1.4.4 business plans

a business plan is

for the development of a business giving forecasts of items

items that may be forecasted are

sales, costs, cash flow

an objective is

the reason a business exists

an aim is

the steps that help achieve a bigger target

what actually is a business plan

a document which sets out the future plans for a business

what are business plans used for

to show to banks to ask for a loan, or to show to potential investors and employees

a business plan will help a business succeed because

having clear goals written down aids growth and development and gives them something to follow, also allows them to identify problems easily reducing risk, and allows them to identify their business needs

any good business plan should contain

business idea, aims and objectives, market research, financial forecasts, sources of finance, location, marketing mix, production

a business idea is

outline of the concept of the business so that stakeholders can understand intentions

aims and objectives are

SMART and allow the business to measure its success against the targets

making a business plan

increases the likelihood of success