1. Miss Jones

2.  A statement showing how a business sets out to achieve its aims and objectives

3.  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

4.  See worksheet!

5.  Benefits of a business plan  What should be included  Hint and Tips on how to complete one  Where to get further information

6.  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

7.  Low sales  Poor market share  Profits reduce  Losses made  Cannot pay off debts  Shareholders withdraw finance  Lose the business

8.  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