Business Plans Flashcards

1
Q

What is a business plan?

A

A document explaining what a business intends to do

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2
Q

What are the 9 steps of a business plan?

A

•Executive Summary •Business Name, Idea + USP •Aims+Objectives •Market research •Marketing Overview-create awareness •Operations - production •HR - staffing needs •Finances - budgets, income statement •Entrepeneur Details

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3
Q

What are the Pros of Business plans?

A

1.Help understand finances

2.Increasing Chances of Obtaining External finance

3.Allows closer inspection of the various business areas- check caps

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4
Q

What are the Cons of business plans?

A
  1. Only a plan, reality likely to be different.
    •Dangers of becoming ‘stuck’ on a plan
  2. Who did plan? Do they have business experience
    •Dangers of Inflating revenues and deflating costs - liquidity issues
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