business plans

Question 1

what’s the purpose of the business plan?

Answer 1

-sets out objectives, strategies and information about different areas in the business
-help make decisions
-check progress
-essential for raising finance

Question 2

what are the components of a business plan?

Answer 2

-objectives are SMART
-plan for marketing, HR, financial

Question 3

what information for business plans is available for entrepreneurs?

Answer 3

• competitors
  -market research
  -GOV.UK
  -friends and family

Question 4

analyse business plans

Answer 4

advantages
- helps businesses raise finance as they look more trustworthy and ensure they have no cash flow problems
-monitoring tool for figures to be compared to
-highlight strengths and how to reach goals
disadvantages
- cost of research in time and money
- only predictions, different factors like economic or trends could change that
-predictions may be unrealistic