Business Plans

Flashcards covering the core concepts and details from the business plans lecture notes, including plan components, resources, benefits, and limitations.

What is the purpose of the Executive Statement in a business plan?

It provides an overview of aims, objectives and strategy and demonstrates the proposal's viability.

What information does the Marketing Plan rely on?

Field and desk research and market research to determine market size, customer needs and level of competition.

What details are included in the Operations Plan?

Location, production methods, equipment, costs of production, and sources of supplies.

What does the Human Resources Plan outline?

Number of employees, required skills/experience/qualifications, and the management team.

What does the Financial Plan include?

Sales forecast, cash flow forecast for the first 12 months, profit and loss and balance forecast for the end of year one, break-even analysis, and sources of finance.

What is Business Wales?

A government-run website resource for people thinking of starting or growing a business, offering information, advice and guidance.

What service do Commercial Banks offer small businesses?

Dedicated service and advice on constructing a business plan and gaining financial approval.

What role does the British Chambers of Commerce (BCC) play?

Provides advice and support for local businesses, campaigns on business interests, and supports international trade.

What are the benefits of having a business plan?

Sets objectives and strategy, outlines marketing strategy and provides a clear idea of direction and operation.

Can a business plan guarantee success?

No. Some businesses may succeed without one, a clear plan makes success more likely, but nothing guarantees success.

What is the definition of a business plan?

A statement that outlines how a business will achieve its objectives, giving a clear idea of its operation and direction.

What does the Financial Plan include about start-up funding?

Information on where the finance for starting and running the business will come.

What types of market research are used in the Marketing Plan?

Field and desk research.