Level 1 - Business planning Flashcards Preview

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Flashcards in Level 1 - Business planning Deck (21)
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1
Q

What are the three levels of business management?

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

What is a business plan?

A

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.

A business plan could help 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 budgeting, and
• To set targets for staff.

3
Q

What are the business objectives of your company?

A

• To develop, consolidate and grow the business sustainably in the residential:

  • By exploring any opportunities.
  • Being a private developer being able to take opportunities quickly.
    • Retain existing and gain new clients
    • Retain and train staff
    • Grow team to support senior members of staff
4
Q

How do you contribute to business planning within your company?

A
  • 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.
5
Q

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

A
  • SWOT
  • Pestle
  • KPI’s
  • Competitors
  • Opportunities
  • Management
6
Q

Does the RICS have a business plan?

A

Yes the current plan covers the three years from 2014-2017:

Our primary focus over the next three years

7
Q

Does the RICS have a Corporate Strategy?

A

Yes, the current strategy covers 2012 to 2017.

It sets out long term strategic goals of the organisation.

8
Q

N1. What should you do when starting a business?

A

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

9
Q

N2. What is a business plan?

A

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

10
Q

N3. Why would you create a business plan?

A
  • To help achieve funding.
  • Set business objectives.
  • Create a business direction.
11
Q

N4. What would you expect to be included within this business plan?

A
  • Method Statement.
  • Goals and Objectives.
  • SWOT analysis.
  • Key Performance Indicators.
12
Q

N5. What is a Mission Statement?

A

A formal summary of the company aims and values.

13
Q

N6. What is a SWOT analysis?

A

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

14
Q

N7. What goals and objectives would you likely see?

A
  • Expected profit margin.
  • Expected Turnover.
  • Upcoming projects
  • Results and lessons learned from past / previous projects and how these will improve the business by becoming more robust.
15
Q

N8. What is a Key Performance Indicator?

A

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

16
Q

N9. How is a business plan laid out?

A
  1. Executive summary.
  2. Financial Forecasts.
  3. Management team.
  4. Description of business opportunity.
  5. Market and Sales Strategy.
17
Q

N10. What is Natta’s 5 year business plan?

A
  • £60,000,000.00 turnover by 2018.
  • Build the company’s main-contracting business, i.e. more Turn Key residential and care home builds.
  • Maintain Health and Safety Record.
  • Obtain three new clients a year.
18
Q

N11. Why is Market Analysis important?

A

Increase sales through identifying areas of strength, and aligning these with opportunities.

19
Q

N12. How does an up-to-date business plan help an organisation?

A
  • Helps achieve funding.
  • Market previous work to clients.
  • Bring focus the company priorities.
  • Allows staff to align their goals with the company’s.
  • Help set budgets.
20
Q

N13. In terms of Business Planning, how does your management ensure that you make a profit?

A
  • Regular reporting.
  • Forward planning.
  • Accounting systems to track all costs.
21
Q

N14. What is a PESTLE Analysis?

A
  • Political.
  • Economic.
  • Social.
  • Technological.
  • Legal.
  • Environmental.