BUSINESS PLANS AS Business Studies Unit 1. Aims and Objectives Aim: To understand the benefits and problems of creating business plans Objectives: Describe.

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Presentation transcript:

BUSINESS PLANS AS Business Studies Unit 1

Aims and Objectives Aim: To understand the benefits and problems of creating business plans Objectives: Describe the elements of business plans. Explain sources of help for business plan creation. Analyse the benefits and problems of business plans. Evaluate the usefulness of a business plan.

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

Other Elements of Business Plan Brainstorm ideas of what else must be included in a business plan. Remember we have already had……. Executive summary Business Description Product Description

Elements: Market Analysis Analysis of the market and competition. Customers needs, and how the product or service meets those needs. Market: size, data, growth Customer: who they are, where they are. Competition: who they are, their strengths and weaknesses. Future: how might the market change, how can the business respond.

Elements: Strategy and Implementation Analysis of the key decisions and strategies. Who, when, and at what cost are they carried out. Marketing and Sales Strategies Pricing, promotion & sales strategies Production Strategies Location Production eg. Machinery Systems eg. Stock control, financial management

Elements: Management Team Description of key members of business and their experience. Data on employees. Salaries etc

Elements: Financial Plan Profit and Loss statement Cash flow forecast Balance sheet Break even analysis Financial ratios

Sources of Help and Guidance Business Link: provides advice on contents of plans. Accountants and Bank Managers: advice, business meetings. Government Agencies: department for business and enterprise offers help, guidance and grants. Princes’ Trust: grants and advice for young business people.

Case Study

Benefits and Problems Brainstorm the potential benefits and problems to a business of producing a business plan. ABCDEABCDE

Benefits

Problems

The Old Railway Station Hotel Case Study Discuss the benefits and drawbacks of the business approaching a business angel or a bank for the 175,000. What information would Barry and James need in their business plan? Evaluate to what extent a business plan would guarantee the success of the Old Railway Station.

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