Business Planning Flashcards
(15 cards)
What is a SWOT analysis?
A tool that helps businesses analyse internal strengths and weaknesses and external opportunities and threats
What is a PEST analysis?
An analysis tool for key factors influencing the market.
Political
Environmental
Socio-demographical
Technological
Economical
What are Porter’s 5 forces?
Tool used to analyse the competitiveness of an industry.
- Substitute Products
- Bargaining power of suppliers
- Bargaining powers of customers
- Rivalry amongst existing firms
What is a business plan?
A formal statement of the businesses goals with a plan for achieving the goals
What is a Client Account Planning Session?
A review of current workload, resources and fees.
Identification of key client personnel who have influence over job opportunities
A review of pipeline opportunities
How do you contribute to your company’s goals?
Focus on safety
Maintain excellence and high standard of service
Keeping up with new technologies
Upskilling
What is your firm’s business plan?
Maintain rent roll
Improve sustainability
What are the 5 stages team development?
Forming
Storming
Norming
Performing
Adjourning
What are the different types of business?
Public Limited Company
Sole Trader
Private Limited Company
Limited Liability Partnership
What is included in a business plan?
Executive summary
Description of the business
The Market that the business will operate in
A SWOT analysis
Management team
Services offered
Marketing
Why is business continuity important?
To provide consistent, high quality service to clients
Why are the RICS consulting about their business plan?
- Consider how best to maintain public trust in RICS and the profession
- ensure RICS remains a sustainable professional body
What is the RICS business plan called?
‘Defining our future’ is the name of the upcoming review.
What objectives are included in the RICS Covid Recovery Plan?
Ensuring the profession is equipped to respond to the challenges of operating in a COVID-19 environment
What is the apprenticeship levy?
Large employers, pay 0.5% of their wage bill as a levy tax. Can help businesses to support apprentices through the scheme (even those who are non-levy paying).
Payable by businesses whose payroll is over £3m.
