Business Plans Flashcards
1
Q
What is a business plan?
A
A document explaining what a business intends to do
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
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
4
Q
What are the Cons of business plans?
A
- Only a plan, reality likely to be different.
•Dangers of becoming ‘stuck’ on a plan - Who did plan? Do they have business experience
•Dangers of Inflating revenues and deflating costs - liquidity issues