Business planning (AQA GCSE Business): Flashcards
📚Flashcards
Practise the cards
15 cards from this deck
ShowHide
Practise the cards
15 cards from this deck
Complete the saying: 'Failing to plan is...'
Complete the saying: 'Failing to plan is...'
'...planning to fail'
Business plan definition
Business plan definition
Written document: objectives, strategies, market, financial forecasts
Business plans help secure
Business plans help secure
External funding from investors or banks
Start-up purpose: financial aspect
Start-up purpose: financial aspect
Tests financial viability & profitability
Start-up purpose: funding
Start-up purpose: funding
Essential for securing external funding
Existing business purpose: review
Existing business purpose: review
Performance review & objective assessment
Timeframe for objectives in business plan
Timeframe for objectives in business plan
3-4 years
Essential financial forecast type 1
Essential financial forecast type 1
Cash flow forecast
Essential financial forecast type 2
Essential financial forecast type 2
Revenue, costs, and profits
Market overview should include
Market overview should include
Customer segments, market size, growth, competitors
Businesses without plans rely on
Businesses without plans rely on
Gut instinct and experience
Advantage: risk
Advantage: risk
Reduces business risk through structured guidance
Advantage: monitoring
Advantage: monitoring
Enables progress monitoring against original plans
Disadvantage: updating
Disadvantage: updating
Requires constant updating as circumstances change
Disadvantage: rigidity
Disadvantage: rigidity
Rigid adherence might cause missed opportunities