business plans

Question 1

What is a business plan?

Answer 1

a statement that outlines the way in which a business will attempt to achieve its objects

Question 2

what are the core parts of a business plan?

Answer 2

• executive statement
• marketing plan
• operations plan
• human resources plan
• financial plan

Question 3

what advice is available to start up businesses?

Answer 3

• business Wales: information resource for those starting and wanting to grow
• commercial banks: offer service to smaller businesses and offer advice
• Princes Trust: work with 18-30 year olds to turn ideas into businesses

Question 4

negatives of a business plan?

Answer 4

• may succeed without one if business is simple
• no business can guarantee success
• external factors may make business successful

Question 4

benefits of a business plan?

Answer 4

• sets out their objectives and strategy
• outlines marketing strategy
• clear idea of direction
• helps convince banks of ability to gain loans
• highlights strengths and weaknesses
• useful for monitoring