Business plan

Question 1

What is a business plan

Answer 1

statement outlining nature of business and info on its functional areas the way in which a business will attempt to achieve objectives giving cleat idea of operation and direction

Question 2

Core components of plan

Answer 2

-Executive statment
-Hr plan
-Marketing plan
-Operations plan
-Financial plan

Question 3

What may the executive statement contain

Answer 3

-overview of aims and objectives and strategies to achieve them

Question 4

What may the hr plan contain

Answer 4

-number of employees
-skills and experience and qualifications they require

Question 5

What may the financial plan contain

Answer 5

-sales forecasts
-cash flows
-profit and loss diagrams

Question 6

What may the marketing plan contain

Answer 6

-market research carried out
-size of market
-level of competition

Question 7

Benefits of business plan

Answer 7

-sets out objectives and strategies-making it easier for business to obtain these goals
-outline marketing strategy understanding size of market and potential competition
-gain finance from banks and lending firms
-clear idea if direction and strategy
-highlights strengths and identifies problems that can he dealt with

Question 8

What may the operations plan contain

Answer 8

-where business is located
-production methods

Question 9

Drawbacks of plan

Answer 9

-not gurenteed success
-external factors may lead to success or failure such as goverment policies or economic upturn
-was plan constructedv by qualified individual
-cost in research in time and money