Introduction

Land Securities is the UK's leading property company. It is involved in many major projects throughout the country. It is quoted on the London Stock Exchange and owns property worth more than £15 billion across the UK. Its main aim is to make the best use of all its property to deliver good results for shareholders. Successful businesses plan for the future. Land Securities has a rolling five-year plan which sets its targets for the future. Every six months, progress is reviewed and reported to key stakeholders.

Strategy

A strategy is a set of plans. Land Securities' strategy is to invest in property where it can use existing skills and expertise to give it an advantage over its competition. Using existing skills gives it a competitive edge. A rolling plan is one that is regularly reviewed and updated. Land Securities has developed objectives, which it calls 'key performance indicators' (KPIs), and measures its progress against these. It can then set new objectives based on the evidence of progress so far.

KPIs

KPIs may have a financial or non-financial focus. For example, a financial KPI might relate to returns to shares. A non-financial one could be to make sure customers are satisfied. Each stakeholder group is important, so will have its own set of KPIs. Examples include:

• customers - there are customer satisfaction surveys which help the business to understand the needs of its customers
• health and safety - Land Securities has won awards for its good practice
• investors - returns are judged on measures of profitability and efficiency
• employees - there are rewards for good work. There are opportunities for education and advancement
• suppliers - good relationships are developed and Land Securities insists on suppliers with high standards
• community - added-value is built into projects. For instance, learning facilities for children were part of the White Rose development
• environment - there is effective waste and pollution management to minimise negative impact.

Corporate responsibility

This means that the business shows it has the interests of its key stakeholders at heart. Land Securities tries hard to reduce any negative influences. The KPIs help it to maintain this balance.

Reporting

Progress towards targets is reported to all the key stakeholder groups. Customers are kept up to date whilst, internally, progress is reported through an in-house magazine called Landmark. This also reports progress on health and safety issues. For employees there are conferences, an intranet, newsletters and mini-campaigns. Shareholders receive annual reports and can also find information via a website. Suppliers are kept informed through meetings, conferences and a brochure. Local communities are consulted throughout any development process, as are government representatives and pressure groups. Land Securities also has held conferences to share its good practice on the environment.

Conclusion

Good planning is at the heart of the success of Land Securities. It sets targets through its use of KPIs and makes sure that all its stakeholder groups benefit from its activities. Clear reporting of progress helps it to keep the planning cycle going and continue to improve.