Business planning

Question 1

What key headings would you expect to see addressed in a business plan?

Answer 1

• 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 2

What period of time would a business plan cover? (short term or
long-term business plan)

Answer 2

• Short-term usually involves processes that show results within a year.
• Companies aim medium-term plans at results that take several years to achieve.
• Long-term plans include the overall goals of the company set four or five years in the future and usually are based on reaching the medium-term targets.

Question 3

Who contributes to a business plan?

Answer 3

• The person or persons responsible for implementing the plan should be heavily involved in its development.
• Some people hire consultants or have employees draft the plan.
• If you’re going to be accountable for the decisions that will be based on the plan, then you need to be involved in its development.

Question 4

Why do you need a business plan?

Answer 4

• Provides a structured way of organising 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 5

What is a PESTLE analysis?

Answer 5

A PESTLE analysis is a framework to analyse the key factors (Political, Economic, Sociological, Technological, Legal and Environmental) influencing an organisation from the outside. It offers people professionals insight into the external factors impacting their organisation. The analysis is flexible, so organisations can use it in a range of different scenarios. People professionals and senior managers can use the results to guide strategic decision-making.

Question 6

What is a SWOT analysis?

Answer 6

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.

Question 7

What is a business plan?

Answer 7

A Business Plan is a written document that describes your core business objectives and how you plan to achieve them over a set period of time. It is designed to help you, and others, understand how you plan to generate money and make your business sustainable. A Business Plan often includes information about your goals, strategies, marketing and sales plans and financial forecasts. Read on below for more information about the key sections of a Business Plan.

Question 8

How SWOT Anaysis is produced?

Answer 8

• 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. Write the word “Strengths” inside the top left box, “Weaknesses” inside the top right box, “Opportunities” within the bottom left box, and “Threats” inside the bottom right box. These are titles, so they should be distinguished from the rest of the text using either color or font size. SmartDraw offers several SWOT diagram templates designed to make construction quick and easy.
• Add strengths and weaknesses. Add factors that affect the project to the applicable boxes. Components of a SWOT analysis may be qualitative and anecdotal as well as quantitative and empirical in nature. Factors are typically listed in a bullet form.
• Draw conclusions. Analyze the finished SWOT diagram. Be sure to note if the positive outcomes outweigh the negative. If they do, it may be a good decision

Question 9

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 9

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

Question 10

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

Answer 10

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 12

What are the factors impacting on business planning?

Answer 12

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