Business plan

What is a business plan?

A document setting out a business’s aims, objectives and plans.

What is the purpose of a business plan?

To explain how a business will achieve its aims and objectives.

What are business aims?

The overall goals a business wants to achieve.

What are business objectives?

Specific, measurable targets used to achieve business aims.

Why is a business plan useful?

It helps guide decisions, planning and future business growth.

What is market research?

Collecting information about customers, competitors and the market.

What is a financial forecast?

An estimate of future income, costs and financial performance.

What is a business risk?

A possible event that could negatively affect the business.

What are limitations of a business plan?

It may be based on uncertain predictions and cannot guarantee success.

What makes a good business plan?

Clear aims, realistic targets, research, financial planning and risk awareness.