Business plans
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4 Terms
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What is a business plan?
↳ Outline of what a business will do and how it aims to do it
2
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What should business plans include?
↳ Personal details
↳ Mission statement- broad aims
↳ Objectives- long term aims
↳ Product description + competitors- USP (unique selling point)
↳ Production details- equipment + location
↳ Staffing requirements-
↳ Finance- money they need
3
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What are advantages of business plans?
↳ Encorage banks to give you loans
↳ Improved comunication
↳ Clarity of goals
↳ Increased chances of success
4
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What are disadvantages of business plans?
↳ Lots of time
↳ Lots of money
↳ Based on unrealistic expectations
↳ Discourages creativity
↳ Limits usefulness (might be made by new entrepreneurs)
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Flashcards (38)