Business planning

Question 1

What is a business plan?

Answer 1

A document that defines the business objectives and suggests steps to be taken to realise the business strategy over the next 3 years.

Components of a Business Plan:
• Division of the business into service type or client segment
• Financial performance targets
• Plan business opportunities and allocate staff resource
• Budgeting and cash forecasting money in vs. money out to understand what you can afford to pay because you estimate what you will earn
• Plan business opportunities, identify the resource required.

Question 2

What are the business objectives of your company?

Answer 2

The Mace 2022 Strategy - to reach £2.2bn revenue. The 4 strategies are:

• Engage, develop and inspire our people.
• Achieve stable and sustainable growth.
• Drive innovation to achieve service excellence.
• Be a responsible business.

Question 3

Does the RICS have a business plan?

Answer 3

Yes the 2018 to 2021 business plan. Is to to provide increased market confidence through our professional and ethical standards.

Question 4

How do you contribute to business planning within your company?

Answer 4

• By understanding the business and driving this forward. For example, taking the initiative to make things happen.
• Handover information for clients
• Pre start works
• Commercially initiating talks
• Speaking to clients / partners to create relationships.

Question 5

What tools are commonly used to understand your current position in the market place?

Answer 5

• SWOT
• KPI’s
• Competitors
• Opportunities
• Management

Question 6

What are the three levels of business management?

Answer 6

1. Corporate Level
2. Management Level
3. Operational Level

Question 7

Does the RICS have a Corporate Strategy?

Answer 7

It sets out long term strategic goals of the organisation.

Question 8

What should you do when starting a business?

Answer 8

Create a Business Plan, such as a 3 – 5 year business plan.

Question 9

What is a business plan?

Answer 9

A formal statement of the business goals, how they are obtainable and the plan for reaching these goals.

Question 10

What would you expect to be included within this business plan?

Answer 10

• objectives,
• strategies,
• sales,
• marketing and
• financial forecasts

Question 11

What is a SWOT analysis?

Answer 11

A review by a business to identify its strengths, weaknesses, opportunities and threats.

Question 12

What is a Key Performance Indicator?

Answer 12

A measurable value to determine the success of project/venture.

Question 13

How do you feed into the £2.2bn mace target?

Answer 13

• Partake in fee paying work and submit my time-sheets to properly record this

Question 14

What is the point of a business plan?

Answer 14

• Sets direction
• Helps to achieve targets
• Allows to achieve funding
• Set targets for staff

Question 15

How is a business plan laid out?

Answer 15

• Cover
• Exec summary
• Financial forecasts
• Management team
• Description of business opportunities
• Market and sales strategy.

Question 16

What strategies can businesses take to prosper?

Answer 16

• Ansoff matrix
• Market penetration (same market but increased market share - lowering price or marketing)
• Market development (introducing products or services to new markets)
• Diversification (totally new product to new market)
• Product development (new product same market)

Question 17

What does the RICS business plan state?

Answer 17

• Influential thought leader -collaborating with others
• Trusted by our stakeholders and society -
• Professional qualifications remain in demand
• Sustainability in 21st century - (5% increase year on year, efficiency)

Question 18

What are the different types of business structures?

Answer 18

• Sole Trader
  A person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses (unlimited liability).
• Partnership
  A business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.
• Limited
  In a limited company, the shareholders’ liability is limited to the capital they originally invested. If such company becomes insolvent, the shareholders personal assets remain protected. Shares in a private limited company are not offered to the general public (distinguishing it from a public limited company - plc.)
• Limited Liability Partnership (LLP)
  A limited liability partnership (LLP) is a partnership in which some or all partners have limited liabilities. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.

Question 19

How do you think an up to date business plan can help an organisation in the current economic climate?

Answer 19

• to seek funding;
• to gain new instructions, new clients, new customers;
• to help focus on key priorities;
• to allow the organisation to respond to change;
• for budgetting; and
• for setting targets for staff.

Question 20

What is contained within an appointment document? What are your company’s terms of business?

Answer 20

This includes:

• Obligations of the contract
• Payment terms
• Executed under hand or as deed
• Liability period
• PII
• Money handling procedure
• Insurances
• Details on termination

Question 21

What would you expect to find in a sales and marketing plan?

Answer 21

• Expected sales values
• Fall back sales values
• Sector
• Competitors
• New markets

Question 22

What is PESTLE analysis?

Answer 22

• Poltitical
• Economic
• Social
• Technical
• Legal
• Environmental