APC Mandatory - Business Planning Flashcards
Name a type of business plan?
STRATEGIC focused on mid/long terms goals and how to meet them
OPERATIONAL outlines goals and objectives of a company and how they can be achived
CORPORATE defines strategy on how employees can meet businesses targets
DEPARTMENTAL
What is your employer’s business plan
3 strategic objectives
1) provide trusted property valuation efficiently
2) deliver excellent customer service
3) be a great place to work
What is a business plan?
Sets out core and strategic objectives and how to meet them
Will usually have short, medium and long term goals
What is business forcasting?
Making informed guesses about certain business metrics regardless of weather they reflect the specifics of a businesses
Describe corporate planning
Implement strategies/objectives for meeting business goals.
How does business planning contribute to the success of a company?
Facilitates decision making and allows for set time frame to meet core objectives. Also allows company to measure performance
What is return of investment
Ratio between income/investment
Tell me about your involvement in business planning?
Regularly participate in team meetings of which I contribute and listen to ideas of future development
What is a SWOT analysis
Strength weakness opportunities and threats
Can you tell me when you used a SWOT analysis?
I used swot analysis in my own development to target areas of weakness which I can improve through CPD
What is the latest RICS business plan?
Building towards a new future business plan 21-22
Includes focus on sustainability and diversity
How does business planning work in the VOA?
There are individual targets depending on what business stream you are working in. On rating/CT the target is based on the number of appeals to be cleared in a year. On DVS the target is based on the amount of fee income you can earn in the year.
What are KPI’s and what are the VO’s KPI’s
These measure how effectively a company is achieving key business objectives/strategic goals.
VO;
1) Volume of cases cleared
2) Timeliness in dealing with our work
3) Quality of our valuations and customer service
How are fees determined in the VOA?
Property Services must price its services on a full cost recovery basis in line with HM Treasury’s Managing Public Money. Hourly fees are therefore derived from knowing the direct cost of the PS resources required and how much is required as a contribution to Agency overhead costs.
What do you find in a business plan?
A general statement, objectives and goals & strategies and actions.
What are service level agreements?
Arrangements reached between the Agency and its principle key clients normally for a defined period of time under which the Agency provides services and under which the Agency receives payments for those services.
Can you give me an example of an SLA within the VOA?
The VOA has an SLA with HMRC which cover the key requirements of RICS. E.g. Terms of Engagement, fees, purpose of the valuation, service delivery, timeliness and format of the report. Conflicts of interest are to be considered for each case.
