BS2- Business Palns Flashcards

1
Q

What is a business plan?

A

A formal written document that explains in detail how a business is going to achieve its objectives.

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2
Q

4 things included in a business plan:

A
What are we aiming to achieve 
Why 
What will need to be done to achieve this 
By whom
When
Using what resources
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3
Q

What are the benefits of a business plan to a business start up

A

It allows them to more easily gain investments and allows them to have a visual plan and visual goals.

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4
Q

What are the benefits of a business plan?

A

It shows the goals
Can compeer it to judge progress
Helps gain capital

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5
Q

Select 3 stakeholders and identify why they would want to see a company’s business plan

A

Investor- they would want to see one to ensure that the company had a solid idea and a plan of how they will meet the goals
Supplier- want to know that they will be part of the long term plan
Employees- allows them to see there progress compared to the goals and objectives

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6
Q

What are the potential drawbacks of producing a business plan

A

It may put investors off if it looks really unrealistic

May not know how to produce a proper one therefore it will look unprofessional and look like there in experienced.

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