Business plan Flashcards
1
Q
What is a business plan
A
A working document outlining the aims and
objectives of the business. It includes details of
their financial, marketing, operational and HR
requirements in starting the business.
2
Q
Benefits
A
It ensures that decisions have been carefully considered. This should increase chances of success.
It helps to secure investor
investment.
Provides clear targets and
shows the direction of the
3
Q
Problems
A
Costs are typically underestimated as they are based upon little or no previous experience.
It requires constant updating because the market never stands still.
It takes a long time to create and it relies upon accurate research.
