Business planning

Question 1

Define a business plan

Answer 1

A plan that provides details on each element of the business

Question 2

Give examples of sections that a business plan is split into

Answer 2

The business idea, the business aims and objectives, target market, revenue forecast, projected cost/profit, cash flow forecast, sources of finance, location etc

Question 3

How does a business plan help an entrepreneur

Answer 3

this allows them to fully understand every aspect within their business and a better outlook on succession rates

Question 4

What are the main purposes of a business plan?

Answer 4

minimise risk, understanding the market, view potential customers, find a location, creating aims and objectives for the business, obtaining finance