Income Budget: Shows the agreed, planned income of a business over a period of time.
Franchisee: A franchisee is someone who buys a franchise, runs and maintains it, whilst giving a percentage of profit to the franchisor.
B/E Output: FC / P-VC
Market Share: (Sales of a firm / market size) x100
- Additional skills e.g. you may lack something, so you hire a consultant
- Intelligent advice e.g. what you should do (advice)
- Cost - consultants are expensive to hire
Definition: A report describing the aims and objectives of a business.
- To see if the business is feasible
- Identifies what a business is aiming for and what its objectives are, so it adds a target to achieve, improving motivation
- Time consuming, and can be overly optimistic