Business Plans Flashcards
What is a business Plan?
A business plan is a formal working document that outlines the main objectives and aims of a business
Components of a business plan?
Overview or summary
The Marketing Plan
The Financial Plan
The Operations Plan
The Human Resources Plan
Benefits of a business plan
It presents the owners with a clear set of instructions on how to run the business
Encourages regular reviews of the business
Can clearly see where the business is going wrong
Needed for potential investors or when seeking finance from banks
Drawbacks of a business plan
Businesses can become to rigid in their thinking eg. Miss out on opportunities
An inaccurate plan with unachievable objective can demotivate employees.
Planning for the future is difficult due to unexpected events
Main sources of information and guidance available to entrepreneurs
The Government
The Princes Trust
Small Business advisors
British chamber of commerce
