Business Planning

Question 1

What is a business plan?

Answer 1

A written document that sets out a business planned direction for the future, typically the next 3-5 years.
- Outlines goals and strategies.

Question 2

What are the typical headings you would find on a business plan?

Answer 2

The plan would cover objectives, workload, resourcing, marketing strategy, recruitment, training, and financial forecasts.

Question 3

How can an updated business plan benefit an organisation?

Answer 3

• To help secure funding from an investor
• To gain new clients and attract talent
• To ensure the companies current goals still reflect the best path for the business.

Question 4

Have you seen the RICS Business plan?

Answer 4

• Yes they published a 2021-2022 business plan to ensure the RICS remains fit for the 21st century.
• This report includes recommendations for evolving the RICS following an independent report done by Alison Levitt.
• It also included financial priorities such as reducing the need to access external financial support, as well as ensuring it maintains the demand for RICS qualifications.

Question 5

What are the levels of a business plan?

Answer 5

Corporate, management, and operational.

Question 6

How does your Employer plan their business?

Answer 6

They hold management meetings where partners and senior staff discuss the corporate objectives.

Question 7

How does your Employer measure your practice’s performance?

Answer 7

• Financial targets at the start of the year and compares how we are performing.
• Issuing questionnaires to clients to assess their satisfaction with the service delivered.

Question 8

What is meant by the term organisational values?

Answer 8

• They describe the core ethics or principles a company will abide by.
• They should underpin the strategies implemented to achieve goals

Question 9

How do your personal goals help achieve your business’s goals?

Answer 9

1. Mentor trainees - to develop and upskill them, ultimately making them more useful to the business.
2. The service that I deliver to clients will affect our reputation and future commissions.

Question 10

What is a SWOT analysis?

Answer 10

A matrix that details strengths, weaknesses, opportunities, and threats.

This is a matrix used to analyse a companies strategic position.

Question 11

What is a mission statement?

Answer 11

A formal summary of a company’s purpose.

Question 12

What is the RICS’s mission statement?

Answer 12

To promote the usefulness of the profession in the land, property, and building sectors.

Question 13

Do you know your Employer’s mission statement?

Answer 13

To bring people together to improve the quality and sustainability of the built environment through our expert knowledge.

Question 14

Does your Employer have a business plan?

Answer 14

My employer has high-level practice objectives:
1. Quality - Deliver a high quality service and exceed client expectations
2. People - To attract, train, and reward the best talent
3. Place - Provide a fun and collaborative work environment
4. Sustainability - Act and design for the long term and provide sustainable solutions
5. Growth - Achieve financial success across the practice