Business Planning is a mandatory competency that APC candidates from all pathways need to achieve at Level 1.
Candidates from the Art & Antiques pathway may elect to take this competency to Level 2 or 3 as part of their optional selection.
Business Planning is a Core Competency at Level 3 for the Management Consultancy pathway.
Please note that the requirements at Level 1 when taken as a Technical Competency within the aforementioned pathways are slightly different from the requirements as a Mandatory Competency. You should refer to your specific Pathway Guide for more details.
What is it about?
The official RICS definition is:
Level 1 = ‘Demonstrate knowledge and understanding of how business planning activities contribute to the achievement of corporate objectives’.
It includes several topics:
- Legislation and principles of law – See Pg. 33 of the RICS Practice Management Guidelines
- Types and essential elements of Business Plans
- Short term / long term strategies
- Market analysis (SWOT / PEST)
- Organisational structures / Staffing levels – recruitment / turnover
- Business support services – administration, secretarial, HR, IT etc.
Most APC candidates will have come across the key concepts of Business Planning – knowingly or not – at some point during their graduate studies. Some of the largest employers may also offer on-line management training modules. Alternatively nothing stops you from picking up a basic book on business management to brush on your knowledge in strategy, organisational structures, market analysis, etc
I also strongly recommend you to read the RICS Practice Management Guidelines to understand how business planning is relevant to surveyors. It has now been withdrawn but we have saved a copy for you!
Those working in the largest companies may recognise some of the tools used by their employers and gain an understanding of why those are in place. Those working in small practices or as self-employed may find very useful advice to grow their business acumen.
Potential APC Questions
Due to time constraints, assessors will only have time to ask you a few questions on Business Planning. As a minimum they will expect you to know what a business plan is, be familiar with your company’s business plan and business model, and understand how you can contribute to the achievement of your company’s corporate objectives.
If you are applying under the Senior Professional Route (SPA), assessors will expect you to have a detailed understanding of the development and implementation of your company’ s business plan.
Some very classic questions would be;
- What is a business plan? What do you find in a business plan?
- Can you tell us about your company’s current business plan?
- What is your company’s management structure / business model?
- What are your company’s values?
- What tools does your company use to manage its business?
- How do you ensure that you contribute to the achievement of your company’s objectives / business plan?
- What is contained within an appointment document? What are your company’s terms of business?
- What is the relevance of a SWOT or PEST analysis to business planning?
Some points that you will have stated in your Summary of Experience may trigger some questions more specific to your experience and personal knowledge.
For example you may state in your Summary of Experience that you have studied Porter’s Five Forces Model, SWOT analysis and PEST analysis as part of a business module at University. This may lead the APC assessors to ask you to explain what they are and to give an example specific to your company.
Business Planning is a crucial competency for those considering setting up their own practice or progressing to a management role after attainment of the MRICS status. I therefore recommend that you do not neglect it, both for your APC and future career development.
Familiarise yourself with your company’s business plan and its management structure and tools. Consider how you personally contribute to achieving its objectives (‘achievement of corporate objectives’ is contained within the definition of this competency). This may be by completing your timesheets and expenses in a timely manner or assessing your own competences and planning your CPD’s to acquire the relevant skills.
Make sure that you understand how to prepare a business plan and what it should look like.
All our past APC candidates will give you the same advice: do not underestimate the time required to revise (learn?) for your APC! It will easily take you 3 months of solid studying every evening.
To make this task a little easier, APC Support Ltd offer on-demand revision webinars covering all the technical and mandatory competencies in Quantity Surveying, Built Infrastructure, Building Surveying, Building Control, Project Management and Facilities Management.
Alternatively, we offer face-to-face training for corporate clients across the UK. Please e-mail us at Sonia@APCsupport-ltd.co.uk to discuss your requirements.
All the modules are recorded and will provide you with over 30 hours of formal CPD. You can attend them on a pay-as-you-go basis or subscribe to our unlimited revision package.
Best of luck!