Business Plans and Support Lecture Notes

Vocabulary flashcards covering the components of a business plan, the sources of advice for start-ups, and the benefits or limitations of planning.

Business Plan

A statement that outlines the way in which a business will attempt to achieve its objectives - giving a clear idea of its operation and direction.

Executive Statement

An overview of the business’s aims, objectives and strategy that serves as evidence that the proposal is viable and sets out how the business is going to be run.

Marketing Plan

A section of the business plan based on field and desk research that establishes market size, customer needs, and the level of competition.

Operations Plan

Includes details of business location, production methods, required equipment, production costs, and where the business will buy supplies.

Human Resources Plan

Outlines the number of employees, the skills, experience, and qualifications they require, and identifies the management team.

Financial Plan

A section requiring forecasting including sales, 12-month cash flow, profit and loss, balance forecasts for the first year, and a break-even analysis.

Business Wales

A government run website-based information resource for individuals thinking of starting or wanting to grow a business, seeking advice and guidance.

Commercial Banks

High street banks that provide dedicated services to small businesses and offer advice on constructing business plans to gain financial approval.

The Princes Trust

An organization that works with 18 to 30-year-olds through an Enterprise programme, offering training, mentoring, funding, and resources.

British Chambers of Commerce

A strong campaigning voice for business interests that provides advice and support for local businesses and international trade.

Cash flow forecast

A financial tool used to help convince banks and lending institutions of a business's ability to pay back loans.

Monitoring tool

A function of the business plan where actual performance is compared against the forecasts originally set in the plan.

External factors

Elements such as an economic upturn or changes in law and government policies that may lead to business success regardless of a plan.