Business Plans AS Business Studies

Aims and Objectives Aim: To understand the purpose and structure of business plans. Objectives: Define a business plan. Explain the purposes of a business plan. Describe the structure of a business plan. Analyse and evaluate elements of business plans.

Starter In pairs decide upon a definition of what you feel a business plan is.

Business Plan Definition Document that describes a business along with it’s objectives, strategies, the market in which it operates and the businesses’ financial forecasts.

Business Plan Purposes In groups brainstorm the uses/purposes of creating a business plan Purposes Identify Problems X Y

Business Plan Purposes Plans for future Allocate resources Identify and prepare for problems and opportunities Useful for start up businesses applying for finance or growth Improves entrepreneur’s understanding of business and the market

Audience Banks, financial lenders. Venture Capitalists: people who invest for a share of the business. (Dragon’s Den) Business Angels: people who invest in start up businesses which are high risk, high growth market. Providers of grants Potential purchaser of the business

Structure/Content Round Robins 20 Secs move on to another table Write ideas down.

Starter Define a business plan Give two purposes of a business plan Describe two types of people who may view a business plan.

Structure Executive Summary: summary of the business plan Business Description: what the business is. Product or Service: what the business sells or provides. Market Analysis: of market and competition. Strategy: how the business is going to operate. Management Team: member of business Financial plan: cash flow, sales projections etc.

a) Executive Summary Summary of main features of business. First part people see, therefore one of the most important. Sums up the rest of the business plan.

b) Business Description Start date of trading or history. Type of business and sector of the market. Legal structure: partnership, sole trader or limited company. Entrepreneur’s vision for the business.

c) Product Description or Service Description of product or service Key features How is it different? How will the customer benefit? What makes it different from competition? Plans for further development of products Information on copyrights, designs or trademarks.

Business Plan Task In groups/pairs. Decide on a business you and your partner wish to set up. Your business is based around this product/service. You are to write a business description and product description for your new business. You are then to present this to the rest of the class who will judge the quality of it.

Peer Assessment Start date of trading or history. Type of business and its industry Legal structure: partnership, sole trader or limited company Entrepreneur’s vision for the business Description of product or service Key features How is it different from other businesses? How will the customer benefit from your products/services? What makes it different from competition? Plans for further development of products Information on copyrights, designs or trademarks.

Plenary Define a business plan Explain 3 uses of a business plan Describe three elements of a business plan.