Business Plan Flashcards
What is the def of a Business Plan?
A business plan is a statement that outlines the way in which a business will attempt to achieve its objectives - giving a clear idea of its operation and direction
What are the core parts of a Business Plan?
The introduction or overview/Executive Statement
The Marketing Plan
The Operations Plan
The Human Resources Plan
The Financial Plan
What is the Introduction?
This are provides an overview of the business’s aims, objectives and strategy, and is evidence that the proposal is viable. It sets out how the business is going to be run
What is the Marketing Plan?
This area is based on both field and desk research. Market research needs to establish the size of the market, the needs of the customers and, the level of competition. Once this has been carried out the market plan can be produced
What is the Operations Plan?
This area includes details of where the business will be located, production methods and any equipment needed. Plus, information on the costs of production and where the business will buy supplies may be included
What is the Human Resources Plan?
This area includes the number of employees and the skills, experience and qualifications they require will be outlined. Any management team will also be identified
What are the benefits of having a Business Plan?
Sets out objectives and strategy
Outlines its marketing strategy
Clear idea of direction and operation
Helps to convince banks and lending institutions
Highlights strengths and identifies possible problems
Sets out personnel/skills
Helps thinks ideas through
Useful as a monitoring tool
