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A Level Business Studies - Business Objectives And Strategies > Business Plan > Flashcards

Flashcards in Business Plan Deck (4)
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1
Q

Define what a business plan is

A

A business plan sets out how the owners/managers of a business intend to achieve it’s objectives. Without a plan, the business is likely to drift

2
Q

What are the 7 parts of a business plan

A
  1. Business idea
  2. People running the business
  3. Market research
  4. Finance
  5. Business objectives
  6. Targeted market
  7. Competitors
3
Q

Name 2 reasons why many new businesses fail

A
  1. Lack of planning
  2. Poor leadership
  3. Run out of money
  4. Market issues
  5. Poor objectives
  6. Selling sub-par products
4
Q

Name 2 reasons why you should write a business plan

A
  1. Helps spending control
  2. Helps applying for a bank loan
  3. Helps you know if there is a market for your product
  4. Helps the business achieve its aims and objectives