business plans

Question 1

what is the purpose of a business plan?

Answer 1

the purpose of a business plan is to outline the main objectives and aims of a business and provide detail of how these are to be achieved using both quantitative and qualitative data.

Question 2

what are the main components of a business plan?

Answer 2

the main components of a business plan are the executive summary, the marketing plan, the financial plan, the operations plan and the human resources plan.

Question 3

the importance of a business plan

Answer 3

the importance of a business plan is that it provides a sense of direction and outlines the strategies involved in getting there. It also helps identify potential problems in the business, and it will allow for greater communication between departments and stakeholders.

Question 4

list some guidance available to entrepreneurs.

Answer 4

• Small Business Advisors
• British Chamber of Commerce
• Prince’s Trust
• Venture Capitalists
• Federation of Small Businesses
• Accountants