a detailed startement setting out the proposals of the business and how it will be developed
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problems with business plans
unforseen events, length and details, omission, optimism
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why should you want a business plan?
to test idea, guidence, assessment, organisation, attract investors, resources
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definition of aim
goal in the long term
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definition of objectives
are targets you need to achieve on the way to aims
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what would be in a business plan?
exclusive summary, aims and objectives, marketing, operative, finance
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business plan requires:
to be detailed, competition and potential, SWOT analysis, weaknesses and how to solve, over stimate cost, be realistic, time to prefect, update regulary
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definition of marketing
is the management process that identifes, anticipates and supplies customer's requirements efficiently and profitably
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3 elements of financial planning
1. statement of sources of finance 2. forcasting cash flows 3. forecasting profits
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why might investors and banks want to see the business plan
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