Developing Business Plans

Question 0

What are the benefits of a business plan?

Answer 0

Helps to clarify objectives
Enables owners to know what needs to be done to achieve objectives
Persuades lenders to invest capital
Valuable tool in running the business

Question 1

What is a business plan?

Answer 1

A report describing the marketing, operating issues and financial implications of a business start-up.

Question 2

What are the contents of a business plan?

Answer 2

Details about the business
Personal information on owner and managers
Objectives of the firm
Marketing plan
Production plan
Details of fixed assets
Sales and cash-flow forecast
Details of finance needed from lender
Collateral to be offered
Account of long term forecasts and plans
SWOT Analysis

Question 3

Where can a business get sources of information and guidance?

Answer 3

Accountants and bank managers- provide advice on how to manage the business financially
Business Link- a government funded service which provides info, advice and support needed to start/maintain/grow a business
Individual advisors- specialise in small businesses and provide guidance and support