Business Plans Flashcards

1
Q

What is a business plan

A

a document setting out a business’s future objectives and strategies for achieving them.

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2
Q

WHY WRITE A BUSINESS PLAN

A

Forces the entrepreneur to look at every aspect of the business e.g. finance & tax
Assists the entrepreneur to see the strengths, weaknesses, opportunities and threats to the business
Banks will not usually lend to new businesses without a business plan
Useful when the business starts trading – use it to monitor actual events compared with those in the plan.
However, they quickly become out of date – must be updated regularly

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3
Q

What might a business plan include

A
timeline 
executive
mission statement 
company background 
product description
marketing plan 
competitor analysis
swot analysis
operations 
financial planning
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4
Q

Benefits of a business plan…

A

Secure finance
Consider opportunities and risks
Show the future vision of the business
Organise business activities in a logical and structured way
Prioritise what is needed to be done in order to make a profit
Help with decision making
Map out actions needed to succeed
Ensure the business has necessary resources

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