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Business Planning

Business Planning

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Business Planning

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Presentation Transcript

  1. Business Planning Miss Jones

  2. What is a Business Plan? • A statement showing how a business sets out to achieve its aims and objectives

  3. 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

  4. What does it include? • See worksheet!

  5. 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

  6. 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

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

  8. 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