Business - Unit 1: Business Activity - 1.2
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- Created on: 23-11-19 16:22
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- 1.2 - Business planning
- Business plans
- Often written before the business is set up and updated as changes occur
- Aims to reduce risk by analysing competitor activity and and creating financial forecasts
- Aims to increase chances of success by focusing ideas. However, it can never guarantee success
- What is in a business plan?
- People - details who will run the business and their experience
- Helps them find an investment from banks
- Market research - determines whether customers want their product.
- Details price, advertising methods, distribution methods and product design
- Finance - calculate the cost of setting up a business and where finance will come from
- Objectives - SMART objectives that can be measured and track progress
- Target market - have a clear idea on who they will sell to in order to focus ideas
- Competitors - how the product is unique
- People - details who will run the business and their experience
- The role of a business plan
- Finance, resources and aims/objective
- Without a business plan, there is greater risk as the ideas are not fully thought through
- Banks are less likely to invest, lack of well-judged objectives, unclear TM
- Business plans
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