BMT - Business Plans

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4 Terms

1
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Define ‘business plan’.

The document that sets out a business idea or proposition, including the objectives, resources and corporate strategies.

2
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List 6 contents of a business plan.

The business, the product, the market, the finance, the personnel, the marketing

3
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List 3 advantages of business plans.

Helps form strategic focus, provides framework to manage priorities, helps manage change

4
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List 3 disadvantages of business plans.

Time-consuming and costly, does not eliminate risk, business plans made by new entrepreneurs may lack depth