Summary
Summary Business Plans
- Institution
- WJEC
Summary of Business plans notes.
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Business plansA business plan makes clear the objectives of the business and how they will be achieved.
Objectives are short-term and long-term goals that will be achieved over time.
Components of a business plan:
Executive summary – is an overview which sets out the overall aims and objectives of the
business.
Marketing plan – a document stating marketing strategy which will help achieve business
objectives. (Generally based on field and desk research)
Operations plan – includes the location of the business, production methods, equipment
needed, costs of production and where the business will buy its supplies from.
Human resources plan – number of employees and skills, experience and qualifications
employees require will be outlined. Also, management team will be identified.
Financial plan – includes sales forecasting’s, break even figures, cash flow etc. also start-up
capital and where it came from is also mentioned here.
Importance and benefits of business plans:
Clear set of instructions on how to run the business.
Measure progress against objectives, monitor cashflow and take action if objectives
aren’t being achieved.
Identify if anything is going wrong. (Identify flaws in the business)
Needed for an investment/potential investor when seeking a loan.
It is highly unlikely that capital could be attracted without a business plan.
Businesses that start up and develop a business plan are more likely to survive than
those who don’t.
Drawbacks of a business plan
time consuming
too rigid
may not be needed for small businesses
costs time, money and resources which could be spent elsewhere in business
inaccurate research can lead to inaccurate objectives
there is no guarantee that a business plan will work all the time
unrealistic – therefore fail to be followed
Overall, it depends on the size of the business and who is running the business, as people
who already own a business and are starting a new one may not need a plan since they have
the knowledge and experience needed to start and run a business from scratch.
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