Business planning

What is the definition of a business plan?

• Helps with the planning of a business.

• Helps in setting out a businesses strategy and requirements it needs for the future.

• Used to create aims and objectives for the business.

• Is a document that a business will utilise when hiring new staff.

What are the advantages of having a business plan?

• Motivate staff

• It takes some time to complete

• Help raise capital.

• Will make the business look better.

What are the disadvantages of a business plan?

• Not 100% accurate

• Reduced brand image if business didn't have one.

• Shows potential future problems

• Shows how the business will be run

What is meant by revenue?

What is included in a business plan?

• Owner's home address

• OWner's credit card information

• Financial information of the business

• Aims of the business

What are the ways to improve revenue?

What is meant by fixed costs?

What is meant by variable costs?

How do you calculate revenue

How do you calculate profit?