3.11 - Business Plan + SR

Question 1

Business Plan

Answer 1

A document normally for a 12 month period that outline objectives (aims) and strategies (actions) needed to meet those objectives.

Question 2

Mission Statements

Answer 2

Outlines the objectives for a two to three year period.

Question 3

Vision Statement

Answer 3

Outline where the business wants to be in about five years. The problem is that the longer the time period is, the greater chance that the objectives will not be met.

Question 4

Social Responsibility

Answer 4

To be socially responsible, a business must not simply abide by the laws and generate the largest profit possible; it needs to consider how it can go above and beyond its basic legal requirements to improve the welfare of its stakeholders, including its employees, and customers and the wider community.