Types of business plan (e.g. strategic, departmental, operational, corporate) Flashcards
What are the different levels of a business plan?
Strategic level
Corporate level
Start-up level
Operational level
Departmental level
What is a STRATEGIC level business plan?
Sets goals and vision for entire company
Mid to long term goals and the basic strategies for achieving them
Where do you want to be and how do you get there?
What is a CORPORATE level business plan?
Defines strategies that the employees will take to meet the business’ goals
Focuses on staff responsibilities and procedures.
What is a START UP level business plan?
Short termed and detailed to outline set-up/establishment goals
Could be used to secure investment or describe budgeting.
What is a OPERATIONAL level business plan?
Sets out physical necessities of the business’s operation such as location, facilities etc.
What is a DEPARTMENTAL level business plan?
Sets out responsibilities and targets for the department that aligns with the organisation’s business plan
What is a business plan?
A formal statement of the short / mid-term business goals, how to obtain them and the plan for reaching these goals
Written document which sets out organisation’s strategy, objectives and financial forecasts
Developed as a business look ahead (of say next 3 years), whilst monitoring the current performance of a business
Includes background information on the company
Helps to; clarify business idea, spot potential problems, set business goals, measure progress
What can a business plan help to do?
Provide direction for the organisation
Used to secure investment
Monitor progress against objectives
To gain new instructions, new clients, new customers
To help focus on key priorities / create direction
To allow the organisation to respond to change
For publishing budgets and allocation of resources
To set targets for staff
How is strategy different from objectives?
Strategy = defined by vision and mission statement:
- Vision sets out where the company wants to get to and the core values
- Mission statement describes how the vision will be achieved
This differs from the objectives which are specific, well defined goals which can be used to measure performance
How does the business plan contribute to achieving corporate objectives?
Identifies the corporate objectives
Sets out the programme to achieve objectives
Usually 3-5 years, though dependent on the business, the environment you work in and project for which the plan is being put together for
A younger business may have a longer business plan
What are the business objectives of your company?
Developland Principles;
- Create Spaces
- Build Communities
- Tell Stories
To develop and grow the business sustainably in the sectors:
- Commercial
- Hot desk / shared workspace
- Retain existing and gain new clients
- In-house marketing to curb agency costs
- Retain and train staff (i.e. myself via RICS)
- Grow team to support senior members of staff
How do you contribute to business planning within your company?
By assisting with the provision of hot desking within our new development 230 Dalston Lane
By assisting with the in-house marketing costs and strategies to curb agency costs
Brand development and presence through the creation of a new Developland website and logo
Does the RICS have a business plan?
Yes it does, covering 2018-21
What are the long-term strategic and corporate goals in the RICS business plan?
- Influential thought leader
- Trusted by stakeholders and society
- RICS qualifications remain in demand
- Sustainable 21st century professional body
Against each goal above, business plan also includes:
- what they need to achieve (long-term goals)
- how they measure success
- plans to achieve objectives
Also outlines strategic risks in the business
Financial planning and investment performance (via balance sheet, cash flow, P&L)
