BUSINESS PLANNING

Question 1

What is a SWOT analysis?

Answer 1

• A SWOT analysis can be used to analyse the internal strengths and weaknesses and external threats and
  opportunities of a company.
• This is carried out with a view to exploiting strengths and opportunities and mitigating weaknesses and
  threats.

Question 2

What is a PEST analysis?

Answer 2

• This is a structured method of analysing the key factors influencing market conditions.
• These factors are:
  o Political influences.
  o Economical influences.
  o Socio-demographical influences.
  o Technological influences.
  o Environmental influences.

Question 3

What are Porter’s five forces?

Answer 3

• They are used to analyse the competitiveness of an industry and the barriers to entry.
• These typically include:
  o Substitute products.
  o Bargaining power of suppliers.
  o Bargaining power of customers.
  o Rivalry amongst existing firms.

Question 4

How do companies write a business plan?

Answer 4

• They undertake an analysis of the market and industry to identify business opportunities and critical
  success factors.
• Companies should focus their resources in developing their competences in the critical success factors.
• This then leads to the development of goals and objectives with their associated strategies and actions.

Question 5

What is a Client Account Planning session?

Answer 5

• 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.
• A review of pipeline opportunities with that client is also undertaken.

Question 6

What is a Business Plan?

Answer 6

• A formal statement of the business’s goals with reasons why they are thought to be attainable and the
  plan for reaching the goals.
• The business plan also provides employers with a common ground to focus upon.

Question 7

What is contained within an appointment document?

Answer 7

• 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 8

Does your firm produce an annual account?

Answer 8

• 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 9

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

Answer 9

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

Question 10

What are your firms Terms of Business?

Answer 10

• Together with the Engagement Letter, the T&C’s will form the contract between our Firm and the
  Client.
• Our terms of business are made up of around 14 Sections including:
  o Our firms General Obligations to the client which is to provide ‘Services’ detailed in the
  Engagement Letter with the skill, care and diligence expected of a professional person.
  o The Client’s General Obligations for example they are not to solicit any Partner or Employee
  with a job offer, if this occurs they must pay £35,000.00 compensation.
  o Additional Service terms for example this sets out the entitlement for additional fees if the
  work scope varies.
  o My firms’ liability for example any claims raised are to be against the company and not any
  Partner or Employee.
  o Payment terms and interest entitlement in the event of late payment.
  o Termination and Suspension terms which have a minimum 7 days notice to suspend the
  works.
  o Force Majeure terms for example the company is not liable for failure to carry out its service
  obligations if this occurs.
  o Intellectual Property Rights relating to copyright of documents provided by the firm.
  o Assignment and Subcontracting terms set out the requirements for written consent from other
  either party.
  o Formal communication is to be in writing to the addresses set out within the Engagement
  Letter.
  o Problems and Complaints handling procedures are included within the terms of business.

Question 11

What is your firms business plan?

Answer 11

Vision and Strategy
* Example goals you could reference include:
Tailored advice, innovative insights and hands-on support to enable you to achieve your business objectives through your real estate strategy.
* Unlock business growth by disrupting and innovating your products, services and business model.

Question 12

How do you contribute to your company’s goals?

Answer 12

Respect Integrity Service Excellence (RISE)
* 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 13

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

Answer 13

• 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.
• To support with recovery from Covid-19.
• To facilitate the setting of targets for staff.