Business Planning

Question 1

What is a business plan?

Answer 1

It is a formal statement of a businesses goals and plans for achieving them.

Can be used to measure progress.

Question 2

When are business plans produced?

Answer 2

Usually every 3-5 years depending on type of business, environment you work in and project for which the plan is being put together for.

Question 3

What are the contents of a business plan?

Answer 3

HIGH LEVEL - The vision, objectives & goals, strategies & actions.

Ex Summary
Intro 
Objectives (Vision & Mission)
- Vision - where do you want to get to?
- Mission - how you will achieve that?
Envr analysis
Marketing Plan
Operational (incl team)
Financial plan & forecast
Risks

Question 4

Example of different approaches to business planning?

Answer 4

• Strategic / corporate - entire company, sets vision, mission statement
• Internal / management - sets out objectives, plans for how these are achieved. Detailed and used to measure performance against KPIs (think M3 growth plan)
• Start-up - short term and detailed to outline set up / establishment

Question 5

How often should business plans be reviewed?

Answer 5

• Every 3 - 5 years
• Updated regularly to respond to changes in the market, performance of the company, release of new product or service line.

Question 6

Name an example of an assessment technique used when producing a business plan?

Answer 6

• SWOT

* PESTLE

Question 7

What is SWOT? What does it identify?

Answer 7

• An assessment tool used to identify and evaluate internal strengths and weaknesses and external opportunities and threats.
It can be used to set objectives and inform the mission statement.

Question 8

What is PESTLE?

Answer 8

An assessment tool to help identify opportunities and risks to the business. It is an acronym that stands for:
• Political – uncertainty, taxes, BREXIT
• Economic – interest rates, minimum wage, exchange rates
• Social – demand for product or service, sustainability
• Technological – advances in product, tool or processing machinery
• Legal – relevant legislation change, employment law
• Environmental – market factors
• Can be used to track the macro-environment they are operating in, or a new environment / market they are looking to move into.

Question 9

What is discussed in your company’s meetings?

Answer 9

M3 Comms; regular updates to company performance including; financial performance, projects, business development, ESG

Company meetings; almost a review of the business plan, how the business is progressing etc.

M3 Principles; Independence and Excellence, Trust and Respect, Integrity and Honesty, Vision. ITHRIVE

M3 Business plan / corporate identity; diversification of clients, managing client needs, increasing profitability and utilisation. Diversification of talent pool, timeframe for a business plan 3-5 years.

Utilisation (resource via timesheets) and recovery (cover of cost against billing)

Question 10

How often are M3 meetings held?

Answer 10

• Every 6 weeks

* Also a more formal annual review

Question 11

What are your company’s strategic objectives?

Answer 11

• Maintaining a hands-on approach to ‘owning’, evaluating and resolving issues with an unqualified reputation for independent integrity
• Investing in our Team and their innovative skills to deliver visionary development solutions and focus on rigorous service delivery
• Tailoring our solutions to fit our Client’s strategic objectives and release financial and operating advantage from sites and speculative investments

Question 12

What is the RICS current business plan?

Answer 12

Building towards a new future business plan 2021-2022
• Chapters:
	○ Building back economically 
	○ Geographic priorities
	○ Market plans - priority markets
	○ Corporate objectives
		§ Trusted by our stakeholders and society
			§ RICS qualifications in demand
			§ Influential thought leader
			§ Involved and engaged members
			§ Sustainable 21st century professional body 
	○ Financial plan
	○ Strategic risk

Question 13

How do companies write a business plan?

Answer 13

• analysis of markets and industry to identify opportunities and successes
• focus of resource into developing competence
• leads to development of goals and objectives with associated strategies and actions.

Question 14

What is contained in an appointment document?

Answer 14

• scope
• fees
• terms of contract / amendments agreed
• contact details
• insurances

Question 15

What are your firms terms of business?

Answer 15

CHECK THIS!!

Question 16

How do you contribute to your company’s goals?

Answer 16

• excellence in my work
• provide a high standard of service
• act in line with M3’s values (ITHRIVE)
• knowledge sharing
• CPD

Question 17

What are the uses of a business plan?

Answer 17

a. Investment
b. Monitor progress
c. Plan the business from the start
d. Provide direction and team (including targets)
e. Gaining new clients
f. Help respond to change
g. Budgeting

Question 18

How do you use a business plan in your role as PM/why is it important to understand clients plan?

Answer 18

a. Specific corporate objectives (eg sustainability)
b. How your project influences objectives (eg delivering more operational space, increasing profit, release money)
c. Attitude to risk

Question 19

How can you monitor performance against objectives?

Answer 19

a. KPIS (utilisation and recovery)

b. Profit against target

Question 20

Examples of objectives in business plan?

Answer 20

a. % new clients or new work
b. Profit target
c. Growth target ie how many people employing?

Question 21

What tools are you aware of to help with business planning?

Answer 21

a. Work pipeline
b. Resource management
c. Targets/objectives

Question 22

What is the process of establishing a business plan?

Answer 22

a. Contents
b. Analysis – internal and external
c. Objectives