buisness plan

Question 1

what does a business plan include

Answer 1

objectives, marketing, operations human resources and financial plans.

Question 2

why is one made

Answer 2

better decisions, achieve objectives easier, financial such as loans and problems highlighted and can prepare for them.

Question 3

what does smart stand for with objectives

Answer 3

Specific
Measurable
Achievable
Reasonable
Time limited

Question 4

What does the finance plan include

Answer 4

break even, sales forecast and loss and balance chart

Question 5

operations plan includes…

Answer 5

location, production methods and equipment

Question 6

marketing plan includes…

Answer 6

info on target market and competition

Question 7

human resources plan includes

Answer 7

details on owners and management, qualifications and credentials and number of employees

Question 8

advantages of a business plan

Answer 8

•highlights strengths and problems the business maybe run into , therefore can deal with them in advance
•sets out their objectives and aims , therefore can see how to achieve them easily
•can be used as a monitoring tool for the business, can see the performance compared to the forecast

Question 9

disadvantages of a business plan

Answer 9

•objectives may change or they may become unrealistic
•may run in to problems unprepared for the wasn’t predicted
•external factors may effect it eg the government, inflation

Question 10

advantages of a business plan

Answer 10

• outline objectives to see how to reach them
• used as a monitoring tool to compare performance to forecast
  what skills are required for business success
• banks to loan money to business