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7 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Business plan |
A business plan is a foemal state of goals, reasons why they're attainable and plan for reaching them. |
Contain background information of organisation. |
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Business plan part 2 |
Its a look into the future of the business (Can be inaccurate). Specific Measurable Achievable Realistic Time |
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Why create a business plan |
To persuade investors Attractive potential investors Owner a direction & targets to follow Identify early problem areas Monitor effectiveness. |
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In a business plan |
Finance → cash flow forecast→ budget. Business objectives→ profit, market share. Staff & human resources. Location Information about business (name, purpose, product/serv) Equipment Target market Four Ps of marketing (Price, place, product, production) Premises & finance. LIQUIDITY OF BUSINESS |
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Purpose of BP |
Clarify your vision and deciding to follow through with idea. Determine the product/service is salable |
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Advantages of a business plan |
Define target market. Establish or revaluate competitive position. Define objectives & programmes to achieve. Help business make money from tbe start by developing strategies. Understand risks involved & finding problems Set a value on the business for sale/legal purposes |
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Cash Flow: how problems arise. |
Seasonal demand. Over expansion. Over investment in fixed assets. Over reliance on credit sales. Unforseen circumstances. |
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