APC Mandatory - Business Planning

Question 1

Name a type of business plan?

Answer 1

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

Question 2

What is your employer’s business plan

Answer 2

3 strategic objectives
1) provide trusted property valuation efficiently
2) deliver excellent customer service
3) be a great place to work

Question 3

What is a business plan?

Answer 3

Sets out core and strategic objectives and how to meet them

Will usually have short, medium and long term goals

Question 4

What is business forcasting?

Answer 4

Making informed guesses about certain business metrics regardless of weather they reflect the specifics of a businesses

Question 5

Describe corporate planning

Answer 5

Implement strategies/objectives for meeting business goals.

Question 6

How does business planning contribute to the success of a company?

Answer 6

Facilitates decision making and allows for set time frame to meet core objectives. Also allows company to measure performance

Question 7

What is return of investment

Answer 7

Ratio between income/investment

Question 8

Tell me about your involvement in business planning?

Answer 8

Regularly participate in team meetings of which I contribute and listen to ideas of future development

Question 9

What is a SWOT analysis

Answer 9

Strength weakness opportunities and threats

Question 10

Can you tell me when you used a SWOT analysis?

Answer 10

I used swot analysis in my own development to target areas of weakness which I can improve through CPD

Question 11

What is the latest RICS business plan?

Answer 11

Building towards a new future business plan 21-22
Includes focus on sustainability and diversity

Question 12

How does business planning work in the VOA?

Answer 12

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.

Question 13

What are KPI’s and what are the VO’s KPI’s

Answer 13

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

Question 14

How are fees determined in the VOA?

Answer 14

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.

Question 15

What do you find in a business plan?

Answer 15

A general statement, objectives and goals & strategies and actions.

Question 16

What are service level agreements?

Answer 16

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.

Question 17

Can you give me an example of an SLA within the VOA?

Answer 17

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.