Unit 1.6 - Business planning Flashcards
1
Q
Purpose of a business plan (5)
A
Outline of what it will do and how it’s going to do it
To organise resources required
Convince financial backers
Should help bad ideas to be stopped, not to waste time and money
Decide what the business wants to achieve - aims and objectives
2
Q
Main sections of a business plan (7)
A
Owners details Mission statement Objectives Product description Production details Staffing requirements Finance
3
Q
Issues of a business plan (4)
A
Time consuming
Costly - cost may outweigh the benefit
Bias - may be too optimistic
Too rigid - stick to the plan too much
