Business Plans Flashcards
What is a business plan?
a formal document outlining the aims and objectives of a business including quantitative and qualitative data
Benefits of a business plan
-attracts and secures investment
-means of reviewing objectives
-greater communication
-provides sense of direction
Drawbacks of business plan
-expensive and time consuming to create
-may set unrealistic targets
-may miss out on opportunity
What sources of guidance exist?
-Princes Trust
-Venture capitalists
-Accountants
Contents of a business plan
-executive summary
-marketing
-finance
-operations
-HR
What is included in executive summary?
overview of entire plan, outlines aims, opportunities, strategies and ownership structure
What is included in a financial plan?
revenue forecast, sources of start up capital, cash flow forecast, break even analysis, profit and loss
What is included in marketing plan?
market size, target customers, market growth, competition and market research
What is included in operations plan?
location and production, training , cost of production, potential suppliers
What is included in HR plan?
skills, experience and qualifications of potential employees, management team
