Business Plan Flashcards
What is a business plan?
a formal statement of the business’ goals, background information, the reasons why they are believed attainable, and the plan for reaching those goals
Why do entrepreneurs create a business plan?
it helps keep track, monitor, and evaluate progress, guides one through the various phases of the business, attract investment capital, secure loans, convince workers to apply and assist in attracting strategic business partners, & plan various business analysis techniques using SWOT analysis
How many parts does a business plan have and what are they?
a business plan has 4 parts namely the nature of the business, marketing, financial control, and management
What do you include in the nature of your business?
what you sell, the company name, its ways to earn income, the start-up date, the overall goals & objectives
What must the marketing compose of?
ways your products or services are better/cheaper/more attractive, advertisement methods on and offline, pricing policy, competition and ways to cope & prospects in the market sector
What does financial control cover?
supplier of the start-up or seed capital, expected time that business is profitable, break even point in services or units sold & projected cash flow, income statements, and balance sheets for the first 3 years
What is the management comprised of?
the person who will do this work and its cost, the kind of staff needed to be recruited at this time & the hours per month in fulfilling orders, updating content, marketing the site, handling the accounts, and produce reports
