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APC Preperation - Building Surveying > Business Planning > Flashcards

Business Planning Flashcards

1
Q

What is a business plan

A

A formal statement of the business goals, how they are obtainable and the plan for reaching these goals over 3-5 years.

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2
Q

Why have a business plan

A
  • To help achieve funding goals
  • To set business objectives
  • To create a business direction
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3
Q

What are the Elements of a Business Plan

A 
Method Statement;
Goals and Objectives;
Financial Forecasts;
Management team;
Analysis;
Key Performance indicators;
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4
Q

What are some types of business analysis

A
  • KPI’s, e.g. target revenue/actual revenue, target new cleints/ actual new clients, target new starters/ actual new starters.
  • SWOT analysis; Strengths, Opportunities, Weaknesses, Threats
  • PEST analysis; Political, Economic, Social, Technological
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5
Q

What are the types of business plan

A

Types of a business plan; Start-up, internal, strategic, feasibility, operations, growth plans

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6
Q

What are the types of business

A 
Partnership (P)
Sole Proprietorship (SP)
Limited liability partnership (LLP) 
Public limited company (PLC) 
Corporation (C)
Cooperative
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7
Q

What is a partnership

A

Partnership (P) - A partnership is a business owned by two or more persons who contribute resources into the entity. The partners divide the profits and risk of the business among themselves.

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8
Q

What is a Sole Proprietorship

A

Sole Proprietorship (SP) - A sole proprietorship is a business owned by only one person. It is easy to set-up and is the least costly among all forms of ownership. This type of business carries the ultimate risk.

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9
Q

What is a Limited liability partnership

A

Limited liability partnership (LLP) - A limited liability partnership is a partnership in which some or all partners have limited liabilities. It therefore can exhibit elements of partnerships and corporations.

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10
Q

What is a Public limited company

A

Public limited company (PLC) - A company which has shares that can be purchased by the public and which has allotted share capital with a nominal value of at least £50,000

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11
Q

What is a Corporation

A

Corporation (C) - a large company or group of companies authorized to act as a single entity and recognized as such in law.

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12
Q

What is a Cooperative

A

Cooporative - business, or other organization that is owned and run jointly by its members, who share the profits or benefits.

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13
Q

What is stock

A

Stock - The capital raised by a company or corporation through the issue and subscription of shares.

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14
Q

What is Working Capital

A

Working Capital; the capital of a business which is used in its day-to-day trading operations, calculated as the current assets minus the current liabilities.

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15
Q

What are Liabilities

A

Liabilities - an outstanding expense that a companies owes e.g. wages and loans.

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16
Q

What is a Debtor

A

Debtor - A company or person that owes money.

17
Q

What is a Creditor

A

Creditor - A company or person who lends money.

18
Q

What position do you hold at your organization

A

I am a Building Surveying graduate with 3 years of experience.

19
Q

What is a stratigic buisness plan

A

A strategy to achieve the overall goals set by a business

20
Q

What is a departmental business plan

A

Focusing on the performance, needs and goals of a specific department within a business.

21
Q

What is an operation working plan

A

Inline with ISO9001 it ensures that businesses have appropriate measures in place to plan the operation of their business including resources, services.

22
Q

What is a corporate business plan

A

Similar to a strategic plan it sets out a vision for the business focusing on it’s operation.

23
Q

What information does the RICS regulated firm need to provide the RICS

A 
Annual return
Type of business
Staffing
Nature of clients
Training provisions
Complaints handling
PII
Client money
24
Q

How do you register to become an RICS regulated firm

A

A form is available on the RICS website. Several preconditions must be met;

  • Your firm must offer professional services in surveying disciplines
  • At least 25% of principals must be charted with the RICS
  • Agree to comply with RICS Rules of Conduct for Firms
25
Q

What are the types of business structure

A

Functional - a traditional hierarchy

Divisional - each independent function is separated into separate entities with their own admin, marketing and financial

Matrix - This is set up as a grid rather than a traditional hierarchy with employees typically reporting to a function manager and a project manager

Flatarchay - a flat company that forms temporary hierarchies for projects that then disband once complete

26
Q

An RICS regulated firm must

A

Practises to globally recognised standards.
Behaves ethically and acts with integrity and honesty.
Has the required skills and competencies to do the job.
Manages conflicts of interests transparently.
Safeguards the security of client money.
Manages its finances appropriately.
Provides adequate and appropriate indemnity for your work.
Handles complaints and disputes fairly.

27
Q

What is the current RICS Business plan

A

2018-21 business plan, titled: A global professional body fit for the 21st century shaping the built and natural environments.

28
Q

What is contained within an appointment document?

A

A description of the service to be provided
Terms and conditions
PII requirements
QP5 - quality management questionnaire

29
Q

What tools does your company use to manage its business?

A

Workflow Max - Management tool for timesheets and creating job milestones and checking actual time against time allowance.

Xero - Admin tool for managing expenses

Bamboo - HR tool for booking leave and contains colleagues details

30
Q

What are your company’s values?

A

INTELLIGENT DESIGN AND EFFECTIVE MANAGEMENT

LEADERS IN INNOVATION

CREATING INSPIRING ENVIRONMENTS

31
Q

What is your company’s management structure?

A

A mixture of geographical and functional structure as there are partners and directors of each office and each function.

The company is top-heavy with many associates and directors.

32
Q

Can you tell us about your company’s current business plan?

A

Our companies business plan is no different from a typical plan it contains;

  • Executive summary
  • Strategic issues
  • Financial plan
  • Risk assessment
  • Competition
  • Training
  • Marketing
33
Q

How do you ensure that you contribute to the achievement of your company’s objectives/business plan?

A
  • Always providing a high standard of service
  • Share progress updates and celebrate success
  • Promote the business on social media
  • Complete CSR works e.g. planting with social housing, the clipper, pump track, George street cafe.

APC Preperation - Building Surveying (21 decks)

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