Business Planning Level 1

Question 1

What is a business plan?

Answer 1

A business plan is a formal written document containing the goals of a business, the methods for attaining those goals, and the time-frame for the achievement of the goals.

Question 2

Key elements of a business plan

Answer 2

The vision, objectives and goals and strategies and actions.
Executive summary
Business description and structure
Market research and strategies - Spell out your market analysis and describe your marketing strategy, including sales forecasts, deadlines and milestones, advertising, public relations and how you stack up against your competition.
Management and personnel - Provide bios of your company executives and managers and explain how their expertise will help you meet business goals.
Financial documents - This is where you provide the numbers that back up everything you described in your organisation and marketing sections.

Question 3

Can you tell us about your company’s current business plan?

Answer 3

We have a 5 year plan. Which structures 5 themes as part of ‘THE UHS WAY’
Outstanding patient outcomes, safety and experience
Pioneering research and innovation
World class people
Integrated networks and collaboration
Foundations for the future.

Question 4

Does the RICS have a business plan?

Answer 4

Yes, it covers 2021-2022. Called Building Towards a New Future.
Themes include - Building Back Economically, Geographic priorities, Marketing Plans, Corporate Objectives, Financial plan, Strategic Risk.

Question 5

What is your company’s management structure / business model?

Answer 5

Board of directors, CEO’s, Directors of departments, heads of departments

Question 6

What are your company’s values?

Answer 6

Patients first
Patients and families will be at the heart of what we do and their experience within the hospital, and their perception of the Trust, will be our measure of success.
Working together
Our clinical teams will provide services to patients and are crucial to our success. We have launched a leadership strategy that ensures our clinical management teams are engaged in the day-to-day management and governance of the Trust.
Always improving
Our growing reputation in research and development and our approach to education and training will continue to incorporate new ideas, technologies and greater efficiencies in the services we provide.

Question 7

What tools does your company use to manage its business?

Answer 7

To manage our business effectively we have regular meetings with management including strategic meetings, future planning meetings and also monthly project update meetings.

Question 8

How do you ensure that you contribute to the achievement of your company’s objectives / business plan?

Answer 8

To ensure that I contribute to my company’s objectives and business plans, I attend a monthly project update meeting to see how far we are moving along with the business plans. I also ensure that I am completing my projects in line with my company’s values, and are successfully delivered.

Question 9

What are your company’s terms of business?

Answer 9

Our general obligations - Patients first
our liability - claims are against UHS and not PM
termination - minimum 7 days notice to terminate
force majeure
intellectual property rights - copyright of documents provided by us, belong to us.
permits - 7 days notice

Question 10

What is the relevance of a SWOT or PEST analysis to business planning?

Answer 10

SWOT analysis is a strategic planning and strategic management technique used to help a person or organization identify Strengths, Weaknesses, Opportunities, and Threats related to business competition.

Question 11

PESTEL

Answer 11

PESTLE analysis is a fundamental tool for business strategy and planning. It is a method of assessing your business’ environment and its possible impact on the performance of your company. PESTLE is an acronym which stands for six external factors affecting your business: political, economic, sociological, technological, legal and environmental.

Question 12

What is a KPI?

Answer 12

A performance indicator or key performance indicator is a type of performance measurement. KPIs evaluate the success of an organisation or of a particular activity in which it engages.

Question 13

What issues would you face with a high staff turnover?

Answer 13

costs to training new staff
costs to procurement
loss of knowledge
poor staff morale
lower customer satisfaction

Question 14

Example of fee earning and non fee earning?

Answer 14

Fee earning: QS, BS, PM, Architect,
Non fee earning: Administrative staff, business development managers.

Question 15

What is an investment appraisal?

Answer 15

used to determine whether a business or project would generate the required levels of return and be financially viable.
it would typically consider: rate of return, payback period, net present value.

Question 16

What components would you identify within a business plan?

Answer 16

executive summary
marketing strategy
vision and mission statements
products and services
management team and organised structure
financial forecasts
responsibilities and targets
swot and pest analysis

Question 17

How can a business plan help a company remain profitable?

Answer 17

assist with securing new funding and investment
to grow existing client base
highlight key business objectives
assist with responding to change
grow market share
allows resource planning

Question 18

What is a business model?

Answer 18

the strategy implemented by an organisation to generate revenue and make a profit from its operations

Question 19

What is the term meant by business strategy?

Answer 19

outlines the actions and decisions a company plans to take to reach its business goals and objectives

Question 20

What are porters five forces?

Answer 20

they are used to analyse the competitiveness of the industry
barriers to entry
substitute to products
bargaining power of suppliers and customers
rivalry among existing firm

Question 21

What is contained in an appointment document?

Answer 21

clarification of scope
agreed fee bid
terms of business
agreed amendments
contact details

Question 22

What are the 3 main purposes of a business plan?

Answer 22

1. Establish a business focus: The primary purpose of a business plan is to establish your plans for your business’s future. These plans should include goals and milestones alongside detailed steps on how the business will reach each step. Creating a roadmap to your goals will help determine your business focus and pursue growth.
2. Secure funding: One of the first things private investors, banks, and other lenders look for before investing in your business is a well-researched business plan. Investors and stakeholders want to know how you operate your business, revenue and expense projections, and how they will receive a return on their investment.
3. Attract executives: As your business grows, you will likely need to add executives to your team. The business plan helps you attract executive talent and determine whether they are a good fit for your company.

Question 23

What are the three levels of business management?

Answer 23

What is Strategic Management?
Strategic management is high-level management of the organisation. It generally encompasses long-term decisions.
What is Tactical Management?
Functional management concerns the specific functions or departments within the organisation. It generally has mid-term implications (1-3 years).
What is Operations-Level Management?
Operational-level management concerns the lower-level decisions that affect daily operations.

Question 24

RICS Mission statement

Answer 24

To advance and enforce standards in land, property and the built environment, and to promote the usefulness of the profession for the public good.

Question 25

What is the payback period?

Answer 25

the length of time required for an investment to recover its initial outlay in terms of profits or savings

Question 26

What is the rate of return?

Answer 26

the annual income from an investment expressed as a proportion (usually a percentage) of the original investment.

Question 27

Do the RICS have a corporate plan?

Answer 27

No, they have a corporate objectives as part of their business plan. They plan to work on 5 objectives.
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

Question 28

Can you name some examples from the RICS 2021-22 Business plan?

Answer 28

Immediate finanical priorities - continue to support the profession as economies recover and seek to minimise any increases to subscription levels. And reduce RICS’ need to access external financial support.
Building improved experiences for the profession - provide the profession and stakeholders with a more personal, engaging and rich digital experience.

Question 29

Does the RICS hold any guidance notes for Business Planning

Answer 29

No, not directly titled ‘business planning’ however they do have the Practice Management Guidelines.

Question 30

Can you tell me about the practice management guidelines?

Answer 30

It contains information on Starting up a Business, Understanding the business environment and markets., developing or reviewing a strategy, developing a business plan, practice finance ect.

Question 31

What is Net value?

Answer 31

Net Asset Value (NAV) refers to the net value of an entity or equity obtained by subtracting the total value of its assets from the total value of its liabilities.