2.1.4 Business Plans

Question 1

What is a business plan

Answer 1

A document setting out a business idea and showing how it is to be financed, marketed and put into practice.

Question 2

Give 4 benefits to a business plan

Answer 2

• Gives consideration to potential problems
• Provides a clear direction for the development of the business
• Provides clear targets improving the chances of success
• Can be used to judge success