Business plans - BUSS1 - Chapter 4

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  • Developing business plans
    • what is the purpose of them?
      • it is report describing the marketing strategy, operational issues and financial complications
    • benefits
      • clarify objectives to entrepreneurs
      • lets the owners know exactly what needs to be done
      • helps to persuade lenders to invest capital
      • reviewed as a valuable tool for the running of the business
    • problems
      • needs to be accurate and realistic
      • underestimate how much it'll cost
      • overly optimistic view
      • overly optimistic in sale forecasts
    • content of a business plan
      • details about the business
      • personal information
      • Objectives
      • Marketing plan
      • Production plan
      • Fixed assets
      • Financial forecasts
      • details of finance needs
      • Collateral offered
      • Long-term plans
      • SWOT analysis
    • sources of information and guidance
      • small business advisory services
      • Princes' Trust
      • Local enterprise agencies


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