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State two reasons why a business should prepare a business plan - Junior Cycle Business Studies - Question 2 - 2019

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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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