Business Planning Flashcards
1
Q
What are the difficulties of business planning?
A
Uncertainty- we cannot be sure what will happen in the future
Market conditions can change very quickly
Plans can become out of date
2
Q
How can a business reduce risk?
A
Research the market
Talk to experts or consultants
Plan for as many outcomes as possible
Regularly review and update the business plan
3
Q
What are the two types of liability and what can you lose?
A
Unlimited liability- possible to lose everything you own, doesn’t matter how much you put into the business
Limited liability- only lose what you put into the business
