M - Business Planning Flashcards Preview

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Flashcards in M - Business Planning Deck (17)
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1
Q

What are the three levels of business management?

A
  • Operational
  • Management
  • Corporate
2
Q

What is the Operational level?

A

Operational end of the business - Creates the output of the company.

e.g. QS that takes measures and produces cost plans

3
Q

What is the Management level?

A

Management of the operational workers.

Managers ensure employees carry out their tasks and work efficiently.

4
Q

What is the Corporate level?

A

At the strategic apex of the company.

Dictate which way the business should move, takes a holistic view on the business.

5
Q

What is a business plan?

A

A formal statement of business goals, reasons they are attainable and plans for reaching them

6
Q

What are the components of a business plan?

A
  • Business description / service lines
  • SWOT analysis
  • Market analysis
  • Business opportunities
  • Resource allocation for opportunities
  • Financial performance targets
  • Budgets and cash flow forecasts
  • Current position
  • KPI’s
7
Q

What can a business plan be used for?

A

1) To secure funding
2) To secure new business from clients
3) To focus on key priorities
4) To respond to change
5) For budgeting / setting targets

8
Q

What can you tell us about your companies business plan?

A

“20/20 Vision”

To be the leading capital programs professional services provider, operating across property, infrastructure and natural resources

9
Q

What tools does your company use to manage its business?

A

1) CEP Online (Commission Execution Plan)
2) Client satisfaction database
3) FMS Online (Financial Management System)
4) Marketing database
5) Contracts database
6) Key client reporting
7) Project database
8) Supplier database

10
Q

How do you manage your time so you do not work beyond your fee allowance?

A
  • Complete timesheets - Reviewed and approved by senior management
  • Be aware of extent of fee and associated level of service. Raise concerns if the workload is over and above the extent of the fee.
11
Q

Does the RICS have a business plan?

A

Yes

To be
‘A global professional body fit for the 21st century shaping the built and natural environments.

12
Q

What is a SWOT analysis

A

An internal analysis of a company’s:

  • Strengths
  • Weaknesses
  • Opportunities
  • Threats

It is a strategic planning method used to evaluate project or business ventures.

13
Q

What are KPI’s?

A

Key Performance Indicators

Measurable values against which a company’s success can be determines

14
Q

Why is market analysis important?

A

Allows you to find opportunities to make money and align your workforce to satisfy this.

15
Q

How does your management ensure you are making a profit?

A
  • Everyone completes timesheets.
  • Resource allocation to each project is reflected in the fee received for the project
  • Regular reporting and monitoring
16
Q

What legislation are you aware of that affects businesses in Australia?

A
  • Fair Work Act 2009 (pay, working conditions, hours, bullying and harassment, leave, dismissal, redundancy etc)
  • The Privacy Act
  • Occupational Safety and Health Act 1984 (WA)
17
Q

What are the current market conditions looking like in Perth?

A

General economic conditions in Perth have been declining since the mining boom in 2014/15, although the market is slowly recovering with the resources sector significantly improving over the last 12 months.

Margins remain low and contractors feel they need to find an edge or a point of difference to win the work.

Population growth has significantly reduced with many workers migrating inter-state, mainly to Victoria. This has led to a skills shortage which is a concern for contractors given that work is picking up.

As population growth is set to increase the government has focused on the need to prioritise WA’s infrastructure with the METRONET project being delivered over the next decade.

Key projects pipeline includes:

  • Chevron Elizabeth Quay Tower
  • Joondalup Health Campus Expansion
  • METRONET
  • Mining projects including South Flank
  • Retail projects