Miss Jones
A statement showing how a business sets out to achieve its aims and objectives
Needs to plan how it is going to achieve its objectives Needs to plan how to achieve them in the most cost effective and efficient way Can identify costs Can organise resources Can calculate turnover Can anticipate risks
See worksheet!
Benefits of a business plan What should be included Hint and Tips on how to complete one Where to get further information
Uncertainty Not easy to look ahead and predict events Plans may not be accurate/in date Economy may change Lack of Experience In correct skills/experience Lack of funding
Low sales Poor market share Profits reduce Losses made Cannot pay off debts Shareholders withdraw finance Lose the business
Plan well (for a variety of possible outcomes) Conduct good quality research Check data to ensure it is accurate Get expert advice Review the business plan regularly