M - Business Planning Flashcards
(19 cards)
What is RLB’s 2030 Strategy
- High performing people and culture (employee focus)
- From good to great (Delivering best service)
- Digital growth (Embracing evolving industry)
How do you contribute to your companies business plan
- Deliver high level service
- Working efficiently
- Client retention / gain
- Timekeeping
- Developing younger staff
- Sharing knowlegde
- Keeping up with new technologies
Why is a business plan important?
- Focuses priorities
- Budgeting
- Setting business and staff KPI’s
What is a business plan?
- Outlines operational and financial objectives of a business.
- Timescale of at least 3 to 5 years
What does a SWOT analysis identify?
Strengths
Weaknesses
Opportunities
Threats
Strategic planning method (business strategy)
Mentioned RLB 2030 strategy, how do you input into RLB achieving their short and long term goals?
- Assist developing junior staff
- High level service, Work efficiently
- Learning to use Ross
What procedures does your firm utilize to ensure they are profitable
- Timesheets
- Fee/cost reconciliation
- Project reviews,
- Yearly performance reviews
- Business dev strategy
What components would you include in a Business plan
- Exec summary
- Marketing strategy
- Vision & Mission statements
- Services
- Management team & Structure
- SWOT analysis
- Financial target
How can businesses analyse their performance
- KPIs
- Financial analysis
- Customer feedback
What is PESTLE analysis?
Political Economical Social Technological Legal and Environmental
Way of understanding how external forces impact a business
Requirements when setting up a business
Inform RICS
Inform HMRC and Companies House
Business Plan
Complaints Handling Procedure
Company and Client Bank Accounts
Insurance - PI and Run Off, Building and Public
What would be included in a fee proposal
- Fee
- Description of works
- Company profile
- Scope of service
- CVs
- Anticipated programme
- PI Insurance
Vision statement vs Mission statement
- Vision statement - focus on tomorrow, what organisation wants to become
- Mission statement - Focus on today, what org does to acheieve it
What is benchmarking
Process where estimated performance of project is compared to other similar projects
Can highlight areas not offering good value for money
Purpose of business organisation chart
Graphical representation of roles, responsibilities and relationships
What are SMART targets as part of business plan
Objectives that are:
* Specific
* Measurable
* Achievable
* Realistic
* Time related
What are KPIs and give some examples
Key Performance Indicators
* Revenue growth
* Customer satisfaction
* Employee recruitment
What would you expect to see on an appointment document
- Client details
- Duration
- Fees
- Scope of service
T&Cs of services being provided
What may be included in business medium term goals
- Financial objectives
- Operational goals
- Market expansion
- Growth
