7.1 Why businesses plan Flashcards
1
Q
Why make a business plan?
A
Survive/avoid business failure
Develop business ideas
Avoid unnecessary risks
Meet objectives
Help manage the business more effectively
Provide a path and course of actions for different situations
Key point of reference for investors, partners and management to monitor progress
2
Q
Why a business might fail?
A
Flawed business plan
Poor financial planning
Inadequate knowledge of market and competition
Lack innovation and clear USP
Concentration on one supplier or customer
