Business Planning

Question 1

What elements go into a Business Plan?

Answer 1

Mission Statement/objectives
Company Structure
Products/Services
Identification of market opportunities
Operations Plan
Financial Performance
Cash Flow Forecast

Question 2

What elements of business planning do you cover in you cover in team meetings?

Answer 2

Securing new clients
Fees
Identifying new market opportunities

Question 3

How do you target new clients?

Answer 3

Advertising
Sponsorship at agricultural shows & distributing leaflets & talking to people
Free market appraisal days

Question 4

What marketing promotional activities did you undertake?

Answer 4

Sourcing merchandise and requesting quotes
Sourcing branded gilets/jackets and source quotes

Question 5

If you set up your own business what do you need to consider/undertake?

Answer 5

Business Plan
Inform register with RICS/HMRC
Set up complaints log/CHP (Obtain RICS approval)
Obtain PII
Put in place client money handling procedures
Obtain logo kit
Log CPD on RICS members portal
Staff training plan
Arrangements to cover death/insolvency (Sole Trader)
Complete RICS annual return
Register for VAT if tunr over £90,000
H&S Risk Assessments - not required for less than 5 employees but considered good practice)

Question 6

Why is it important to understand clients long term objectives/portfolio expectations?

Answer 6

Tailored advice/solutions - to align with long term broader vision
Maximise value - consider future market trends potential development opportunities
Risk Management
Strategic Planning
Sustainability & future proofing

Question 7

What is a KPI? how are they used? Why Important?

Answer 7

What - Key Performance Indicator

How - Provide quantifiable & measurable objectives to reflect on. Used to measure performance & plan for the future

Important - Ensure Professional Standards
Improve client objectives
Accountability & transparency
Support improvement
Effective resource management

Question 8

If you manage your own invoicing how do you ensure accuracy and consistency across the the firm

Question 9

You mention promotional merchandise what did you mean by this?

Answer 9

Branded products to promote the business which are distributed for free ie pens, tote bags, hats

Question 10

What did you find effective?

Answer 10

The firm never went ahead with this, but I tried to consider the target audience & what would get the most exposure

Question 11

Information leaflets

Answer 11

Hard copies distributed at agricultural shows and left out at markets
Posted with entry forms to vendors or with the checks