UNIT 1 - Business in the real world - Unit 1.6 - Business planning

Unit 1.6.23 - What is business planning

A business plan is

a document setting out what a business does and what it hopes to achieve in the future.

Business planning - is the process of producing a business plan.

Purpose

• Help set up.

      Planning - think ahead - gather ideas.

      Many are inexperienced.

      Help assess risk, anticipate problems.

• Raise Finance

Show investors or banks.

What they do with investment.

Likely return. Expected sales.

• Set objectives

Clear targets - motivate - help decision making.

• Co-ordinate action

How an objective will be achieved.

Resources, timing, targets.

Same for all areas of business.

Unit 1.6.24 - Problems and main sections

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