BUSS1 - Topic tracker (2nd part)

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BUSS1 - Business Plans

Contents of a Business Plan;

details about the business - name, location, legal structure, description of product

personal information about the owner and managers - support they are receiving, details of key staff, staffing requirements

objectives of the firm - quantifiable or SMART targets

marketing plan

production plan

details of fixed assets - how they are financed

sales and cash-flow forecast

projected profit and loss account

balance sheet for the next 2-3 years

details of pricing

breakeven level

details of finance needed - forecast speed of repayment or rate of return

collateral to be offered

brief account of the long-term forecasts and plans of the business

SWOT analysis

Sources of information and guidance;

Accountants and Bank Managers - provide advice on how to manage a business financially

Business Link - a government-funded service that provides information and advice needed to start, maintain and grow a business

Other Sources - local enterprise agencies, chambers of commerce, local trade associations

Prince's Trust - for entrepreneurs aged 18-30, they offer help and funding.

PRIME - offers advice and support for the over 50's.

Individual Advisers - who specialize in small businesses can provide guidance and support.

A Business Plan is a report describing the marketing strategy, operational issues, and financial implications of a business start-up.

Benefits;

enables owners to know precisely what needs to be done to meet the business' objectives

it is an essential document in persuading lenders to invest capital into the business

if reviewed and updated regularly, it can be a valuable tool in running the business.

BUSS1 - Choosing a Legal Structure

Business plans

Choosing a legal structure