Business planning

Question 1

What should a business plan include ?

Answer 1

• idea
• the people involved
• market research
• Finance
• Competitors

Question 2

What is the purpose of planning a business?

Answer 2

• reduce risks of failure
• so it can be successful as possible

Question 3

What objectives should a business plan cover ?

Answer 3

• Specific = what is to be achieved
• Measurable = measure the success e.g.
  profit and sales
• Achievable = business should be able to
  achieve it
• Realistic = targets are appropriate for
  business
• Timely = plan should have a deadline to
  achieve target.

Question 4

What should business identify before starting a business ?

Answer 4

• the market
• the resources
• aims and objectives
• finance needed to start up a business