Flashcards in Level 1 - Business planning Deck (21)
What are the three levels of business management?
1. Corporate Level
What is a business plan?
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.
What are the business objectives of your company?
• To develop and grow the business sustainably in the sectors:
o Sports & leisure
• Retain existing and gain new clients
• Retain and train staff
• Grow team to support senior members of staff
How do you contribute to business planning within your company?
• By preparing responses to invitations to tender.
• I took part in a tender interview for Project Management services for development works at the Britannia Leisure centre, Hackney .
How do you manage your time so that you do not work beyond your fee allowance?
Recording my time weekly in timesheets spent against each job allows my workload to be reviewed by senior managers in monthly team meetings.
Does the RICS have a business plan?
Yes the current plan covers the three years from 2014-2017:
Our primary focus over the next three years
Does the RICS have a Corporate Strategy?
Yes, the current strategy covers 2012 to 2017.
It sets out long term strategic goals of the organisation.
N1. What should you do when starting a business?
Create a Business Plan, such as a 3 – 5 year business plan.
N2. What is a business plan?
A formal statement of the business goals, how they are obtainable and the plan for reaching these goals.
N3. Why would you create a business plan?
- To help achieve funding.
- Set business objectives.
- Create a business direction.
N4. What would you expect to be included within this business plan?
- Method Statement.
- Goals and Objectives.
- SWOT analysis.
- Key Performance Indicators.
N5. What is a Mission Statement?
A formal summary of the company aims and values.
N6. What is a SWOT analysis?
internal study undertaken by a business to identify its strengths, weaknesses, opportunities and threats.
N7. What goals and objectives would you likely see?
- Expected profit margin.
- Expected Turnover.
- Markets the company are looking to move into.
N8. What is a Key Performance Indicator?
A measureable value to determine the success of project/venture.
N9. How is a business plan laid out?
1. Executive summary.
2. Financial Forecasts.
3. Management team.
4. Description of business opportunity.
5. Market and Sales Strategy.
N10. What is Natta’s 5 year business plan?
- £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.
N11. Why is Market Analysis important?
Increase sales through identifying areas of strength, and aligning these with opportunities.
N12. How does an up-to-date business plan help an organisation?
- 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.
N13. In terms of Business Planning, how does your management ensure that you make a profit?
- Regular reporting.
- Forward planning.
- Accounting systems to track all costs.