Business Plans Flashcards
1
Q
What is a business plan?
A
A statement that outlines the way in which a business will attempt to achieve its objectives
Giving a clear idea of its operation and direction
2
Q
Importance of a business plan?
A
Sets out objective and strategy
Clear idea of direction
Helps convince banks
Highlights strengths and possible problems
Used as a monitoring tool
3
Q
Drawbacks of a business plan?
A
No business plan can guarantee success however good the business plan
Cannot predict future external factors e.g new competitors
Can take time and money to make a successful plan
4
Q
Main sources of information and guidance available to entrepreneurs
A
Government organisations such as GOV.UK,
Business Wales
Department for business, energy and industrial strategy
All offer free advice
