4864902
Description
Flashcards by Anika Bhuiyan, updated more than 1 year ago
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Created by Anika Bhuiyan
over 8 years ago
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| Question | Answer |
| Buisness Planning | When a report set out objectives, aim, Financial and marketing analysis of a new business. -Plan to reach goal -Allows you to look ahead |
| Purpose of a buisness plan | 1. Secure finance 2. Help manage business more effectively 3.Think about all aspect of business 4.Reduce risk of failure |
| Business plan usually include | > Business name >Product and service >Location >Financial information >Marketing information |
| Why is buisness plan IMPORTANT | - Helps establish aim & Objectives - Identifies resources needed before hand - Estimates future profits - Allow them to identify & prepare for future consequences |
| Benefit of buisness plan | + Useful when setting up a business as it allows them to carefully think about what he/she is doing + Allows you to look at different aspects of the business & consider some of the problems + Allows you to plan ahead & fix problems that may occur + Valuable document to raise finance as the bank will always insist on seeing a business plan |
| What banks need to know about a business | 1. Financial information 2. Start-up cost 3. Cash flow forecast-money coming in and out of the business 4. Budget |
| Financial information about business | - Start-up cost - Cash flow forecast - Budget - |
| Marketing of product- Buisness plan | Details of market research carried out How will the products be marketed What will the price of the product be How will the product be sold |
| Human resource- the department of a business or organization that deals with the hiring, administration, and training of staff. | Who will work within the buisness Need to know the name, address and role of individual (personal) CV's must show qualification & experience Details of other employess need such as there number,address etc.. The individual role, qualification and experience needed in order for them to get the job -recruited process (finding and hiring the best qualified candidate) |
| Disadvantage of a business plan | -Time consuming -Costly -Pay for secondary research-(private company ) -Buy software-To make plan attractive -If the competitor gets the business plan, then it can be used against you (use ideas) - Does not allow flexibility as if you stick to your plan too closely it may lead to problems. |
| Advantage of business plan | -Reduce risk-Plan ahead -Stay organized -Delivers marketing approach (who is target market ) -Monitors your aim and objective -Helps find funding (investment) -gives you a path to follow. -Allow you to receive necessary resources beforehand. - |
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