Business Plans
Why do businesses create plans.
It is important for any new or existing business to create a plan in order to have an understanding of how it plans to achieve its aims and objectives. There are 4 key reasons why businesses create plans:
Important for new businesses
- When Peter Jones and Theo Paphitis invested in Levi Roots Reggae Reggae Sauce, they asked to see Levi’s business plan before they committed to providing their expertise and investment.
Raising finance
- To decide whether to give finance to a business, investors and banks need in-depth financial information.
- When Facebook raised finance from venture capitalists to grow and when Snap Inc listed on the New York Stock Exchange they had to provide business plans.
Setting objectives
- A plan lets a business clearly set out what the business’ objectives are and how they are going to go about achieving them.
- These specific business objectives help firms to achieve their aims as they are measurable targets for the firm to work towards.
- It also allows a business to see which areas (growth, sales, profits etc.) they need to improve and which they are doing well on. If they fail to meet an objective then it can be easier to understand why it was not met.
Business organisation
- By detailing how functions of the business will be organised, a business plan can help improve the way that a business is run.
- A local cafe can plan its purchasing, pricing and staffing in a business plan that can help it manage its operations.
The Main Parts of a Business Plan
There are lots of different ways to structure a business plan. However, some sections are very important and are almost always included.
Executive summary
- The executive summary should be a concise overview of the entire business plan.
Mission statement
- A mission statement says what a company wants to achieve.
Products or services
- This section should clearly describe which products or services the company sells and why customers will benefit from this.
- This also may include what a product’s unique selling point (USP) is. The USP of a product or service is how this product or service is different (or unique) from the products or services offered by the competition.
Market analysis
- Analysis of competitors – Who the main competition are and where they are positioned in the market.
- Analysis of customers – The different customer segments and which of these will be the ‘target market’.
Organisation and management team
- This will outline the company’s organisation structure and provide personal details of the owners and other important personnel.
Production details
- This will outline how a firm will produce its products or provide its services.
- This includes things like the location of factories, who the suppliers will be, what materials will be needed and how much they will cost.
- Cost and profit - This includes detailed outlines of the forecasts for cost, revenue and profit.
- This section usually includes a cash-flow forecast and projected profit and loss account for the first 12 months of trading.
- Sources of finance - This section often includes details of how a company will fund investment if it is required.
Advantages and Disadvantages of a Business Plan
There are advantages and disadvantages of creating business plans.
- Business plans provide parameters for setting targets.
- Management can check staffing, incomes, product ranges and lots of other things against previous business plans and expansion plans.
- A business plan can be used as a benchmark against outcomes like cashflow, production outcomes or service delivery. The plan can also be compared to the behaviour of competitors and the business’ own performance in past years.
Disadvantages
- Businesses need to be flexible and able to adapt to a changing environment. A business plan may stop a company changing.
- Business plans can be costly and time consuming to make. If an entrepreneur has less time to spend designing a good product and selling to customers, then the time spent making a business plan may be negative for the business.
- Also, forecasts of revenue and profit may be misleading and lead to bad decisions.
1 Enterprise & Entrepreneurship
1.1 The Dynamic Nature of Businesses
1.1.1 The Dynamic Nature of Businesses
1.1.2 Risk & Reward
1.1.3 The Role of Business Enterprise
1.1.4 The Role of Business Enterprise 2
1.1.5 The Role of the Entrepreneur
1.1.6 End of Topic Test - Dynamic Nature of Business
1.1.7 Grade 9 - Dynamic Nature of Business
1.2 Spotting a Business Opportunity
1.2.1 Customer Needs
1.2.2 Market Research
1.2.3 Market Segmentation
1.2.4 The Competitive Environment
1.2.5 Primary & Secondary Market Research
1.2.6 End of Topic Test - Business Opportunities
1.2.7 Application Questions - Business Opportunities
1.2.8 Exam-Style Questions - Market Segmentation
1.3 Putting a Business Idea into Practice
1.3.1 Business Aims
1.3.2 Business Objectives
1.3.3 Business Revenues & Costs
1.3.4 Costs - Calculations
1.3.5 Revenue - Calculations
1.3.6 Business Profits & Break-Even Analysis
1.3.7 Profits & Losses - Calculations
1.3.8 Interest - Calculations
1.3.9 Cash & Cash Flow
1.3.10 Cash & Cash Flow 2
1.3.11 Cash Flow - Calculations
1.3.12 Sources of Business Finance
1.3.13 End of Topic Test - Business in Practice
1.3.14 Grade 9 - Business in Practice
1.3.15 Exam-Style Questions - Business in Practice
1.4 Making the Business Effective
1.4.1 The Options for Start-Up & Small Businesses
1.4.2 Limited Liability
1.4.3 Franchising & Not-For-Profits
1.4.4 Business Location
1.4.5 The Marketing Mix
1.4.6 Business Plans
1.4.7 End of Topic Test - Effective Business
1.4.8 Application Questions - Effective Business
1.4.9 Exam-Style Questions - Business Plans
1.5 Business Stakeholders
1.5.1 Business Stakeholders
1.5.2 Technology & Business
1.5.3 Legislation & Business
1.5.4 Legislation & Business 2
1.5.5 The Economy & Business
1.5.6 External Influences
1.5.7 End of Topic Test - Business Stakeholders
1.5.8 Grade 9 - Business Stakeholders
2 Building a Business
2.1 Growing the Business
2.1.1 Business Growth
2.1.2 Finance
2.1.3 Changes in Business Aims & Globalisation
2.1.4 Ethics & Business
2.1.5 The Environment & Business
2.1.6 End of Topic Test - Growing a Business
2.1.7 Application Questions - Growing a Business
2.1.8 Exam-Style Questions - Business Growth
2.2 Making Marketing Decisions
2.2.1 Product
2.2.2 Product Life Cycle
2.2.3 Price
2.2.4 Pricing Methods
2.2.5 End of Topic Test - Product & Price
2.2.6 Grade 9 - Product & Price
2.2.7 Promotion & Advertising
2.2.8 PR & Sales Promotions
2.2.9 Sponsorship & Product Placement
2.2.10 Promotional Mix
2.2.11 End of Topic Test - Promotion
2.2.12 Application Questions - Promotion
2.2.13 Exam-Style Questions - Promotional Mix
2.2.14 Place & Wholesalers
2.2.15 Direct to Consumer
2.2.16 E-commerce & M-commerce
2.3 Making Operational Decisions
2.3.1 Job Production
2.3.2 Batch & Flow Production
2.3.3 Working with Suppliers
2.3.4 Effective Supply Chains
2.3.5 Just In Time & Just In Case
2.3.6 Managing Quality
2.3.7 Total Quality Management
2.3.8 The Sales Process
2.3.9 End of Topic Test - Operational Decisions
2.3.10 Grade 9 - Operational Decisions
2.3.11 Exam-Style Questions - Managing Stock
2.4 Making Financial Decisions
2.4.1 Gross Profit & Net Profit - Definitions
2.4.2 Gross Profit - Calculations
2.4.3 Net Profit - Calculations
2.4.4 Rate of Return
2.4.5 Rate of Return - Calculations
2.4.6 Research & Financial Data
2.4.7 Marketing Data
2.4.8 Percentage Change - Calculations
2.5 Making Human Resource Decisions
2.5.1 Organisational Structures
2.5.2 Organisational Structures 2
2.5.3 Recruitment
2.5.4 Effective Recruitment
2.5.5 Training a Workforce
2.5.6 Motivating a Workforce
2.5.7 End of Topic Tests - Human Resources
2.5.8 Application Questions - Human Resources
2.5.9 Exam-Style Questions - Human Resources
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Business Plans
In this post
Business plans are used to outline the industry in which a business is working in as well as the economic structure of a company to give an idea of the financial prospects of a business. They are used primarily to organise the routes to market that a company will take and give projections on earnings and target dates for when the company expects to have a certain income.
Writing a strong business plan is important for any business, whether large or small, and is the perfect way to map out your route to success. Not only will the plan contain your aims and plans to attract new customers but it can also act as a strong tool for financial projections and help you to set out goals for your company. Throughout the units that we have already covered on this course we have seen a lot of aspects that could be included in a business plan, and including as much information as possible is key.
A lot of entrepreneurs fail to produce a clear business plan when they set up a new company and this can be a big issue further down the line. By not outlining your company and its operations you may affect the business in a negative way and be unable to keep track on the progress and route the business is taking. If you are seeking finance to launch your company it is more than likely that you will need to create a business plan to secure a loan, but this should not be thrown away once you have started the business. Your plan can be updated and adapted at any time and you must try to keep things relevant and up to date so you know the long-term aims of your company.
Why create a business plan?
Some entrepreneurs fail to create a business plan before starting a company because they feel it is a waste of time. They know what they want to do, how they want to do it and everything that is needed has been formulated in their heads. This is a very good skill to have, but without your thoughts and projections down on paper it can be very easy for them to become misinterpreted, forgotten or skewed. Simply having things thought out in your mind is not enough to convince others or explain your strategies to those you are working with. Business plans are used to organise your approach and produce a strategy that allows you the best possible chance of success. They should include:
- Information about your company so that you can plan the structure and objectives which you have
- Your relationships with others and how these can be used (e.g. banks, lenders and accountants)
- To find weaknesses in your plans and areas where you must improve
- Areas for discussion so that you can find out other people’s opinions and include them in the planning process
Some people start a business and want everything to be done immediately. With great confidence that they can do it all alone and have no input from experts, they may not stop and think about forming a clear plan that includes facts and figures to help them along the way. Doing this can be of massive detriment to any business and you need to gather as many opinions, facts and ideas as possible from those around you.
What to avoid
A business plan should include lots of information but there are a few things that should be avoided. You should put some restrictions on the long-term (over 1 year) predictions of your finances. A long-range prediction on the amount of money you will have coming into the business can be completely meaningless because it is very hard to predict how a business will perform far into the future.
Very few business plans get the figures projected spot on, so remember to give a good indication of what you expect to earn but try to be conservative with this. By exaggerating the earning potential of the company you will not be impressing anyone and this will make it difficult for you to plan your spending. Outline clear time frames and indicate your aims during these periods. Try to show what you will be working on at any time, for example if your business will take quite a lot of setting up then the first 6 months may be devoted solely to this and you should outline this in your plans and projections. Try to correctly anticipate the money and time that will be required for processes to be completed and always factor in a margin of error. By slightly exaggerating the money that will be required when completing a stage of expansion or setting more time than is needed, you will be well prepared if some unforeseen issue crops up.
Don’t just use the business plan to explain how great your product or service is. This alone will not turn your business into a big success (although it is very important). Identifying areas to improve and how you will market your company is much more important than simply relying on the uniqueness of your product.
The purpose of a business plan
Business plans are used for a variety of different reasons and the importance of these should not be underestimated. Creating a plan that is precise and includes information that is relevant to the new or existing business will ensure that ideas are implemented quickly. Without a solid business plan it will be much more difficult to judge the success of the new venture and the direction of the company will be hard for everyone to see.
Minimising risk
The risks when starting a new business can be huge. Money is invested into new businesses and time will also be spent on getting a company off the ground. Without a business plan in place, owners and employees could end up wasting their time in certain areas. Using resources inefficiently and having no clear direction for a business can lead to disaster very quickly. The best way to avoid this is with a clear outline of what the business needs to work on and what resources will be needed in order to make the venture work. A business plan will be used to set goals and objectives while losing no time in areas that do not see a large enough return on the investment.
Securing finance
Many people use business plans to secure finance for a new venture. This finance can come from several different sources such as banks, investors and start-up funds. Having a business plan that shows exactly how the business will operate and where money will be made will act as a way to convince potential investors to finance the company. With clear profits to be made and a route to market mapped clearly, investing in a business will be a much more desirable prospect for a potential investor.
Formats of business plans
There are many different formats which a business plan can be created in but the main areas to cover are:
Executive summary
Company summary, products and services, market analysis, strategy and implementation, management and personnel, financial plan.
Any business plan should include an executive summary which gives an outline of the business and the vision of the owners. Here you should briefly explain the business and its activities as well as the key areas that will help the company to succeed. A mission statement can be included to explain why your company will be unique in the market and what will give you the edge over your competitors.
You should also include some information about the financial aspirations of the company here to show the economic aims over the first few years in operation. Remember, these do not need to be hugely accurate and taking a realistic look at what can be earned is essential. It is usually best to complete the executive summary of the company last as you can include information from other sections in this part of the plan to give a good overview and concise insight into the business and your plans.
The company summary will explain key aspects of the operation of the company. This includes the owners of the business as well as where the business is located. Information about all directors must be included in this area of the plan and you should summarise their roles within the organisation. If you have any other personnel that will be involved at a senior level then they should be included also. In this part of the business plan you need to outline the funds required to set up and maintain the business also. By including information about the company’s location and operations you will be able to forecast the money required to get the company started and any investment that will be needed. Try to include a spreadsheet showing where the initial funding will come from and how much is being put into the business to start with. Remember, most new businesses make a loss in their first year due to the expenses involved in starting a new company, so be realistic. Plan the initial outlays and costs carefully and make sure you know the limits to how much you can put into the company to get started.
The location of the business can also be included here and any rent that you will be required to pay can be outlined and the costs per square foot for the company premises. Then you can go on to make projections about the sales required to cover all of your fixed costs such as office and equipment rentals.
Next we move on to explaining the things which will earn your business money – the goods and services that you have to offer. In this section you must include descriptions of what you can offer your customers and the prices you will be charging. Outline what makes your goods and services special and the key aspects that will influence potential clients and convert them into paying customers. It is also a good idea to compare your pricing structure to your competitors. It may be that you offer the same products but cheaper, or with any additional features to make your products more appealing. You should explore the need for your products and services to be better than any of the competition. As a new business you may struggle to compete unless you have something that nobody else has. By bringing to the market something which is already selling well with another company that has established its brand in the marketplace, you might struggle to take a large enough section of the market to warrant starting a whole new company. If this is the case then you must compare your pricing to your biggest competitors and ensure that you are competitive.
In this section you can also include any products and services that you may offer in the future. Explain your product development processes and how you will be able to innovate and bring new products or services to the marketplace.
Next you need to carry out some market analysis to identify your potential customers . In this section of the business plan you need to include information about your ideal customers and what sort of people they will be. Think about the earnings of your potential clients, the type of lifestyles they will live and the products and services they expect from a business. This part of your plan is great for you to use figures about your market and show any growth projections for the sector in the future.
Explain market trends and analyse the need for your goods/services in this sector. Attempt to find some facts about the disposable income of your potential customers and target certain people who will be interested in what your company offers. Think about how you will be attracting your customers and the potential for growth over the first 3 years in operation. Make estimations about the number of people in the area where you will be offering your products and services to get a good idea of how many different potential clients you can attract. Having a good understanding of your target market will give you the tools to design marketing strategies and techniques to attract the maximum number of customers to your business.
Having outlined your market and explained who your products/services will attract, it is time to explain your techniques when doing this and show how you are going to market your company. Explain the key aspects of what you offer and the main selling points that should be tailored to suit the target clients that you have in mind. Products designed for the more affluent will need to be luxurious and have an exclusivity about them, whereas items that are for people with limited incomes will need to offer greater value for money. Try to understand a clear link between the market in which you will be operating, your potential clients and the main aspects of your business which you should focus on.
Ensuring that your business suits the needs of customers is essential to getting the most customers. For example, opening up a luxury spa in an area where there is high unemployment and typically lower incomes will encounter lots of issues as the potential customers (those within a 15-mile radius) will have no need for this service and may not be able to afford what you have to offer. You will need to come up with at least five ways of promoting your business that will appeal to your target market and attract clients. Remember all of the techniques and skills we discussed on marketing and try to link what you know about your potential clients to the advertising methods you will use.
Here you can also outline the potential sales forecasts and investments which you will make when promoting your goods and services. Come up with some realistic projections about the money to be spent on advertising and increasing awareness of your brand as well as any sales targets you may wish to set. Be conservative with your sales projections as it takes time for any business to get a good level of customers and building brand awareness does not happen overnight. Your sales in year 1 will normally be fairly low and you need to take this into account when projecting your income and the amount it will cost to set up your company.
The next thing to plan is the personnel involved in your business. This will include the owners and directors as well as any senior managers that are to be involved in the company. Explain the team structure and hierarchy of your new company and the number of employees you will be hiring. Knowing the team behind the company and their individual duties will let you outline the various skills that your team possesses and establish each person’s duties within the organisation.
Outlining the duties of each person and giving a brief job description is a good way for you to understand the team dynamic and responsibilities of each member. Most new companies make the mistake of hiring too soon, but with a clear plan of the business personnel that will be involved in your company you will be able to ensure each person is needed for the business to operate. Establishing a business will require you to be frugal in your approach and employing staff that are not needed can have a terrible impact on your profits and end up costing you tens of thousands of pounds a year.
Outline the wages of your employees and then come up with some totals for staffing costs that can be used when writing your executive summary.
Your financial plan will provide a clear breakdown of all the income and outgoings of the business that you expect. These will only be projected figures so will be likely to change in reality, but you should be able to predict fairly accurately using your knowledge of costs incurred and the pricing and potential customer base for your products/services.
Make projected figures for your fixed and variable costs as well as the profits you expect to earn from sales. This will then help you to create a break-even analysis for your company that will show the amount of money required to cover all of your outgoings. Remember that your first year will have fixed and variable costs as well as additional outgoings which come from setting up your company. You will also have a limited number of sales during the first 12 months as you build up your customer base, so the projected net profit for year 1 will be lower than any other year. Try to think about the most popular goods/services you offer and come up with an average sale price for your customers. This will then help you to identify the number of customers you need in your first year to break even.
Come up with some cash flow and profit and loss charts (look over our work in Unit 1.3 to help) to project how much money you can expect to see in the business each year. This will help you to come up with clear and concise predictions for how much money you will be making in your first three years.
Reformulating a business plan
If you do ever happen to make a slight error in judgement on your initial business plan this can always be altered and the plan changed as required. The chances of figures being completely correct in your first projections are very slim and there will be certain things that you miss or random payments to be made when setting up your business which you did not account for. This is the main reason why being conservative with your income projections and adding in a ‘safety net’ figure to your costings will help you to deal with these circumstances. Business plans should be flexible and are a working document, so chopping and changing them is fine. When doing this try to use what you already have to create a new plan for the next few years rather than just altering figures to make it look like you got the initial plan correct.
Business plans are working documents, so they should be altered and added to as time goes by to determine where your company is heading and how it will get there. Being understanding of the nature of business and the fact that you will not be able to predict certain outcomes will give you an edge and allow you to put in place certain measures to help if you ever do come up against any problems.
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Business Plans
This section explains business Plans. A business plan is a written document that outlines a company’s goals, the strategy for achieving them, and the resources required. It serves as a roadmap for the business and is essential for guiding decisions and securing investment. A well-prepared business plan can be the difference between business success and failure.
The Role and Importance of a Business Plan
Definition: A business plan is a formal document that sets out the objectives, strategies, and financial forecasts for a business.
Why it matters:
Provides direction: A business plan gives clear goals and a framework for how the business will operate. It helps business owners stay focused on their objectives and identify the steps needed to reach them.
Organises ideas: Writing a business plan forces entrepreneurs to think through important aspects of their business, from operations to marketing strategies, finances, and management structure.
Improves decision-making: By reviewing the business plan regularly, businesses can track progress, adjust strategies, and make informed decisions based on set targets and objectives.
Attracts investors: Investors, such as banks or venture capitalists, often require a solid business plan before providing funding. A well-structured plan demonstrates professionalism and the potential for profitability, making it easier to secure investment.
Example: A start-up business might write a business plan to outline its market research, customer needs, pricing strategy, and expected revenue to attract investors or secure a loan.
The Purpose of Planning Business Activity
Definition: Planning business activity involves setting clear goals and developing strategies to achieve those goals, ensuring the business operates efficiently and effectively.
Goal setting: A business plan helps to define the short- and long-term objectives of the business. Setting clear goals ensures that everyone in the business understands what they are working towards.
Effective resource allocation: Planning ensures that resources (e.g., time, money, people) are used efficiently. For example, a business plan outlines how much money is needed to start the business and how it will be spent.
Strategic direction: A business plan provides a strategy for how the business will achieve its goals, whether it’s by targeting a specific customer segment, launching a new product, or expanding into new markets.
Coordination of activities: A plan coordinates the different aspects of the business, such as marketing, production, and finance. It helps ensure that activities across the business align with overall objectives.
Example: A business that plans to launch a new product line might outline the steps required in its business plan, including product development, marketing campaigns, and distribution strategies.
Minimising Risk
Definition: Risk management refers to identifying potential risks to the business and developing strategies to reduce or eliminate those risks.
Identifying potential risks: A business plan helps business owners consider the potential risks they may face, such as competition, changes in market trends, or financial challenges.
Contingency planning: A good business plan includes contingency plans for unexpected challenges. By considering risks in advance, businesses can plan for worst-case scenarios and take steps to mitigate potential negative impacts.
Reducing uncertainty: By researching the market and creating a detailed plan, business owners can reduce uncertainty about how the business will perform. The more thorough the planning, the less likely the business will face unexpected hurdles.
Financial risk management: A business plan includes financial forecasts and budgets, which can help ensure that the business doesn’t overextend itself and can handle any financial risks.
Example: A new restaurant might assess risks such as fluctuating food costs, competition, or changes in consumer preferences, and develop strategies such as securing fixed-price supplier contracts or creating a loyalty programme to build a steady customer base.
Obtaining Finance
Definition: Obtaining finance refers to securing the necessary funds to start and operate the business. This could come from personal savings, loans, investors, or other sources of funding.
Securing investment: A well-prepared business plan is essential for attracting investors or lenders. Banks and investors want to see detailed financial projections, a solid strategy, and evidence that the business has the potential to succeed.
Explaining the use of funds: The business plan outlines exactly how the capital will be used—whether it’s for purchasing equipment, marketing, hiring staff, or covering operational expenses. This shows investors or lenders that the funds will be used efficiently.
Financial projections: The business plan should include forecasts for income, expenses, and profit over a specific period, often the first 1–3 years. This helps demonstrate the potential return on investment and reassures lenders or investors that the business is viable.
Demonstrating financial control: A detailed financial section in the business plan shows potential funders that the business owner understands financial management, cash flow, and budgeting.
Example: A tech start-up might write a business plan to secure funding from venture capitalists, detailing how the funds will be used to develop their product, market it to customers, and expand their operations.
A business plan is a vital tool for any business, whether it’s a start-up or an established company looking to expand. It helps guide decision-making, attract investors, minimise risk, and ensure that business activities are well-organised and aligned with objectives. By setting clear goals, anticipating challenges, and securing finance, businesses can increase their chances of success and long-term sustainability.
Business planning - AQA Video
A business plan is an essential part of starting any business. Entrepreneurs create business plans to help them consider all of the elements they are going to need for their new business to be a success.
Part of Business Business in the real world
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Mo and Emma set some SMART objectives to help them focus on improving sales
More guides on this topic
- The purpose and nature of businesses - AQA
- Business ownership - AQA
- Setting business aims and objectives - AQA
- Business stakeholders - AQA
- Business location - AQA
- Expanding a business - AQA
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Business Plans - GCSE Business Studies Full Lesson
Subject: Business and finance
Age range: 14-16
Resource type: Lesson (complete)
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This lesson / resource is from Unit 1 - Understanding Business Activity and looks specifically at Business Plans .
I normally teach this in Year 10 and it has been designed for GCSE with the following learning objectives:
- Know what a Business Plan is and why a person might write one.
- Understand what is required in writing a business plan and the features of one.
- Assess the problems a business might have if they do not have a business plan
This download includes:
- Full lesson PowerPoint
- Round robin / search type activity
- Lesson plan
All necessary resources to run the lesson are included in this download and this links back to earlier topics (enterprise / Entrepreneurs and Added Value) and also to later topics such as Legal Structures / Marketing.
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Learn about and revise the importance of a business plan for starting a business with BBC Bitesize GCSE Business – Edexcel.
Business plans provide parameters for setting targets. Management can check staffing, incomes, product ranges and lots of other things against previous business plans and expansion plans. A business plan can be used as a benchmark against outcomes like cashflow, production outcomes or service delivery.
Oct 21, 2024 · Revision notes on Business Plans for the Edexcel GCSE Business syllabus, written by the Business experts at Save My Exams.
Apr 10, 2024 · Learn about business plans for your GCSE Business exam, including the purpose, benefits and drawbacks of business planning and elements of a business plan
Apr 13, 2022 · Business plans are used to outline the industry in which a business is working in as well as the economic structure of a company to give an idea of the financial prospects of a business.
A business plan shows how a business aims to achieve its goals. It should also show what amount of sales and profit it aims to achieve. 3. Achieving business aims and objectives. • Abusinessplanshould set targets (SMART) and objectives. • The entrepreneur can monitor if they are meeting their objectives. 4.
A business plan is a vital tool for any business, whether it’s a start-up or an established company looking to expand. It helps guide decision-making, attract investors, minimise risk, and ensure that business activities are well-organised and aligned with objectives.
Sep 14, 2024 · Comprehensive lesson containing a full presentation and worksheet. The lesson outlines all the specification points of Business Plans within the GCSE (9-1) Edexcel Business Studies course (useful for other exam boards too)
Entrepreneurs create business plans to help them consider all of the elements they are going to need for their new business to be a success. Mo and Emma set some SMART objectives to help them...
May 6, 2024 · This lesson / resource is from Unit 1 - Understanding Business Activity and looks specifically at Business Plans . I normally teach this in Year 10 and it has been designed for GCSE with the following learning objectives: Know what a Business Plan is and why a person might write one.