Business plans

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7 Terms

1
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What is a business plan

A physical document used when starting up a business

2
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What is the purpose of a business plan

Secure external funding

Identify targets and realistic goals

Track progress of firm growth an financial position

3
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Executive summary

Describes opportunities

Summarises strategies and shows how finance will be obtained

Done in a SMART format

4
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Marketing plan

Provides information on target market and competition

marketing mix, objectives, budget etc

5
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Operations plan

Location

Production - including cost

Equipment - supplies

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Human Resources

Owners and management - credentials and experience

Employees - skills, qualifications and experience

7
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Financial plan

Looks at many forecasts

Financial requirement, position including borrowing