* What is a Business Plan and when is it used?

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Presentation transcript:

* What is a Business Plan and when is it used? 07/16/96 BUSINESS PLANNING What is a Business Plan and when is it used? There is a link on the Business Plan image to youtube for a 3 minute intro to Business Planning. *

* 07/16/96 Business Plans Show potential investors that the ideas for the business have been well thought out For any business just starting out or considering expansion, a business plan is essential *

Who sees the Business Plan? Bank Investors Local Enterprise Company Government Agencies

Contents The Business - name, type of organisation, location * 07/16/96 Contents The Business - name, type of organisation, location Business Objectives Product/Service Marketing - market research, market segment, promotion proposals Human Resources - staffing, training Production Plans - stock, method of production, equipment required Finance - capital/borrowings, predicted profits, cash flow You could show the 27-page template for a Business Plan – we will be using a more condensed version! *

RISKS OF SETTING UP IN BUSINESS * 07/16/96 RISKS OF SETTING UP IN BUSINESS The product may not sell The firm may not be profitable Loss of investment by owner Poor cash flow – cash may run out *

Task To Reduce Risks Carry out MARKET RESEARCH * 07/16/96 To Reduce Risks Carry out MARKET RESEARCH Calculate estimated COSTS and INCOME Seek business and financial ADVICE PLANNING – look ahead, dealing with future needs And produce a BUSINESS PLAN Issue Task (paired or group) and blank template. Task *

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