2.1.3 The importance of a business plan

Question 1

1. Identify and describe the sections of a business plan.

Answer 1

1. Executive summary
   - Outlines a business’ ambitions.
2. Operations plan
   - Outlines how a business will function
   - Human resource needs
3. Financial plan
   - Outlines how the business will be financed
   - The net profit they will make
   - The expenses
   - The revenue
4. Marketing plan
   - Outlines marketing strategies
   - Important information

Question 2

2. Describe, referring to Kikki K’s creative director, the importance of a business plan for a business
   including your business that you developed as part of the Online Social Enterprise Business (OSEB)
   project is considered a social enterprise.

Answer 2

The importance of a business plan is that putting your ideas down on paper can help you have a clear vision of your business plan. This, then enables you to have clear and fixed thoughts, a business plan acts as a guide or map, and it is a great tool because you can obtain the best results for your business through detailed planning. The importance of a business plan is for my business, we are a partnership, enables us to all have a better understanding of what we are talking about. Therefore, coming to business conclusions.