Business Plans

  • Created by: Katherine
  • Created on: 07-01-13 14:16

Business Plans

Advantages

  • It creates a plan of action and therefore the start up is organised.
  • Creates a positive reputation.
  • Find out if the business is feasible.
  • Reasonable financial predictions.
  • Sets a time frame and targets.

Disadvantages

  • Things can change e.g. economic downturn
  • Lack of expertise and experience can result in a false plan.
  • Can be difficult to account for demand.

Evaluation

A business plan encourages investment and identify weaknesses, so this is surely a good idea to have a business plan, however if your business has lack of demand then you can not prepare for that because it can be difficult to account. So business plans are needed and are a good idea because you can find out if a business is feasible and it creates a plan of action.

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