Business planning

Question 1

What is a business strategy and what are Mace strategic goals and targets?

Answer 1

A business strategy is a long term plan of action designed to achieve a particular goal or set of goals or objectives
Mace 2026 Business Strategy: To redefine the boundaries of Ambition
Purpose led priorities –
• Pursue a sustainable world (Net Zero Carbon - support the client and our targets, source and manage our sources responsibly - 10% Corporate carbon reduction year on year)
• Grow together (partner with the client to achieve their ambition, value a diverse and inclusive culture at Mace) - reduce gender and ethnicity pay gap 10% year on year
• Deliver distinctive value - Results for clients. Service excellence. (HSW, Service Excellence, fully connected and data driven business) - Client satisfaction score 85% by 2026, good days at work (4.5) by 2026
Across 4 main engines: Develop, Consult, Operate, Construct

Question 2

What is a business plan?

Answer 2

A Business Plan is a written document that describes core business objectives and plan to achieve them over a set period of time.
A Business Plan often includes information about goals, strategies, marketing and sales plans and financial forecasts.:
• Designed to help you, and others, understand how you plan to generate money and make your business sustainable
* Provides a structured way of organizing your thoughts and clarifying your idea.
• Helps you set out your goals and spot any potential problems in achieving these goals.
• Gives you a clear strategy to follow when things get busy.
• Is often essential for securing external finance for your business (and is required if you’re applying for a Start Up Loan).
• Allows you to measure your progress as you go along.
• Ensures all of your team are working towards the same vision.
• Helps you plan for the future.

Question 3

What is included in business plan?

Answer 3

• An executive summary
• Vision and business idea
• Marketing and sales strategy
• Management team and personnel
• Operations - premises, production facilities, management information systems and IT
• Financial forecasts

Question 4

What is SWOT Analysis? and how it is produced?

Answer 4

SWOT analysis is a strategic planning technique used to help a person or organization identify strengths, weaknesses, opportunities, and threats related to business competition or project planning.
• Determine the objective. Decide on a key project or strategy to analyze and place it at the top of the page.
• Create a grid. Draw a large square and then divide it into four smaller squares.
• Label each box: Strengths, Weaknesses, Opportunities, Threats”
• List elements in each of the categories
• Draw conclusions. Analyze the finished SWOT diagram. Be sure to note if the positive outcomes outweigh the negative.

Question 5

What are the factors impacting on business planning?

Answer 5

• Funding’s and financing
• People and management
• Location
• Marketing and sales strategy
• Completion
• Seasons

Question 6

You become a RICS Chartered Surveyor tomorrow and decide to start your own consultancy practice. What things do you need to consider when setting up this business?

Answer 6

• Advise RICS that you’re starting a business and comply with the Rules of Conduct for members and Firms.
• Create a business plan
• register the business and inform HRMC
• Get the relevant insurances in place
o Professional Indemnity and run off cover.
o Directors and Officers Liability
o Building Insurance
• Set up a company and client bank accounts
• Set up a Complains Handling Procedures