Objectives And Strategy- Buiness Plans

Question 1

Explain the purpose of a business plan

Answer 1

to identify, describe and analyze a business opportunity and/or a business already under way, examining its technical, economic and financial feasibility.

Question 2

Describe the main contents of a business plan and explain why these are included in the plan

Answer 2

Operational strategy- how is the business going to operate on the day-to-day runnings to achieve their goals
Marketing strategy- how are they going to increase their sales in order to achieve their goals
Financial plans- how are they going to get the finances in order to achieve their goals

Question 3

Advantages and disadvantages of a business plan

Answer 3

Advantages- increased clarity over direction,supports funding
Disadvantages-maybe too inaccurate, creates false certainty

Question 4

What is meant by the Plan-Do-Review

Answer 4

The cycle of coming up with a plan through to the step of reviewing how it went, the 4 stages or plan,do,review,assess

Question 5

How can the Plan-do-review cycle help to improve a businesses performance

Answer 5

Helps go through the stages of how effective the plan for performance change will be in order to evaluate the if it will be a success or not

Question 6

Importance of strategic review to improving a business’ performance

Answer 6

an important tool for assessing how well your business has performed, relative to its goals