Business Plans

Get Revising

Created by: Jessica
Created on: 29-11-10 17:33

Definition of a business plan?

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a document setting out the business idea
showing how the business can be pu in to practice
crucial part of an attempt to raise finance - from outside sources such as the bank

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BENEFITS?

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increase chances of success
may make the entrepreneur realise they lack the right skills so then they can employ an expert
risks are lower
if the plan is well recieved by investors they can obtain capital

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PROBLEMS?

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overfocus on a perfect plan means less time spent visiting suppliers or talking to customers
business plan may be wrong
problems occur if plan is to rigid: better to make it flexible, so that the business is prepared
things are always changing so it wont be up to date

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Why do we have a business plan?

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used by investment seeking entreprenuers to convey their vision to potential investers
understand how to manage their businesses better

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Internal uses of a Business Plan?

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provides a checklist to help run and control a business
monitor progress & success
improve performance - set high goals

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Contents of a Business Plan?

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The business idea - where from? Is it good?
the people running the business
Market Research - competition?
Marketing - who to? How?
Production
Finance - how much is required?
Cash flow forecast

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Other useful info on business plans:

Banks and Business Link (government funded) offer support and provide information for business plans.

Business Plans are only as good as the info inside
they are estimated and guessed so not to be treated as a factual document
steers the business in generally the right direction

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Comments

davidsalter

Report Wed 5th February, 2014 @ 12:05

This is a useful set of 13 revision cards which cover the benefits, drawbacks and features of a business plan. It can also be used to test yourself.

SaidAkhmeev97

Report Sun 17th May, 2015 @ 17:04

It would be comfortable to have it in 4-5 slides rather than splitted on 13 slides

But it's ok

SaidAkhmeev97

Report Sun 17th May, 2015 @ 17:04

It would be comfortable to have it in 4-5 slides rather than splitted on 13 slides

But it's ok

SaidAkhmeev97

Report Sun 17th May, 2015 @ 17:04

It would be comfortable to have it in 4-5 slides rather than splitted on 13 slides

But it's ok

ObviouslySmithy

Report Thu 12th May, 2016 @ 13:01

I am Adam Smith, and my boyfriend approves this message

SamPringle

Report Tue 28th June, 2016 @ 14:32

yes yes I do smithy

Nimz16

Report Sun 10th December, 2017 @ 21:45

How do I change the cards?

Zastavka

Report Wed 13th July, 2022 @ 14:52

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Romsn_BG

Report Wed 13th September, 2023 @ 12:57

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