Business Plans Flashcards
What is the purpose of a business plan?
To secure external funding
To ensure that the firm develops a healthy financial structure
To help identify problem areas that the business might face
As a focus to set targets and check on the firms development
To provide realistic expectations of what can be achieved
What are the main components of a business plan?
The executive summary - a synopsis of the entire plan looking at the most important points
The business and products or services
The market e.g. size, share, competitors
The marketing strategy
The skills of the entrepreneur and other key employees
Operations
Financial forecasts
What is the importance of a business plan?
A business plan will be used both internally by the entrepreneur and externally by banks, external investors or those willing to provide grants
What are the main sources of information and guidance for entrepreneurs?
The government
High-street banks
The Princes’ Trust
Other entrepreneurs
Big Ideas Wales
Prime cyru
What is a business plan?
A business plan is a comprehensive document outlining a company’s goals, strategies, operations, and financial forecasts for achieving success and attracting investors or stakeholders.
