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Business Planning Level 1 - Coggle Diagram
Business Planning Level 1
General
Making profit through Business Planning
1) Timesheets
2) Resource planners
3) Fee/Cost reconsiliation tools
4) Project reviews
5) Yearly performance reviews
6) Team meetings
7) Director on-to-ones
Benchmarking on a construction project
Definition
- A process by which the estimated performance of cost of a project is compared to other similar projects. This can highlight areas of design that are not offering good value for money; or, if the price offered by the contractor is in line with the wider market
PESTLE Analysis
Definition
- It is a way of understanding and reviewing how external forces may impact the business
P- political
E- economic
S- social
T- technology
L- legal
E- environmental
SWOT Analysis
Definition
- SWOT analysis is a strategic planning method used to evaluate strengths, weaknesses, opportunities and threats involved in a project or business venture. SWOT analysis can be used as a basis for business strategy
What are the issues relating to staff turnover?
1) It can be expensive and time consuming to hire staff
2) Training new people is time consuming and expensive
3) Turnover also affects team dynamics, productivity and continuity
SMART Objectives/Goals
S - Specific
M - Measurable
A - Achievable
R - Realistic
T - Timebound
How do you contribute to your company's goals?
1) Sharing knowledge within my teams
2) Keeping up to date with new technologies
3) Delivering and exceeding my responsibilities
4) Understanding my personal/project objectives, exceeding expectations where possible
5) Bringing in new business
6) Focus on safety
What things do you need to consider when setting up a business?
1) Advise RICS that you are starting a business and comply with the Rules of Conduct
2) Create a business plan
3) Create a H&S policy
4) Register the business with Companies House and inform the HMRC
5) Set-up company and client bank accounts
6) Set-up a Complaints Handling Procedure
7) Ensure relevant insurances in place for
a) Professional indemnity & run-off cover
b) Directors' liability
c) Buildings insurance
d) Public liability insurance
Investment Appraisal
Definition
- An investment appraisal is used to assess whether a business or project would be a worthwhile investment in terms of return both financially and added value. This would consider
1) Rate of return
2) Payback period
3) Net present value
Fee earning & non-fee earning staff
1) Fee earning - QS, PM, Architect
2) Non feed earning - Administration staff, IT technicians
Purpose of an organisation chart
A graphical representation of the roles, responsibilities and relationship between individuals within the organisation. It can be used to depict the structure of an organisation as a whole or broken down by smaller business units
Companies Act 2006
The Companies Act and common law impose certain duties on directors. Some aspects are also mandatory for LLPs. The following are required:
1) Act within the powers of the company
2) Promote the success of the company for the benefit of its shareholders as a whole
3) Exercise independent judgement
4) Exercise reasonable care, skill and diligence
5) Avoid conflicts of interest
6) Refuse benefits from third parties
7) Declare personal interests in proposed transactions or arrangement with the company
Business Planning
Business Strategy
Definition
- A business strategy is an outline of actions and decisions a company plans to take to reach its business goals and objectives
The strategy defines what the business needs to do to reach its goals, which can help guide the decision making process for hiring and resource allocation
Strategic Planning
The managerial process of developing and maintaining a strategic fit between the organisation objective, resources and changing market opportunities
Business planning
Definition
- Business plans are concerned with the detailed implementation after the big choices have been made. A business plan deals with the detailed implementation of specific aspects of the overall strategy
1) A business plan is a document that summarises the operational and financial objectives of a business. It is a business's road map to success with detailed plans and budgets that show how the objectives will be realised
2) Likely timescale of three to five years, these written business plans are often required to obtain a bank loan or financing
What would typically be included in a business plan?
1) Executive Summary
2) Marketing strategy
3) Vision and mission statements
4) Products and services
5) Management team and personnel
6) Financial forecasts
7) Responsibilities and targets
8) Training, resource strategy and hierarchy plans
9) SWOT analysis
How can a business plan help a company in the current economic climate?
1) To help secure additional funding from banks or external investors
2) To gain new clients and commissions
3) To help focus the businesses priorities and respond to change
4) Focus on key priorities
5) For budgeting
6) For setting targets for staff
Vision Statement Vs Mission Statement
1) A vision statement focuses on tomorrow and what an organisation wants to ultimately become
2) A mission statement focuses on today and what an organisation does to achieve it
Business Model
Definition
- A business model is the plan implemented by a company to generate revenue and make a profit from operations.
A business model may contain:
1) The product/service the business believes has value for the customer
2) The market niche and main target demographic
3) The expense of bringing your product/service to the target market