1.6 Business Planning Flashcards
What is a business plan?
A document created by a business that provides details about each element of the business
What is one of the key documents used to minimise risk in a business plan?
A cash flow forecast
Name a stakeholder that might be interested in a business plan
A bank
What is the acrynom used when creating business objectives?
SMART
What does a business plan allow an entrepreneur to do?
Minimise the level of risk when setting up a business
What are the four elements of the marketing mix?
Product
Price
Place
Promotion
Why would a bank primarily be interested in seeing a business plan?
To determine whether a business would be able to pay back a loan or mortgage
What is market research?
Gathering data about customers, competitors and market trends
What is a cash flow forecast?
A prediction of the money flowing in and out
What does receipts/inflow mean in a business?
The money flowing in to a business
What two main categories of research might a business undertake in order to complete a business plan?
Primary and Secondary Research
What is ussually the first section of business plan?
The business idea
