Business plans

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6 Terms

1
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What is a business plan?

A document containing a business’ strategy, aims and objectives and how it attempts to achieve them.

2
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State some components of a business plan.

  1. Aims and objectives

  2. Market research

  3. Market size and breakdown

  4. Personnel

  5. Buying and production

  6. Premises & equipment

  7. Financial forecast

3
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What things can be included under the financial forecast section of a business plan?

  1. Cash flow forecast

  2. Sales forecast

  3. Profit & loss accounts

  4. Break-even analysis

4
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What are the benefits of having a business plan?

  • Sets out their objectives and strategy - outlines the way in which they will attempt to achieve their business objectives.

  • Helps to convince banks and lending institutions – of its ability to pay back loans – e.g. cash flow forecast – without one, obtaining finance from banks, etc. is less likely

  • Highlights strengths and identifies possible problems which can then be dealt with in advance

  • Useful as a monitoring tool – e.g. compare actual performance with forecasts in the business plan

  • Sets out what personnel/skills will be required to run the business effectively

5
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What stakeholders many be interested in a business plan?

  1. Banks

  2. Investors

  3. Employees

6
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What advice is available to start up businesses?

  • Business Wales

  • Commercial banks

  • The Princes Trust

  • British Chmabers of Commerce