Business plan

Question 1

What do you find in human resources plan?

Answer 1

1.NO of employees
2.Wages
3.Managment team
4.Skills, experience and credidentials of employees

Question 2

What do you find in operations plan?

Answer 2

1.Location
2.Production methods
3.Equipments

Question 3

What do you find in the marketing plan?

Answer 3

1.Target market
2.Competition
3.Marketing mix
4.Marketing budget

Question 4

What are SMART objectives

Answer 4

1.Specfic
2.Measureable
3.Achieveable
4.Realistic
5.Time limited

Question 5

Benefits of business plan

Answer 5

1.Finance- help forecast finance like budgets or break even
2.Help gain finance from investors or banks
3.Allows to find gaps in business
4.Check progress

Question 6

Limitations of business plan

Answer 6

1.Prediction - not 100% accurate
2.Little experience makes it hard to predict future
3.Opportunity cost- could be doing other things

Question 7

Benefits of business plan

Answer 7

1.Clarifies ideas
2.Identifies future problems in advance
3.Show to investors in order to get finance

Question 8

What does a business plan show

Answer 8

1.Overview - business objectives and strategies
2.Marketing plan - field and desk research, size of market, customer wants and needs

Question 9

What is a business plan

Answer 9

Written document that is a overview of a business.