planning

• What is the purpose of a business plan?

  To detail important parts of running a business
• What are the essential components of a comprehensive business plan?

  • Business idea
  • Objectives and goals
  • Target market
  • Financial predictions
  • Market research
• When should a business plan be created?

  Before starting a business venture
• Why is it important to revisit a business plan regularly?

  To adapt to significant changes
• What type of shop does Finley plan to open?

  A small local newsagents
• What gap in the market did Finley identify?

  Need for a local shop
• What is one of Finley's key challenges in starting his business?

  Securing enough funding
• What does Finley plan to do to secure additional funding?

  Apply for a small business loan
• What are the key sections that should be included in a business plan?

  1. Business idea
  2. People involved
  3. Aims and objectives
  4. Market research
  5. Finance section
  6. Business location
• What is the first section expected in a business plan?

  The business idea
• Why is it important to clearly define the business idea?

  It helps others understand the business
• What should Finley include about the people involved in his business?

  Skills and qualifications of the team
• What is a common aim for new businesses?

  To survive the first year
• Why is market research crucial for Finley?

  To ensure customers will buy from him
• What methods can Finley use for market research?

  Questionnaires, interviews, focus groups
• What does the finance section of a business plan detail?

  Money sources and profit projections
• What is important to detail in the business location section?

  Footfall and competition analysis
• How does the uniqueness of a business affect its business plan?

  Each plan will differ based on specifics
• What is the final takeaway about business planning?

  Failing to plan is planning to fail
• What is a business plan?

  A document outlining business intentions
• What is the purpose of the executive summary in a business plan?

  It summarizes everything the business expects to do
• What features are typically included in a business plan?

  Executive summary, business name, USP
• What does USP stand for in a business plan?

  Unique Selling Point
• What types of market research can be included in a business plan?

  Primary or secondary market research
• What is the purpose of a marketing overview in a business plan?

  To outline how to create awareness and sales
• What should be considered in the operations element of a business plan?

  How to produce the product or service
• What staffing needs should be addressed in a business plan?

  Employment costs and hiring strategies
• What financial documents might be included in a business plan?

  Budgets and projected income statements
• What details about the entrepreneur should be included in a business plan?

  Experience and expertise relevant to success
• What is one pro of creating a business plan?

  It helps understand finances and budget forecasts
• How does a business plan assist in managing risk?

  By allowing calculation of break-even output
• Why is a cash flow forecast important in a business plan?

  It helps manage day-to-day liquidity
• How can a business plan help in obtaining external finance?

  It increases likelihood of securing loans or investments
• What is a potential con of having a business plan?

  Reality may differ significantly from the plan
• Why must a business plan be dynamic and flexible?

  To adjust to changes in the external environment
• What risk is associated with inexperienced entrepreneurs creating a business plan?

  They may inflate sales or underestimate costs
• What could inaccurate financial projections lead to for a business?

  Liquidity issues and unexpected funding needs
• What are the pros and cons of creating a business plan?

  Pros:

  • Helps understand finances and budget forecasts
  • Assists in managing risk through break-even analysis
  • Increases likelihood of securing external finance

  
  

  Cons:

  • Reality may differ from the plan
  • Requires flexibility to adapt to changes
  • Inexperienced creators may lead to inaccurate projections