Business planning

Question 1

Objectives

Answer 1

Specific target to achieve overall aims.

Should be SMART: Specific, Measurable, Achievable, Realistic and Time-based

Question 2

Aim

Answer 2

Overall goal an enterprise wants to achieve.

Question 3

Action plan and importance

Answer 3

List of tasks to be completed to achieve a goal.

Importance:
- Understands what needs to be done
- Identify key stages of project and potential issues
- Keep track of who, when and what.
- Monitor progress

Question 4

Stages in constructing an action plan

Answer 4

1. Set goal
2. Identify key actions
3. Break actions into simple activities
4. Chronological order
5. Decide how long an who
6. How to monitor
7. Implement
8. Review and update
9. Achieve goal

Question 5

Monitoring

Answer 5

How you plan to check the progress and completion of tasks.

Methods:
- Check progress
- Identify actions to be taken
- Know stages are completed in the right time and order
- Allow for alternative steps

Techniques:
Checklists, data, surveys, testing, reporting.

Question 6

Business plan

Answer 6

Formal document that outlines the aims of the enterprise and ways in which they’ll be achieved.

Contents:

• Preliminary information
• Marketing
• Operations
• Human resources
• Financial