Business planning

Question 1

What is a business plan?

Answer 1

A document that defines the business objectives and suggests steps to be taken to realise the business strategy over the next 3 years. Components of a Business Plan: • Division of the business into service type or client segment • Financial performance targets • Plan business opportunities and allocate staff resource • Budgeting and cash forecasting money in vs. money out to understand what you can afford to pay because you estimate what you will earn • Plan business opportunities, identify the resource required. Consider a SWOT analysis

Question 2

What are the business objectives of your company?

Answer 2

The JLL business objectives are:

1. Client -
   
   1. Deliver a consistently high standard
   2. seamless global client approach
2. Brand
   
   1. building the brand beyond real estate
3. Digital
   
   1. driving sigital DNA across the organization
   2. Various JLL initiatives JLL spark
4. People
   
   1. Attracting diverse talent
   2. High standard of training
5. Values
   
   1. Building a better tomorrow (sustainability)
   2. Teamworth ethics and excellence.

Question 3

Does the RICS have a business plan?

Answer 3

• Yes the 2018 to 2021 business plan.
• It is to to provide increased market confidence through our professional and ethical standards.
• It has 4 strategic goals

Influential thought leader

• Through collaboration with others, we bring about beneficial change in response to the major challenges the world faces.

Trusted by our stakeholders and society

We are trusted globally to set and enforce consistent standards for the profession.

RICS professional qualifications remain in demand

• As a result of market respect and demand for our profession’s standards and qualifications, highly talented individuals choose to qualify, commit to lifelong professionalism and work to our standards.
• We inspire more diverse entrants into a purpose-rich profession that plays a major role in shaping the world we live in.
• Our professional qualifications continue to remain relevant in a world disrupted by new technology and advances in big data.

Sustainable 21st century professional body

• We continue to generate the financial ability to invest in our vision; the profession and our employees are highly engaged in both our direction and purpose; those who engage with us and consume our products and services are satisfied that these add real value.

Question 4

How do you contribute to business planning within your company?

Answer 4

• By understanding the business and driving this forward. For example, taking the initiative to make things happen. - Handover information for clients - Pre start works - Commercially initiating talks - Speaking to clients / partners to create relationships.

Question 5

What tools are commonly used to understand your current position in the market place?

Answer 5

• SWOT - KPI’s - Competitors - Opportunities - Management

Question 6

What are the three levels of business management?

Answer 6

1. Corporate Level 2.Management Level 3.Operational Level

Question 7

Does the RICS have a Corporate Strategy?

Answer 7

Yes - it sets out long term strategic goals of the organisation.

“Through our credential and our professional standards we will create confidence in markets and be known for effecting positive change in the built and natural environments.”

Question 8

What should you do when starting a business?

Answer 8

Create a Business Plan, such as a 3 – 5 year business plan.

Question 9

What is a business plan?

Answer 9

A formal statement of the business goals, how they are obtainable and the plan for reaching these goals.

Question 10

What would you expect to be included within this business plan?

Answer 10

-objectives, -strategies, -sales, -marketing and -financial forecasts

Question 11

What is a SWOT analysis?

Answer 11

A review by a business to identify its strengths, weaknesses, opportunities and threats.

Question 12

What is a Key Performance Indicator?

Answer 12

A measurable value to determine the success of project/venture.

Question 13

How do you feed into the JLL target?

Answer 13

-Via my fee earning target and income generated.

Question 14

What is the point of a business plan?

Answer 14

• Sets direction - Helps to achieve targets - Allows to achieve funding - Set targets for staff

Question 15

How is a business plan laid out?

Answer 15

• Cover - Exec summary - Financial forecasts - Management team - Description of business opportunities - Market and sales strategy.

Question 16

What strategies can businesses take to prosper?

Answer 16

• Ansoff matrix - Market penetration (same market but increased market share - lowering price or marketing) - Market development (introducing products or services to new markets) - Diversification (totally new product to new market) - Product development (new product same market)

Question 17

What does the RICS business plan state?

Answer 17

• Influential thought leader -collaborating with others - Trusted by our stakeholders and society - - Professional qualifications remain in demand - Sustainability in 21st century - (5% increase year on year, efficiency)

Question 18

What are the different types of business structures?

Answer 18

1. -Sole Trader
   
   1. A person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses (unlimited liability).
2. Partnership
   
   1. A business organization in which two or more individuals manage and operate the business.
   2. Both owners are equally and personally liable for the debts from the business.
3. Limited company
   
   1. the shareholders’ liability is limited to the capital they originally invested.
   2. If such company becomes insolvent, the shareholders personal assets remain protected.
   3. Shares in a private limited company are not offered to the general public (distinguishing it from a public limited company - plc.)
4. Limited Liability Partnership (LLP)
   
   1. A limited liability partnership (LLP) is a partnership in which some or all partners have limited liabilities.
   2. It therefore exhibits elements of partnerships and corporations.
   3. In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.

Question 19

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

Answer 19

-to seek funding; -to gain new instructions, new clients, new customers; -to help focus on key priorities; -to allow the organisation to respond to change; -for budgetting; and -for setting targets for staff.

Question 20

What is your companys mission statement?

Answer 20

• Achieve Ambitions.
• We’re here to create rewarding opportunities and amazing spaces around the globe where people can achieve their ambitions.
• In doing so, we are building a better tomorrow for our clients, our people and our communities.

Question 21

Why are fee forcasts crucial to surveying business planning ?

Answer 21

To plan future business activities and ensure attainment of a desired minimum profit margin.

Question 22

Why are budget cash flows and financial audit controls important?

Answer 22

To ensure the correct allocation of the companies resources and expenditure.

Question 23

How will the construction industry recover from COVID?

Answer 23

• CLC Construction leadership council has provided a guidance document called the roadmap to recovery to help drive recover of the sector and the national economy to which the construction sector is intrisically linked.
• on how strategy for recovery in the short, medium and long term