Business Plans

All about business plans.

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  • 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

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

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

But it's ok

SaidAkhmeev97

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

But it's ok

SaidAkhmeev97

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

But it's ok

ObviouslySmithy

I am Adam Smith, and my boyfriend approves this message

SamPringle

yes yes I do smithy

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