Business Plans

• What does the introduction/executive statement of a business plan provide?

  An overview of the business's aims, objectives, and strategy
• What is the purpose of the introduction or executive statement in a business plan?

  To demonstrate the proposal is viable
• What is the marketing plan based on?

  Field and desk research
• What information should market research establish for a business plan?

  Market size, customer needs, and competition level
• When can the marketing plan be prepared?

  After examining market research findings
• What details should the operations plan include?

  Location, production methods, and equipment needed
• What other information may the operations plan include?

  Production costs and supply sources
• What does the human resources plan outline?

  Number of employees and required skills
• What other information will the human resources plan include?

  The management team
• What forecasting will be necessary for the financial plan?

  • A sales forecast indicating potential revenues
  • A cash flow forecast for the first 12 months
  • A profit and loss and balance forecast for the end of the first year
  • A break-even analysis
• Besides forecasting, what information should be included in the financial plan?

  Source of finance for starting and running
• What information does the source of finance indicate?

  Available start-up capital and potential borrowing
• What is Business Wales?

  A government run website-based information resource
• What is the purpose of Business Wales?

  To provide information, advice, and guidance
• What services do commercial banks offer to small businesses?

  Advice on business plans and financial approval
• What age range does the Prince's Trust work with?

  18 to 30-year-olds
• What does the Prince's Trust offer through their Enterprise programme?

  Training, mentoring, funding, and resources
• What is the BCC a source of?

  Advice and support for international trade
• What does the British Chambers of Commerce provide for local businesses?

  Continued advice and support
• What does the BCC campaign for?

  The interests of business
• Under what circumstance might a business succeed without a business plan?

  If sales are very high
• What are the benefits of having a business plan?

  • Sets out objectives and strategy.
  • Outlines marketing strategy.
  • Provides a clear idea of direction and operation (strategic planning/setting objectives).
  • Helps convince banks and lending institutions of its ability to pay back loans (cash flow forecast).
  • Highlights strengths and identifies possible problems.
  • Sets out required personnel/skills.
  • Helps to think ideas through.
  • Useful as a monitoring tool.
• What type of small business might succeed without a business plan?

  A small, easily managed business
• What can no business plan guarantee?

  Success
• What may make a business successful even without a business plan?

  External factors
• What are businesses with a clear plan more likely to be?

  Successful
• What does a business plan outline?

  How a business will achieve objectives