Business Planning

Question 1

What difficulties may a business experience with a high staff turnover?

Answer 1

• Resourcing challenges
• Difficulty recruiting experienced staff
• Costs of recruitment
• Training new staff

Question 2

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

Answer 2

A business strategy looks at the business as a whole, outlining goals and objectives.

A business plan looks at certain elements of the strategy and how they can be implemented.

Question 3

How would you assess the internal and external factors in a business plan?

Answer 3

Internal - SWOT (Strengths, weaknesses, opportunities and threats)
External - PESTLE (Political, Economic, Social, Technological, Legal, Environmental)

Question 4

What are some of the objectives of your companies business plan?

Answer 4

Vision 2025

• Green
• Productive
• Inclusive

Question 5

Are you aware of the RICS business plan and objectives?

Answer 5

Financial;
- Repay furlough money received and reduce RICS’ need to access external financial support.
- Begin to strengthen financial reserves.

Corporate;
- Influential thought leader.
- Sustainable 21st century professional body.
- Involved and engaged members.
- RICS qualifications in demand.
- Trusted by stakeholders and society.

Question 6

What are the typical time frames for business plan and strategy?

Answer 6

Business plan - 1-3 years
Business strategy - 3-5 years

Question 7

How do you contribute to T&T’s business plan?

Answer 7

Green - Recycling
Productive - use of digital tools
Inclusive - working with apprentices and grads

Question 8

What is the RICS mission statement?

Answer 8

Establish the RICS as the most respected and highest profile global organisation.

Question 9

Why would you require a business plan?

Answer 9

• Bank loans or financing

Question 10

What would you expect to see in a business plan?

Answer 10

• Executive summary
• Company description
• Details of marketing and sales strategies
• Vision and missions statements
• Team structure
• Financial forecasting
• SWOT & PESTLE analysis
• Required training

Question 11

Can you give some examples of fee earning and non-fee earning staff

Answer 11

Fee earning
- QS
- PM
- Architects
- Engineers

Non-fee earning
- IT
- Admin
- Finance

Question 12

What must you consider when setting up a business?

Answer 12

• Notify the RICS
• Set up a company bank account
• Have relevant insurances
• Complaints Handling Procedure
• Register with companies house and inform HMRC

Question 13

What are SMART objectives and targets or objectives as part of a business plan?

Answer 13

• Specific
• Measurable
• Achievable
• Realistic
• Timely