Business Planning

Question 1

What is a business plan? Why is it needed?

Answer 1

Documented strategy that highlights a business’ goals and plans for achieving them. It summarises an organisations strategy to execute goals, secures investors and helps forecast business demand.

Question 2

What should be included in a business plan?

Answer 2

Executive summary, company description, business opportunity, competitive analysis, target market, marketing plan, financial summary, team, funding requirements.

Question 3

What is included in your company’s business plan?

Answer 3

aims to improve people/clients/services/commercial. Develop apprentice / graduate programme, job sharing strategy, monitor flexible working arrangements, focus on client workshops, understand services across business, secure new work and increase turnover by 10%.

Question 4

What is the purpose of a business plan?

Answer 4

To set out the goals and objectives of a business.

To create an effective strategy.

To inform employees, investors and others of the plans of a business.

To ensure appropriate decisions are made on recruitment, investment, etc.

Question 5

How can morale in a team be improved?

Answer 5

Ensure regular meetings are held with the team.

Ensure there are clear communication links with the team.

Ensure that the team’s motivational factors are met, e.g. - praise, bonus, growth opportunity, etc

Ensure that the teams hygiene factors are met, e.g. - positive environment, equality, job security

Ensure theres a clear whistleblowing policy and complaints handling procedure.

Question 6

What is SWOT analysis? What is the purpose of SWOT?

Answer 6

strengths, weaknesses, opportunities, threats. Helps to understand the market, what your company does well and devise a future strategy.

Question 7

What is PESTLE?

Answer 7

analyses external factors (political, economic, sociological, technological, legal, environmental).

Question 8

How can you feed into a business plan?

Answer 8

Through meetings with the employer or providing any comments to HR.

Question 9

How might regular team meetings help a business?

Answer 9

improve morale, coordinate resource, gain employee understanding and can explain rationale.

Question 10

Name some mandatory policies that your company has in place?

Answer 10

• Staff handbook
• Hospitality policy
• Travel policy
• Environmental policy
• Lone working policy

Question 11

What is the difference between a business plan and a business strategy and a business model?

Answer 11

Business Plan – Documented strategy that highlights a business’ goals and plans for achieving them.
Business model – Sets out the main idea of the business and a description on how it is working.
Business strategy – Specific long term guidelines for achieving business goals or outcomes.

Question 12

What are Porter’s five forces?

Answer 12

(model analysing competitive forces) –
Barriers to entry
Substitute products
Bargaining power of suppliers
Bargaining power of customers
Rivalry among existing firms

Question 13

What is in included in normal Terms of Engagement?

Answer 13

Covers scope of service, limitations, insurance cover, CHP and fees

Question 14

Does RICS have a business plan?

Answer 14

RICS Business Plan provides a detailed strategy for the next three years (2018 – 2021) and the year following the financial implications of the pandemic (2021-2022)

Question 15

Name some policies that your company has?

Answer 15

staff handbook, lone working policy, H&S policy, data protection policy, environmental policy, travel policy.

Question 16

Name some policies that a start up company would need to have in place?

Answer 16

Health and safety policy
Staff handbook
Travel policy
Environmental policy
Lone working policy

Question 17

What should you do if there’s a fee proposal request?

Answer 17

confirm client objectives, clarify scope, agree fee basis and insurance.

Question 18

How would you go about a SWOT analysis? How would you determine the item’s strengths for instance?

Answer 18

Identify strengths. Identify weaknesses. Identify or list the opportunities and threats.

Research online, discuss with focus groups, interview industry experts.

Question 19

What is a client account plan?

Answer 19

Review of current workload, resources, fees etc. Identification of key client personnel who have influence over job opportunities and who shall build up the relationship with them.

Question 20

What is contained in an appointment document?

Answer 20

Parties, scope, fee, terms and conditions, CHP and PII.

Question 21

What are your company’s core values

Answer 21

• Collaboration
• Excellence
• Integrity
• Giving back
• Support
• Authenticity

Question 22

What are the different types of business plan?

Answer 22

• Operational Planning (how things will happen)
• Strategic Planning (why things will happen)
• Tactical Planning (what will happen)
• Contingency Planning (something unexpected happens)

Question 23

What are the RICS corporate objectives for 2021 - 2022?

Answer 23

1 Trusted by our stakeholders and society - We aim to improve stakeholder trust and confidence in RICS.
2 RICS qualifications in demand - Our primary goal is to ensure RICS qualifications remain relevant for the next, more diverse generations and that increased numbers of members use RICS to meet their knowledge and/or training needs.
3 Influential thought leader - We wish to be the profession’s leadership voice on sustainability, data and technology, and diversity and inclusion.
4 Involved and engaged members - We want to increase member participation in our communities and increase engagement beyond renewal of professional subscription fees.
5 Sustainable 21st century professional body - We aim to improve our financial sustainability and enhance the transparency of our governance, while improving the overall satisfaction of members and the engagement of our people.

Question 24

What are some RICS immediate financial prioritise for 2021 - 2022?

Answer 24

• continue to support the profession as economies recover and seek to minimise any increases to subscription levels, which will continue to be frozen for the next year at least
• utilise any surplus in our cash generation to pay back furlough monies received via the UK government’s Coronavirus Job Retention Scheme and elsewhere, which helped support jobs and the organisation at a critical point in our history when our cash flows were impacted overnight
• reduce RICS’ need to access external financial support
• deliver improved value for members from the resources by delivering better services and increasing our own efficiency – we will also increase financial transparency so as to demonstrate value
• begin to strengthen our financial reserves, recognising that COVID-19 has exposed us to risks that were perhaps unimaginable in the past. While we may have historically been comforted that our reserves could have helped buffer the organisation against shocks, the long and sustained shutdowns resulting from a pandemic have made us rethink our reserves policy for the future and
• reduce any funding deficit in our closed Final Salary Pension Scheme.

Question 25

What are SMART objectives?

Answer 25

Specific, Measurable, Achievable, Relevant, and Time-Bound

Question 26

What is limited liability?

Answer 26

The cap you would be liable to pay in a claim.

Question 27

Where can you find details relating to a company and its assets?

Answer 27

Companies House

Question 28

What is a KPI?

Answer 28

Key performance indicators to measure the performance of a business.

Question 29

Identify the different business types?

Answer 29

Sole Trader, Partnership, PLC or LLP

Question 30

What is auditing?

Answer 30

Conduct an official financial inspection of a company or its accounts.

Question 31

What challenges did Brexit and Covid bring to business planning?

Answer 31

• It changed circumstances, in terms of strategy, goals, finance, and structure.
• There were more unknowns and less market predictability.
• There needed to be flexibility and adaptability, with many businesses introducing Covid Recovery Business Plans.

Question 32

What is the difference between a feasibility plan and a business plan?

Answer 32

A feasibility study contains computations, research, and projected financial forecasts for a company possibility.
After that a business plan is made to be implemented.

Question 33

How long should a business plan cover?

Answer 33

Typically 3 years

Question 34

How do you contribute to your company’s goals?

Answer 34

• Ensure repeat business
• Mentor junior members of the team
• Attend conventions
• Ensure a high quality service
• Share knowledge
• Focus on safety

Question 35

What are your firms terms of business?

Answer 35

1) Introduction
2) Our General Obligations
3) Your General Obligations
4) Additional Services
5) Our Liability
6) Remuneration
7) Termination and/or Suspension
8) Force Majeure
9) Intellectual Property Rights
10) Assignment and Subcontracting
11) Communications
12) Problems and Complaints
13) Adjudication
14) Governing Law

Question 36

How can an up to date business plan help a company in the current market?

Answer 36

• 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;
• for setting targets for staff.