Outline the benefits for a new business of preparing a Business Plan.
- Leaving Cert Business - Question (A) - 2008
Question (A)
Outline the benefits for a new business of preparing a Business Plan.
Worked Solution & Example Answer:Outline the benefits for a new business of preparing a Business Plan.
- Leaving Cert Business - Question (A) - 2008
Step 1
Guide to Future Action
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Answer
Having a business plan provides a clear focus for the business and guides the actions of individuals. It helps in setting priorities and making informed decisions based on a well-defined direction.
Step 2
Viability
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Answer
Creating a business plan involves analyzing all aspects of a business, including conducting a S.W.O.T. analysis (Strengths, Weaknesses, Opportunities, Threats). This ensures that potential problems can be identified early, and steps can be taken to address them effectively.
Step 3
Finance
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Answer
A comprehensive business plan can be crucial when seeking financing for a business venture. It acts as a tool to attract grants and investments from various bodies by showcasing the business’s potential and sustainability.
Step 4
Assessing Performance
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Answer
The business plan provides benchmarks against which performance can be measured. By setting specific targets, the business can evaluate its progress and take corrective actions if the targets are not met.
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