State two reasons why a business should prepare a business plan - Junior Cycle Business Studies - Question 2 - 2019
Question 2
State two reasons why a business should prepare a business plan.
1.
2.
Worked Solution & Example Answer:State two reasons why a business should prepare a business plan - Junior Cycle Business Studies - Question 2 - 2019
Step 1
When applying for a loan/grant.
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Answer
A business plan is essential when applying for a loan or grant as it provides financial institutions with a clear understanding of the business's objectives, strategies, and the potential return on investment.
Step 2
Identify the goals and strengths of the business.
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Answer
Preparing a business plan helps to clarify the goals and strengths of the business, allowing the owners to define their vision and mission effectively. This understanding aids in strategic planning and decision-making.
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