Business Planning Miss Jones
What is a Business Plan? • A statement showing how a business sets out to achieve its aims and objectives
Why Plan? – The Business • 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
What does it include? • See worksheet!
Task – Produce a leaflet • Benefits of a business plan • What should be included • Hint and Tips on how to complete one • Where to get further information
Difficulties of business planning • Uncertainty Not easy to look ahead and predict events Plans may not be accurate/in date Economy may change • Lack of Experience In correct skills/experience Lack of funding
Risks • Low sales • Poor market share • Profits reduce • Losses made • Cannot pay off debts • Shareholders withdraw finance • Lose the business
Minimising 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