Business Planning Flashcards
(15 cards)
what is the purpose of a business plan
reduce the risk of failure and be as successful as possible
what is a business idea
- identifying what will be produced
- identifying what resources will be needed
- identifying the aims and objectives of the business
how are the people involved in a business idea
- identifying who and how many will be involved
- identifying the human resource requirements
- identifying what skills and experience is required
how is market research involved in a business idea
- identifying the target market
- identifying marketing activities to be successful
- identifying the marketing resources needed
how is finance involved in a business idea
- identifying how much finance is needed
- identifying how the finance will be raised
- a business plan attracts investors for external finance
how are competitors involved in a business idea
- identifying the competitors
- identifying how the product will be different
what are aims and objectives
statements of what the business is trying to achieve such as growth or survival
what are markets
where a business sells its goods or services
what is a business plan
something written before the start of a business or before a major change that explains how a business intends to achieve its objectives
what is the purpose of a business plan
- to identify the target market (age, gender, income)
- to identify the resources needed (workers, equipment)
- to identify how finance will be raised (loans, shares)
- to achieve the aims and objectives (making a profit)
what is the ‘S’ in SMART
specific - clearly stating what is to be achieved
what is the ‘M’ in SMART
measurable - stating how to measure the success of the plan (using sales or profits)
what is the ‘A’ in SMART
achievable - the targets are possible for the business to achieve
what is the ‘R’ in SMART
realistic - the targets are appropriate for the business
what is the ‘T’ in SMART
timely - the plan includes a deadline for achieving the targets
