Business Plan ✔️

Question 1

Purpose of a business plan

Answer 1

To identify, describe and analyze a business opportunity and/or a business already under way, examining its technical, economic and financial feasibility.

Question 2

Contents of a business plan

Answer 2

A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts.

Question 3

What are the contents needed

Answer 3

It may include a table of contents, company background, market opportunity, management overviews, competitive advantages, and financial highlights.

Question 4

Advantages of a business plan

Answer 4

• gives a glimps into the future of the business
• you’ll know how to allocate reasources efficiently
• it is essential to get a loan
• it puts all employees on the Sam page
• it is easy to identify core demographics
• ## there is a marketing element of a good business plan

Question 5

The impact and importance of a business plan to stakeholders

Answer 5

A business plan is a communication tool that you can use to secure investment capital from financial institutions or lenders. You can also use it to convince people to work for your enterprise, secure credit from suppliers, and to attract potential customers.

Question 6

What is the Plan-Do-Review cycle

Answer 6

• Plan: In this stage, the objective is to clearly define what needs to be achieved, determine the resources needed, and develop a plan of action.
• Do: In this stage, the plan is put into action. The tasks are carried out and the results are monitored.

Review: In this stage, the results of the actions taken are evaluated. The performance is compared against the objectives set in the planning stage, and the reasons for any deviations are analyzed.

Question 7

How does the Plan-Do-Review cycle improve performance.

Answer 7

By continuously going through this cycle, organizations and individuals can improve performance by making adjustments and improvements based on the results of each cycle. This feedback loop helps to create a culture of continuous improvement, where performance is regularly reviewed and improved upon.

Question 8

Evaluate the impact and importance of a strategic review to a business and its stakeholders.

Answer 8

A strategic review provides a comprehensive understanding of a business, identifies areas for improvement, enhances competitiveness, leads to better decision-making and increases stakeholder confidence. It is an important process that contributes to the overall success of a business.

Question 9

Disadvantages of a business plan

Answer 9

• it is time consuming to do
• it may become quickly outdated
• may be overly optimistic
• May not accurately predict future results
• it is difficult to make changes / pivot the strategy