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KEY TERM: Stakeholders
Any person or group who has an interest in or an impact on the activities of a business.
They can be internal or external.
There is often a conflict of interests between stakeholders.
They could be put on a graph, the x axis being interest and y axis influence. Although this is subjective.
Identifies strengths and weaknesses of the business idea.
Highlights financial risks involved.
Helps to obtain finance.
The contents of a good plan:
1. Executive Summary
2. The Idea: details of the product/service
3. The Market: focusing on market trends and an analysis of key competitors.
4. Marketing Plan
5. Organisational Plan: management and personnel
6. Operational Plan: how the product/service will be produced and delivered.
7. Financial plan: cash flow forecast. Doesn't include bank statements and loans.
8. Conclusion: longer term plans for the business or `exit strategy'.
PROBLEM: a lot of the information will be estimated and shouldn't be treated as a factual document. Entrepreneurs sometimes confuse the plan with
GOVERNMENT ECONOMIC POLICIES
The government uses these policies to achieve its economic objectives: Economic growth, low inflation, low unemployment, a favourable current
account balance and a stable exchange rate.
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This refers to the government's budget which concerns the government's tax and spending plans.
An increase in government spending will increase the total level of spending within the economy, causing most markets to grow.
This concerns the availability and price of credit. In the UK it is implemented by the bank of England which sets the interest rate.
It can be slackened or tightened according to the economic circumstances. E.g. in a recession rates are decreased to try and encourage increased