Business Planning Flashcards
(17 cards)
Tell me about your involvement with business planning.
As a graduate I’ve had invovlement in preparing responses to invitations to tender. Specifically, I assisted in preparing our bid for development consultancy work for the council’s housing strategy in Bristol City Centre.
What are the corporate objectives of your firm?
Some of JLL’s corporate objectives include sustainability, client centric approach, talent development, and being ethical.
How do you work towards your company’s corporate objectives in your role?
For a client centric approach I ensure I understand each client’s needs and objectives. For example I prepare tailored reports for different clients, which focuses on the KPIs that matter to them. Another corporate objective of JLL is to be ethical. I ensure that all my work adhere to RICS standards and JLL’s policies on ethics. For example I took our annually ethics training recently.
What are some of the typical things you’d find in a business plan?
Executive summary: which is the first section and gives an overview of your business plan.
Company Description: Includes things like who you are, how you operate and what your goals are.
Product and Services: Shows your industry knowledge based on market research.
Market analysis: Summarises your sales and marketing strategy and how you’ll implement them with an operation plan.
Organisational Structure: Outlines your company’s structure, identifying the owners, management team and board of directors.
Financial Plan and Projections: This is developed with an accountant after market analysis and sets the financial goals of your company.
How can an up to date business plan help an organisation in the current economic climate?
Risk management: In uncertain economic conditions it can help identify potential risks and develop ways to mitigate this. It can include scenario planning for different economic outcomes, which helps a business prepare for different possibilities.
Competitive advantage: By regularly updating their business plan and assessing market trends a business can identify new opportunities or threats, helping them maintaing their market position.
How do you use networking to further your business planning skills?
By attending industry events and conferences on updates on market trends and challenges. I stay up to date with strategies that inform business planning.
Why is relationship building important for your role?
Client Retention and Satisfaction: I try to build strong relationships with clients which helps to ensure their continued satisfaction with the services we provide. By understanding their needs I can provide tailored solutions, which in turn leads to higher client retention.
What is a SWOT / PEST analysis?
Strenth, Weakenesses, Opportunities, and Threats. Can be used to analyse the internal strengths and external weaknesses of a company.
Political, Economic, Socio-demographical, and Technological influences. This is a structured method of analysing the key factors influencing market conditions.
Can you tell me about when you have used one in your role?
I have conducted a SWOT analysis when doing a valuation for loan security purposes. Some of the strengths I highlighted was the property’s location and a weakness I stated was the property’s condition. This gave my client a clearer picture of the property’s potential risks and rewards.
What insurance types have you dealt with and what risks have they protected against?
I have dealt with Buildings Insurance which is often required by mortgage lenders, it protects against damage to the structure of buildings and covers risks like fire, flood, and storm damage.
I’m aware of Professional Indemnity Insurance which protects against claims of negligence or inadequate work, it covers legal costs and compensation payments.
I’m also aware of Terrorism Insurance which covers damage caused by acts of terrorism and is often required by lenders especially for high profile properties.
Explain the objectives of the RICS Covid-19 Recovery Business Plan.
It was to make the RICS a global professional body fit for the 21st century.
Objectives included:
To be an influential thought leader, trusted by key stakeholders.
To be a sustainable 21st century body
To enhance RICS Environmental, Social and Governance (ESG) programme.
To grow a high-performance culture.
Why were the RICS consulting on their business plan?
What is this strategic review called?
Defining our Future. Builds on existing work covering governance and engagement, and will inform how elected Governing Council sets the future strategic direction of the RICS.
What is business continuity and why is it important?
Refers to an organisations ability to maintain essential functions during and after a disruptive incident, i.e. Covid. It is important for RICS regulated firms especially those with sole Principles to ensure uninterrupted management of business accounts, particurarly client money to maintain compliance and protect client interest.
Explain how the apprenticeship levy works.
Company’s with over £3 million annual payroll contribute 0.5% to the Levy. The government funds 10% top up. This funds apprenticeship training across various sectors and boosts employment opportunities.
Why might the apprenticeship levy be beneficial to a business?
It encourages businesses to invest in long term talent strategies which reduces recruitment costs and creates a pipeline of skilled workers tailored to the company’s needs
When is the apprenticeship levy payable?
It becomes payable when a company’s annual pay bill exceeds £3 million in a given tax year.
