Flashcards
Business Plan
Cards in this deck (11)
- 1Buisness PlanningWhen a report set out objectives, aim, Financial and marketing analysis of a new business.
-Plan to reach goal
-Allows you to look ahead - 2Purpose of a buisness plan1. Secure finance
2. Help manage business more effectively
3.Think about all aspect of business
4.Reduce risk of failure - 3Business plan usually include> Business name
>Product and service
>Location
>Financial information
>Marketing information - 4Why is buisness plan IMPORTANT- Helps establish aim & Objectives
- Identifies resources needed before hand
- Estimates future profits
- Allow them to identify & prepare for future consequences - 5Benefit of buisness plan+ Useful when setting up a business as it allows them to carefully think about what he/she is doing
+ Allows you to look at different aspects of the business & consider some of the problems
+ Allows you to plan ahead & fix problems that may occur
+ Valuable document to raise finance as the bank will always insist on seeing a business plan - 6What banks need to know about a business1. Financial information
2. Start-up cost
3. Cash flow forecast-money coming in and out of the business
4. Budget - 7Financial information about business- Start-up cost
- Cash flow forecast
- Budget
- - 8Marketing of product- Buisness planDetails of market research carried out
How will the products be marketed
What will the price of the product be
How will the product be sold - 9Human resource- the department of a business or organization that deals with the hiring, administration, and training of staff.Who will work within the buisness
Need to know the name, address and role of individual (personal)
CV's must show qualification & experience
Details of other employess need such as there number,address etc..
The individual role, qualification and experience needed in order for them to get the job -recruited process (finding and hiring the best qualified candidate) - 10Disadvantage of a business plan-Time consuming
-Costly
-Pay for secondary research-(private company )
-Buy software-To make plan attractive
-If the competitor gets the business plan, then it can be used against you (use ideas)
- Does not allow flexibility as if you stick to your plan too closely it may lead to problems. - 11Advantage of business plan-Reduce risk-Plan ahead
-Stay organized
-Delivers marketing approach (who is target market )
-Monitors your aim and objective
-Helps find funding (investment)
-gives you a path to follow.
-Allow you to receive necessary resources beforehand.
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Information
- Description
- AS - Level Buisness Flashcards on Business Plan, created by Anika Bhuiyan on 15/03/2016.
- Created by
- Anika Bhuiyan
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