Buisness planning Flashcards
1
Q
A
2
Q
importance of a buisness plan:
A
- more likely to get investors
- low risk of failing as youve done reasearch
- identify resources that are needed for the buisness
3
Q
Components of a buisness plan:
A
- aims and objectives
- marketing plan
- human resource plan
- production plan
- finance plan
4
Q
What might be included in the component aims and objectives?
A
- what you plan on achieving (revenue and profit)
- SMART objectives (e.g to make x amount of money by the end of yr0
5
Q
What might be included in the component marketing plan?
A
- what market research you will carry out
- who your target audience is
- The 4Ps (products,prices,advertising,where you will sell)
6
Q
What might be included in the component human resource plan?
A
- how many employees you’ll need
- how you will recruit the employess
- how much you will pay the employess
- training needed
7
Q
What might be included in the component production plan?
A
- how your gonna make the product (or who your supplier will be)
- how you will ensure quality
- where your business will be located
8
Q
What might be included in the component finance plan?
A
- how you will raise the money needed to set up and run buisness.
- number of products u need to sell to cover the costs (break even point)
- estimating likely income and expenditure for the first year
9
Q
A
