Planning a Business (Junior Cert Business Studies): Flashcards

Efficiency, spot issues, secure funding, achieve objectives

Planned businesses are more successful & efficient

Planning helps spot potential issues before they become serious

Banks & grants require plans before providing funding

Specific, Measurable, Agreed, Realistic, Time-bound

Specific - clearly state what the business wants to achieve

Measurable - able to track progress with real data

Agreed - all stakeholders must agree to the plan

Realistic - achievable given current situation & resources

Time-bound - clear timeframe for completion

Short written statement expressing business's main goal/purpose

Foundation for all business planning activities