State two reasons why a business should prepare a business plan - Junior Cycle Business Studies - Question 1 - 2008
Question 1
State two reasons why a business should prepare a business plan.
1. When applying for a loan/grant.
2. Identify the goals and strengths of the business.
3. To provi... show full transcript
Worked Solution & Example Answer:State two reasons why a business should prepare a business plan - Junior Cycle Business Studies - Question 1 - 2008
Step 1
1. When applying for a loan/grant.
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Answer
A business plan is critical when seeking funding from banks or investors. It outlines the business's vision, financial projections, and strategies, demonstrating to lenders that the business has a structured plan for success.
Step 2
2. Identify the goals and strengths of the business.
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Answer
Preparing a business plan helps the business owners clarify their objectives and assess their strengths. This process can guide decision-making and strategic planning, ensuring that all efforts are aligned with the overall goals.
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