Business planning (OCR GCSE Business): Flashcards
📚Flashcards
Practise the cards
15 cards from this deck
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Practise the cards
15 cards from this deck
What is a business plan?
What is a business plan?
Outlines company's goals & how to achieve them
Why have business plan? (investors)
Why have business plan? (investors)
More likely to get investors
Why have business plan? (risk)
Why have business plan? (risk)
Reduces risk of failure via research-based decisions
Why have business plan? (resources)
Why have business plan? (resources)
Helps identify resources needed (staff, machinery, etc.)
Aims & objectives section includes
Aims & objectives section includes
Revenue/profit goals & SMART objectives (e.g. £100 revenue)
Marketing plan section includes
Marketing plan section includes
Target audience & 4Ps (product, price, promotion, place)
Production plan section includes
Production plan section includes
No. of employees, pay, & training needed
Human resources plan section includes
Human resources plan section includes
How to make product/supplier & ensure quality
Finance plan section includes
Finance plan section includes
Raising finance, break-even point, cash-flow forecast
Identify market in business plan means
Identify market in business plan means
Gender, age, & income of target customers
Identify finance needed in plan means
Identify finance needed in plan means
Finance to start up/grow via shares, loans, overdrafts
Business plan benefit (finances)
Business plan benefit (finances)
Helps understand finances (e.g. cash flow forecast)
Business plan benefit (finance access)
Business plan benefit (finance access)
Increases chances of getting external finance
Business plan drawback (time)
Business plan drawback (time)
Time-consuming to create, may miss opportunities
Business plan drawback (predictions)
Business plan drawback (predictions)
May over-predict revenues or under-predict costs