Business planning

Question 1

What is a business plan ?

Answer 1

is a comprehensive document outlining a company’s goals, strategies, financial forecasts, and other key elements to guide its operations and attract investors or stakeholders.

Question 2

What does AECOMs Business plan outline ?

Answer 2

short, medium, and long-term goals, considering both national and international factors.

Question 3

What does London CM’s Business plan focus on ?

Answer 3

health and safety, positive client feedback, and networking

Question 4

What is SWOT analysis?

Answer 4

a strategic planning tool that identifies a company’s internal strengths and weaknesses, along with external opportunities and threats, to assess its overall business environment and inform decision-making.

Question 5

What is PESTLE analysis ?

Answer 5

is a strategic management tool that examines the external macro-environmental factors affecting an organization, encompassing political, economic, social, technological, legal, and environmental aspects.

Question 6

What tools do your company use to ensure you’re making a profit ?

Answer 6

⁃ time sheets
⁃ Using resource planners
⁃ Fee/ cost reconciliation tools
⁃ Project reviews
⁃ Yearly performance reviews
⁃ Team meetings
⁃ Director one to ones

Question 7

What is benchmarking in a construction project?

Answer 7

A process by which the estimated performance often cost of a project is compared to other similar projects. This can highlight areas of design that are not offering good value for money.

Question 8

What is PESTLE analysis?

Answer 8

This is a structured method of analysing the key factors influencing market conditions.

Question 9

What does PESTLE stand for ?

Answer 9

Political
Economic
Social
Technological
Legal
Environmental

Question 10

What is a SWOT analysis?

Answer 10

Is a strategic planning method used to evaluate strengths, weaknesses, opportunities and threats involved in a project or business venture.

Question 11

What are 3 issues relating to staff turnover ?

Answer 11

⁃ it can be expensive and time consuming to hire staff
⁃ Training new people is time consuming and expensive
⁃ Turnover can also affect team dynamics, productivity and continuity

Question 12

What does SMART stand for?

Answer 12

Objectives which are:
Specific
Measurable
Achievable
Realistic
Time related

Question 13

What is an investment appraisal ?

Answer 13

It is used to assess whether a business or project would be a worthwhile investment in terms of return

Question 14

Give an example of fee earning and non fee earning staff ?

Answer 14

Fee earning - QS, PM, Architect
Non fee earning - Administration staff, IT technicians

Question 15

What is the purpose of an organisation chart ?

Answer 15

It is a graphical representation of the roles, responsibilities and relationships between individuals within the organisation.
It can be used to depict the structure of an organisation as a whole or a breakdown by smaller business units.

Question 16

How do in contribute to my companies goals ?

Answer 16

⁃ sharing knowledge within my team,
⁃ Keeping up to date with new technologies and systems
⁃ Delivering and exceeding my responsibilities
⁃ Bringing in new business
⁃ Focus on safety

Question 17

What is the objective of porters 5 forces model ?

Answer 17

It is a model that identifies competitive forces that shape every industry and helps determine an industry’s strengths and weaknesses

Question 18

What are Porter’s five forces?

Answer 18

These typically include:
o Substitute products.
o Bargaining power of suppliers.
o Bargaining power of customers.
o Rivalry amongst existing firms.

Question 19

What does the porters 5 forces model help identify?

Answer 19

An industry’s structure to determine business strategy.

Question 20

What is meant by business strategy?

Answer 20

A business strategy is an outline of the actions and decisions a company plans to take to reach its business goals and objectives.

Question 21

What does a business strategy define ?

Answer 21

The strategy defines what the business needs to do to reach its goals, which can help guide the decision making process for hiring and resource allocation.

Question 22

What is meant by strategic planning ?

Answer 22

The managerial process of developing and maintaining a strategic fit between the organisation objectives, resources and changing market opportunities

Question 23

What is the difference between business strategy and business planning ?

Answer 23

Strategy is concerned with the entire organisation.
Business plans are concerned with the detailed implementation after the big choices have been made.

Question 24

What is a business vision statement ?

Answer 24

A vision statement focuses on tomorrow and what an organisation wants to ultimately become.

Question 25

What is a mission statement?

Answer 25

A mission statement focuses on today and what an organisation does to achieve it

Question 26

What is a business plan ?

Answer 26

A business plan is a document that summarises the operational and financial objectives of a business. It is a road map to success with detailed plans and budgets.

Question 27

How many years at least do business plans timescale ?

Answer 27

Three to five years

Question 28

What do written business plans often require ?

Answer 28

To obtain a bank loan or other financing.

Question 29

What would typically be included in a business plan?

Answer 29

⁃ executive summary ⁃ Marketing strategy ⁃ Vision and mission statements ⁃ Products and services ⁃ Management team and personnel ⁃ Financial forecasts ⁃ Responsibilities and targets ⁃ Training, resource strategy and hierarchy plans ⁃ SWOT analysis

Question 30

What is a business model ?

Answer 30

Is the plan implemented by a company to generate revenue and make a profit from operations.

Question 31

What may a business model contain ?

Answer 31

⁃ The product/ service the business believes has value for the customer ⁃ The market niche and main target demographic ⁃ The expense of brining your product/ service to the target market

Question 32

How can a business plan help a company in the current economic climate ?

Answer 32

⁃ to help secure additional funding from banks or external investors ⁃ To gain a new clients and commissions ⁃ To help focus the business priorities and respond to change ⁃ Focus on key priorities ⁃ For budgeting ⁃ For setting targets for staff

Question 33

How do companies write a business plan?

Answer 33

They undertake an analysis of the market and industry to identify business opportunities and critical success factors.

Question 34

What is a Client Account Planning session

Answer 34

* A review of current workload, resources & fees. * It involves the identification of key client personnel who have influence over job opportunities and identification of who the firm should look to build relationships with.

Question 35

What is a Business Plan?

Answer 35

* A formal statement of the business’s goals with reasons why they are thought to be attainable and the plan for reaching the goals.

Question 36

What is contained within an appointment document?

Answer 36

* It includes a clarification of the work scope. * The agreed fee bid. * The firms terms of business. * Any agreed amendments to the firms’ terms of business. * Contact Details.

Question 37

Does your firm produce an annual account?

Answer 37

* Yes it produces a statement of turnover, gross profit & net profit. * This must be submitted to Companies House in accordance with the Companies Act.

Question 38

Would you be able to interpret & understand an annual account?

Answer 38

* At a high level but I would seek further advice from one of our internal Chartered Accountants if necessary.

Question 39

What are your firms Terms of Business?

Answer 39

Together with the Engagement Letter, the T&C's will form the contract between our Firm and the Client

Question 40

How do you contribute to your company’s goals?

Answer 40

* Focus on safety. * Maintain excellence in my work. * Sharing knowledge within integrated teams. * Keeping up with new technologies. * Upskilling new and junior team members.

Question 41

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

Answer 41

* To support with gaining additional investment, funding or finance * To gain new instructions from new and existing clients. * The business plan will help focus on key priorities. * It allows the organisation to respond to change. * For budgeting purposes.