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
what are the core parts of a business plan?
A
- Marketing plan
- Executive statement
- HR plan
- Operations plan
- Financial plan
3
Q
what are the negatives of a business plan
A
- Costly and Timely
- Objectives may not be followed
- Based on the expertise of entrepreneur
4
Q
benefits of a business plan
A
- Sets out a set of financial instructions
- Sets out a vision for employees to follow
- Allows workflow to be uninterrupted
