Business Planning A business plan is a detailed statement setting out the proposals for a new business

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The Entrepreneur needs to have skills in… Administration and management Marketing and selling Finance, book keeping and payroll Production and operations Research and development

Business Ownership Sole Trader Partnership Limited Companies Franchise Opportunities Business Names Act 1985 Partnership Act 1890

Legal Implications Tax Tax on profits VAT is added on goods and services Income tax National Insurance Contributions Licences Different types of business activity requires licences Examples – to sell alcohol; fireworks; medicines; taxi service; food, etc Health and Safety legislation: Health and safety at Work Act 1974

Consumer Legislation Trades Description Act 1968 Sale of Goods Act 1979 Supply of Goods and Services Act 1982 Consumer Protection Act 1987 Data Protection Act 1984 Employment Legislation Employment Act 2002 Sex Discrimination Act Race Relations Act Equal Pay Act Disability Discrimination Act 1995 National Minimum Wage Act 1998 Environmental Legislation: Clean Air Act 1993 Environmental Protection Act 1991 Pollution Control and Prevention Act 2000

Insurance Theft Fire Damages Liability

Business Objectives (Aims/targets) Survival Expand market share Maximise sales Maximise profitability Provide value for money to customers Increase business size Increase size of profits Increase staff numbers Quality issues Produce products as cheaply as possible Support local suppliers Support charitable causes Support local community

Mission Statements: What the business does What it aims to achieve overall Values and standards Our core purpose is to create value for customers to earn their lifetime loyalty. Our success depends on people. The people who shop with us and the people who work with us. If our customers like what we offer, they are more likely to come back and shop with us again. Tesco PLC Vision Statements: Future developments What it plans to achieve

Quantifiable defined in way that can be measured. Achievable they must be targets that the business can realistically meet. Corporate objectives should be: S - pecific M - easurable A - ttainable R - ealistic T - imed Corporate objectives are turned into departmental objectives

Corporate Planning (long term objectives) Up to 5 years Involves all areas of the business i.e. profitability, product range, etc Operational Planning (short term objectives) Objectives and targets Targets tend to be within areas i.e. human resources planning

Planning Cycle Set objectives, i.e. increase sales Collect Information, i.e. assessing situation Make Plans, i.e. how to achieve objectives Monitor Progress, i.e. taking corrective action

Stakeholders …people who have an interest in the business Stakeholders Managers Owners/ Shareholders Employees Communities Customers Financiers Government Suppliers

SWJ AS Biz Owners/Stakeholders Have a financial stake in the biz Want to see profits Employees/Managers Fair wages Good working conditions Job security Customers Quality products & services Good customer service Continuity of supply Suppliers Regular contracts Prompt payments Government Pay taxes on profits Give employment to locality Financiers Ability to pay loans Local Communities Employment Places to shop