Business PlanningMiss Jones

A statement showing how a business sets out to achieve its aims and objectives

What is a Business Plan?

Needs to plan how it is going to achieve its objectives

Needs to plan how to achieve them in the most cost effective and efficient way

Can identify costs Can organise resources Can calculate turnover Can anticipate risks

Why Plan? – The Business

See worksheet!

What does it include?

Benefits of a business plan What should be included Hint and Tips on how to complete one Where to get further information

Task – Produce a leaflet

UncertaintyNot easy to look ahead and predict eventsPlans may not be accurate/in dateEconomy may change

Lack of ExperienceIn correct skills/experienceLack of funding

Difficulties of business planning

Low sales Poor market share Profits reduce Losses made Cannot pay off debts Shareholders withdraw finance Lose the business

Risks

Plan well (for a variety of possible outcomes)

Conduct good quality research Check data to ensure it is accurate Get expert advice Review the business plan regularly

Minimising Risks