOT analysis?
a. A structure analysis of the market to analyse internal strengths and weaknesses and external threats and opportunities.
