Business Planning (Level 1)

Question 1

What is a business plan?

Answer 1

A business plan is a formal statement of the business goals/objectives and a plan for achieving them

Question 2

How do you assess the success of a business plan?

Answer 2

You should assess your business plan against KPIs for each objective on a regular basis (typically quarterly)

Question 3

Tell me about your involvement with business planning.

Answer 3

• I take part in monthly team meetings where we assess the team’s progress against our annual targets and the wider company targets
• My individual objectives are directly linked to the wider team and business targets
• I attend the UK global conference each year where the senior leadership outline the targets for the coming year and the priorities of the business

Question 4

What are the corporate objectives of your firm?

Answer 4

Linkcity
- Secure 2 development sites
- Achieve a 5% increase in profit from last year
- Reach financial close on 2 developments

Question 5

How do you work towards your firm’s objectives in your role?

Answer 5

2 development sites - schedule in a catch up with at least 1 external party per week

Question 6

What are some of the typical things you’d find in a business plan?

Answer 6

• Objectives
• Strategies
• Sales
• Marketing
• Financial forecasts

Question 7

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

Answer 7

• Provide clear and accountable direction in a difficult economic climate
• Set specific targets related to the mitigation of certain economic difficulties

Question 8

How do you use networking to further your business planning skills?

Answer 8

Talk to individuals about their understanding of successful business plans, implementing and achieving effective targets

Question 9

Why is relationship building important for your role?

Answer 9

• Sourcing and finding work
• Collaboration and sharing of ideas for mutual benefits
• Improve your own personal network

Question 10

What is a SWOT analysis?

Answer 10

SWOT Analysis - SWOT analysis is a framework for identifying and analysing an organization’s strengths, weaknesses, opportunities and threats

Question 11

How can a SWOT analysis help your business?

Answer 11

• Doing a SWOT analysis can help you to see how your business can improve and capitalise on current opportunities.
• A good SWOT analysis should also clarify what might hold you back, and how and when to take remedial action.

Question 12

What is a PEST analysis?

Answer 12

PEST Analysis - (political, economic, social and technological) is a management method whereby an organization can assess major external factors that influence its operation in order to become more competitive in the market.

Question 13

Explain the objectives of the RICS Covid-19 Recovery Business Plan.

Answer 13

The RICS COVID-19 Recovery Business Plan 2020-21

• seeks to continue the existing strategic direction for RICS and the profession, and delivers on our strategic objectives
• it plots how to achieve this in the context of a significantly changed environment

Question 14

Why are the RICS consulting on their business plan?

Answer 14

RICS has been responding to the immediate financial implications of the pandemic and reshaping itself over the last year to cope with an agile shift to new ways of operating.

The RICS Business Plan is a detailed strategy for the next three years

Question 15

What is business continuity and why is it important?

Answer 15

Business continuity is a business’s level of readiness to maintain critical functions after an emergency or disruption

• It eliminates confusion in moments of crisis
• Provides a clear blueprint for what your employees should do
• Creates a resilient business and culture