Business Planning

Question 1

What is a business plan?

Answer 1

A business plan is a document that defines in detail a company’s objectives and how it plans to achieve its goals

Question 2

Why is a business plan important?

Answer 2

It creates an effective strategy for growth, helps determine future financial needs, and identifies how to attract clients/investors in the future. It also allows for progress towards aims to be monitored and amended accordingly.

Question 3

If setting up a practice, what would you need?

Answer 3

1. Inform RICS and appoint a contract officer
2. Register for RICS regulations
3. Client Money Policy
4. AML policy
5. COI policy
6. Sufficient PII cover
7. H&S policy
8. CHP registered with RICS
9. Staff training and CPD
10. Logo pack

Question 4

What is SWOT analysis?

Answer 4

A framework used to identify and evaluate a company’s competitive position.
Identifies Strengths, Weaknesses, Opportunities and Threats

1. Strength - strong client relationships
2. Weaknesses - more firms competing for tenders
3. Opportunities - new infrastructure
4. Threats - economy, skills shortage

Question 5

What is a PEST analysis?

Answer 5

Political, Economic, Social, and Technological