Business plans Flashcards
What are the purposes of a business plan
To secure external funding, ensure the firm develops a healthy financial structure, to help identify problem areas the business might face, set targets and check on the firms development
What are the components of a business plan
The executive summary, products and services, market size, marketing strategy, skills of entrepreneur and employee skills, operations and financial forecasts
What is the SMART acronym for setting goals
Specific, measurable, achievable, realistic and time based
What do entrepreneurs do on a daily basis to ensure the business develops
Manage resources, make marketing decisions, dealing with customers, maintaining financial records
Where can you go to find advice for a business plan
The government and high street banks
