Flashcards in Business Planning Deck (19)
What are the three levels of business management?
What is the operational level?
Operational end of the business, create the output of the company e.g. a QS that takes measures, produces cost plans etc.
What is the management level?
Management of the operational workers. Managers ensure employees carry out their tasks and work efficiently.
What is the corporate level?
At the strategic apex of the company. Dictate which way the business should move, takes a holistic view on the business.
What is a business plan?
A document setting out a business's future objectives and strategies for achieving them.
What are the components of a business plan?
- Business description/service lines
- SWOT analysis
- Market analysis
- Business opportunities
- Resource allocation for opportunities
- Financial performance targets
- Budgets and cash flow forecasts
- Current position
What can a business plan be used for?
- To secure funding
- To secure new business from clients
- To focus on key priorities
- To respond to change
- For budgeting/setting targets
What are the business objectives of your company?
[Grow a sector/staff retention/retain clients/grow team to support senior staff]
How do you manage your time so you do not work beyond your fee allowance?
- Fill time sheets. These are reviewed by senior management.
- I am aware of fees on different jobs and raise concerns if I feel the workload is over and above what has been allowed for in our fees
Does the RICS have a business plan?
Does the RICS have a corporate strategy?
Yes, it sets out long term strategic goals of the organisation
What should you do when starting a business?
Put together a business plan covering the next 3 - 5 years
What is a mission statement?
A formal summary of the aims and values of a company, organisation, or individual.
What is a SWOT analysis?
Internal analysis of a company's:
What are KPIs?
Key Performance Indicators - measurable values against which a company's success can be determined
Why is market analysis important?
Allows you to find opportunities to make money and align your workforce to satisfy this.
How does your management ensure you are making a profit?
We fill time sheets. Resource allocation to projects is cross referenced with fees from those projects.
What is a PESTLE analysis?
An analysis of macro-environmental factors (major external and uncontrollable factors that influence an organisation's decision making, and affect its performance and strategies):