Business opportunities business plan

    Cards (11)

    • Business plan shows the company how to reach its goal by explaining what do you do and shows the steps that will be take
    • Core parts of the business plan

      • The introduction or overview/Executive Statement
      • The Marketing Plan
      • The Operations Plan
      • The Human Resources Plan
      • The Financial Plan
    • Introduction/Executive Statement
      Provides an overview of the business's aims, objectives and strategy. It sets out how the business is going to be run.
    • Marketing Plan
      market research is crucial for business plan market size customer needs and competition levels after looking at findings and market place can be prepared
    • Operations Plan Business should include informatio the location, the equipment needed for the business will buy surprise
    • Human Resources Plan
      The number of employees and the skills, experience and qualifications they require will be defined
    • Financial Plan
      A variety of forecasting will be necessary information on where the finance for starting and running the business will come from, indicating the available start-up capital as well as any potential borrowing.
    • A business plan does not guarantee success
    • Benefits of having a business plan

      • Sets out their objectives and strategy
      • Outlines its marketing strategy
      • Clear idea of direction and operation
      • Helps to convince banks to pay back loans
      • Highlights strengths and identifies possible problems which can then be dealt with in advance
      • Sets out what personnel/skills will be required to run the business effectively
      • Helps them think ideas through
      • Useful as a monitoring tool
    • Limitations of a business plan
      • May succeed if the product or service proves so popular that sales are very high, and profits are made consistently
      • May succeed without one if a small, easily managed business e.g. window cleaner
      • No business can be guaranteed success however good the business plan
      • External factors may make the business successful even if business plan not drawn up
    • Advice available to start up businesses
      • Business Wales
      • Commercial Banks
      • The Princes Trust
      • British Chambers of Commerce
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