Level 1 - Business planning

Question 1

What are the three levels of business management?

Answer 1

1. Corporate Level
2. Management Level
3. Operational Level

Question 2

What is a business plan?

Answer 2

•Document that defines business objectives over a specified time-frame and the steps which need to be taken to realise the end goal.

Components of a Business Plan:
•	Method statement
•	Financial performance targets
•	SWOT analysis (strengths, weaknesses, opportunities and threats)
•	KPI’s
•	Budgeting and cashflow forecasting 
•	Update every 3-5 years

Question 3

What are the business objectives of your company?

Answer 3

Mace 2022 vision
•	Engage develop and inspire our people
•	Stable and sustainable growth
•	Drive innovation to improve service excellence
•	Be a responsible business

Question 4

How do you contribute to business planning within your company?

Answer 4

Preparing bids and presenting as part of tender interviews for Project Management services.

Question 5

How do you manage your time so that you do not work beyond your fee allowance?

Answer 5

• Recording time in timesheets weekly, allocated to specific projects.
• CTE needs to be covered with adequate profit margin

Question 6

Does the RICS have a business plan?

Answer 6

• A global professional body fit for the 21st century shaping the built and natural environments
• 2018 - 2021
• 4 long term goals:
o Influential thought leader
o Trusted by stakeholders and society
o RICS professional qualifications remain in demand
o Sustainable 21st century body

Question 7

What should you do when starting a business?

Answer 7

Create a Business Plan, such as a 3 – 5 year business plan.

Question 8

Why would you create a business plan?

Answer 8

• To help achieve funding.
• Set business objectives.
• Create a business direction.

Question 9

What would you expect to be included within this business plan?

Answer 9

• Method Statement.
• Goals and Objectives.
• SWOT analysis.
• Key Performance Indicators.

Question 10

What is a Mission Statement?

Answer 10

A formal summary of the company aims and values.

Question 11

What is a SWOT analysis?

Answer 11

internal study undertaken by a business to identify its strengths, weaknesses, opportunities and threats.

Question 12

What goals and objectives would you likely see?

Answer 12

• Expected profit margin.
• Expected Turnover.
• Markets the company are looking to move into.

Question 13

What is a Key Performance Indicator?

Answer 13

A measureable value to determine the success of project/venture.

Question 14

How is a business plan laid out?

Answer 14

1. Executive summary.
2. Financial Forecasts.
3. Management team.
4. Description of business opportunity.
5. Market and Sales Strategy.

Question 15

Why is Market Analysis important?

Answer 15

Increase sales through identifying areas of strength, and aligning these with opportunities.

Question 16

How does an up-to-date business plan help an organisation?

Answer 16

• Helps achieve funding.
• Market previous work to clients.
• Bring focus the company priorities.
• Allows staff to align their goals with the company’s.
• Help set budgets.

Question 17

In terms of Business Planning, how does your management ensure that you make a profit?

Answer 17

• Regular reporting.
• Forward planning.
• Accounting systems to track all costs.

Question 18

What is a PESTLE Analysis?

Answer 18

• Political.
• Economic.
• Social.
• Technological.
• Legal.
• Environmental.

Question 19

Explain a time where you have used business planning to evaluate your performance?

Answer 19

• Client satisfaction survey against pre-determined KPI’s
• Proactive approach to understanding key areas for improvement
• Take away key actions to improve client satisfaction
• Improve chance of obtaining repeat business