Business Planning Flashcards
(30 cards)
Tell us about your firm’s business plan?
1) Company description and what it does
2) Mission statement and values
3) USP / what sets the company apart - multi-disciplinary service (civil and structural engineering and PM), SME able to provide flexible and personal client care.
4) Market analysis - target market (aviation, highways, energy, data and technology) competitors (ARUP, Jacobs, Gleeds, Chandler KBS)
5) Business structure and management team (Board of Directors, Business Support, Discipline Leads)
6) Products or services offered
7) Marketing strategy (Increased social media presence - Media Agency, discipline brochures)
8) Financial projections / targets -
What is included in a business plan?
1) Company description and what it does
2) Mission statement and values
3) USP / what sets the company apart
4) Market analysis - the industry, target market, competitors, and potential opportunities
5) Business structure and management team
6) Products or services offered
7) Marketing strategy
8) Financial projections / targets - income statements, balance sheets, and cash flow statements
Why is a business plan important?
1) Check that your business idea makes sense
2) Plan your sales, marketing and business operations
3) Identify potential problems and how to overcome them
4) Set out your objectives and the financial return you expect
5) Work out what financing you need
6) Measure your progress
What is your firm’s mission statement?
● To be the consultant of choice for clients and talent within our target regions and sectors.
● To shape excellence and added value in multi-disciplinary project delivery.
● To continue to evolve the business to respond to the changing needs of our clients and to lead the industry’s response to a changing world.
● To continue to drive sustainable growth in turn supporting the livelihoods and vibrant careers of our staff.
What are your firm’s values?
● Excellence
● Integrity
● Collaboration
How have you incorporated your firm’s values into your work?
● I always provide a high quality of service (excellence) in line with my firm’s value of excellence as well as the RICS ROC.
● I always act with integrity in line with my firm’s value of integrity as well as the RICS ROC.
What is your organisation’s structure?
● Board of Directors
● Business Support (office management and finance)
● Major Civils and Highways
● Infrastructure and Drainage
● Water and Utilities
● Structures
● Project / Cost Management
What services does your firm offer?
Engineering:
● Major Civils and Highways
● Infrastructure and Drainage
● Water and Utilities
● Structures
Project / Cost Management
● Client brief / feasibility development
● Procurement strategy and tendering
● Assistance in consents and licenses
● Contract administration
What is your involvement in your department’s business planning?
● I regularly meet with the associate who leads the PM team to discuss the direction of our team.
● Currently targeting the aviation sector for both the PM team and the firm as a whole. I produced an aviation brochure which is being distributed.
● Involves in weekly resources meetings to plan resource within the PM team.
How do you identify good clients?
● Good pipeline of work.
● Previous clients who have been good to work with or have a good reputation.
● Clients who pay on time.
● Clients within the sectors we work in / target sectors.
What are some key risks and opportunities to your firm?
Opportunities:
● Energy sector (e.g. renewable)
● Data and technology (e.g. data centers due to AI)
● Aviation - changes to pavement classification index
Risks:
● Headhunting of staff due to skills gaps
● Over reliance on repeat business / certain clients
How can an up to date business plan help an organisation in the current economic climate?
Maintaining an up to date business plan can assist with analysing external threats and opportunities for example the increasing adoption of AI, high inflation and subsequent high interest rates. An up to date business plan can also assist with focusing on key internal priorities, responding to market changes.
How do you use networking to further your business planning skills?
● Allows me to understand opportunities in the market and local area.
● Allows me to understand what other businesses are doing in terms of business planning.
Why is relationship building important for your role?
● Allows me to build a good reputation in the sector and area.
● Enables me to leverage my working relationships for the benefit of projects.
What is a SWOT analysis?
Used to assess a business in terms of:
● Strengths
● Weaknesses
● Opportunities
● Threats
What is PEST / PESTLE analysis?
Assesses external factors influencing a business, particularly its profitability and competitiveness:
● Political
● Economical
● Social
● Technology
● Legal
● Environmental
When have you used a SWOT / PEST analysis?
Used SWOT analysis when brainstorming for aviation development.
S - strong sector experience and skills
W - some staff in the sector have left the business
O - new PCI requirements
T - competitors offering these services
What issues would you expect a company to experience with a high staff turnover?
● Increased recruitment costs.
● Increased training costs.
● Inconsistent production & performance.
● Poor staff morale.
● Lower customer satisfaction.
● Loss of customers and repeat business.
● Higher operating expenditure.
● Reduced profitability.
What is a Client Account Planning session?
● A review of the current workload, resources and fees associated with an existing client appointment.
● 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.
What procedures does your firm adopt to ensure they are profitable?
1) An APM assigned to all projects to manage AfPs, change, programme and profitability.
2) APMs are responsible for reviewing weekly timesheets to identify both profitable and non profitable commissions.
3) Resource planning through VP is used to ensure staff are efficiently resourced to projects.
4) Commercial cycle is used to forecast AfPs, review AfPs against forecast and review conversion success.
5) Yearly performance reviews with client input are undertaken to support with gaining repeat business, improving on any weak areas and identifying any opportunities to cross sell additional services.
Please provide some examples of fee earning vs. non fee earning staff at your company?
Fee earning:
● Project Managers
● Engineers (civil, structural etc.)
Non fee earning:
● Finance team
● Office management / business support
How can a business plan help a company to remain profitable?
● Assisting with securing new funding and investments.
● Growth of existing client base and services provided.
● Highlighting key business objectives.
● Assisting with responding to change.
● Growth of market share.
● Supporting with accurate forecasting and budgeting.
● Facilitation of resource planning.
What is a business model?
The strategy implemented by an organisation to generate revenue and make a profit from its operations. May include:
● Products or services being offered to the client base
● The business niche or sector being operated in
● the route to market including costs associated with bringing the product or service to the target market.
Are you aware of some of the aims within the RICS Business Plan?
The plan aims to deliver on all of the Levitt review’s 18 recommendations including being more open and transparent with members and the public about the operation of the Institution.
Cooperate goals include:
1) To be trusted by stakeholders and society
2) Keep RICS qualifications in demand
3) Be an influential leader
4) Have involved and engaged members
5) Be a sustainable professional body
