Business Plan

Question 1

Provide the definition of a Business Plan.

Answer 1

Document setting out a business’s future objectives and strategies for achieving them.

Question 2

Provide the definition of Executive Summary.

Answer 2

Short document or section of a document produced for business purposes.

Question 3

Give 4 importances of a Business Plan.

Answer 3

• Explains how business will obtain funding.
• Evaluate success of the business.
• Give direction once the business is operating.
• Attract investors and prospective employees.

Question 4

Give 3 challenges of the macro environment on a business using PESTLE.

Answer 4

• Business have no control over this environment.
• Enables a business to identify challenges.
• Scans external environment with PESTLE analysis.