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RICS APC > Business Planning > Flashcards

Business Planning Flashcards

1
Q

How does your business ensure they are making a profit?

A
  • Time sheets
  • Project reviews
  • Team meetings
  • Director one to ones
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2
Q

What is a business plan?

A
  • A document that summarises the operational and financial objectives of a business
  • It details the business’ road map to success
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3
Q

What is included in the Gleeds business plan?

A
  • Executive summary
  • Marketing strategy
  • Mission and vision statements
  • Products and services
  • Team structure and personnel
  • Financial forecasts
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4
Q

What key financial information may be apparent in a business plan?

A
  • Financial goals, eg desired turnover
  • Financial forecasts, if internal
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5
Q

What is a business strategy?

A
  • Outlines actions and decisions a company plans to take to reach its business goals and objectives
  • A business strategy needs to define what the business needs to do, which can guide the decision-making process in relation to hiring and resource allocation
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6
Q

What is strategic vs operational planning?

A
  • Strategic = defining goals, missions and visions, and what projects we need to take on to achieve those goals
  • Operational = outlines what the business will focus on, in the near future, to meet goals
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7
Q

What are the key differences between a business plan and a business strategy?

A
  • Business strategy is concerned with entire organisation, for example, where it competes and where it allocates its resource
  • Business plan is concerned with the implementation of the strategy, and how they can achieve the road to success
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8
Q

How can you ensure your business plan remains adaptable to various market conditions?

A
  • Undertake SWOT and PESTLE analyses
  • Determine how the risk of external factors can be reduced
  • Continuously monitor and review risks
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9
Q

What is a SWOT and why is it important?

A
  • Strengths, Weaknesses, Opportunities, Threats
  • Used to review internal and external factors to understand the company’s position in the market
  • Important to form the basis of a business strategy
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10
Q

How can a robust SWOT analysis give a company a competitive advantage?

A
  • Analyse position in market and look at how we can use internal resource to our advantage, and how we can analyse risks of external factors to mitigate, reduce or use to our advantage
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11
Q

What is a PESTLE analysis and why is it important?

A
  • Political, Environmental, Social, Technological, Legal, Economic
  • Used to analyse specific external factors to see how they can be used to benefit the business, or how their impact can be reduced or avoided
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12
Q

Can you give some examples of PESTLE factors?

A
  • Political = Russia/Ukraine or Red Sea attacks
  • Environmental = Covid
  • Legal = Building regulation changes
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13
Q

What is a debtor?

A
  • An individual or business that has borrowed funds (IN DEBT)
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14
Q

What is a creditor?

A

A business or individual that has lent funds to another business or individual
(IN CREDIT)

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15
Q

What is the role of a debtor?

A

A debtor borrows funds from a business or individual to carry out works. Usually, a debtor will request a loan in order to help them make a profit.

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16
Q

What is the role of a creditor?

A

A creditor lends funding to a debtor to gain interest on excess monies. A creditor lends funds to another business to provide them with a positive cash flow

17
Q

What are SMART targets?

A
  • Specific
  • Measurable
  • Achievable
  • Realistic
  • Time bound
18
Q

How can you personally contribute to Gleeds’ company goals?

A
  • Ensure works undertaken for clients are within scope. If not, it provides grounds for additional works / fee
  • Record all time on staff intranet to demonstrate jobs remain in profit
  • Sharing knowledge with my team through CPD sessions
19
Q

If you wanted to set up a business tomorrow, what would you need to do?

A
  • Register with the RICS (providing I’m chartered!)
  • Get relevant insurances in place, eg PII, Employers Liability, Public Liability
  • Put procedures and policies in place to protect client money
  • Complaints handling procedure
  • Put company policies in place
20
Q

What is an investment appraisal?

A

An investment appraisal is used to assess whether a project would be a worthwhile investment

21
Q

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

A
  • Fee earning = QS, PM, BS
  • Non fee earning = HR, Admin
22
Q

What is the purpose of an organisational chart?

A

Provides a graphical representation of roles within a hierarchy to demonstrate relationships between departments, organisations or individuals

RICS APC (19 decks)

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