Business Plans

Question 1

What is a business plan?

Answer 1

A document explaining what a business intends to do

Question 2

What are the 9 steps of a business plan?

Answer 2

•Executive Summary •Business Name, Idea + USP •Aims+Objectives •Market research •Marketing Overview-create awareness •Operations - production •HR - staffing needs •Finances - budgets, income statement •Entrepeneur Details

Question 3

What are the Pros of Business plans?

Answer 3

1.Help understand finances

2.Increasing Chances of Obtaining External finance

3.Allows closer inspection of the various business areas- check caps

Question 4

What are the Cons of business plans?

Answer 4

1. Only a plan, reality likely to be different.
   •Dangers of becoming ‘stuck’ on a plan
2. Who did plan? Do they have business experience
   •Dangers of Inflating revenues and deflating costs - liquidity issues