Business plans Flashcards
(13 cards)
What is a business plan?
an important document that outlines the goals of a business and how they will be achieved
What are reasons for preparing a business plan?
To test the feasibility of idea
To avoid wasting time and money
To guide the owners
To attract investors or secure loans
What is an executive summary?
A brief overview of the business for investors.
What does it include?
Business name, location, products/services, purpose.
When is it written?
Last, but placed first in the plan.
What does the operational plan describe?
How the business runs daily.
What details does it include?
Location, legal structure, facilities, staff, stock, suppliers, manufacturing process.
What is the business opportunity?
The product/service and target market.
Why mention uniqueness?
To show advantages over competitors.
What does the marketing plan show?
How to reach customers and compete.
What info about customers and competitors does the marketing plan include?
Target customers, marketing methods, competitors.
What is the financial forecast?
Projected money for 3–5 years.
What does it include?
Cash flow statement, profit & loss forecast, sales forecast.
