Business Planning

A written document that describes an idea for a product or service and how it will make money.

• List of Expenses

• Startup Costs

• Business Plan

The amount of money you need to launch your business.

• Start-up costs

• List of Expenses

• Pricing

What is the cost of making each product or providing each hour of service?

• profits and expenses

• cost per unit

• business plan

The amount of money you make.

• Expenses

• Savings

• Income

Which of the following best describes a business plan? A written document that describes:

• The business, its objectives, strategies, financial forecasts and market

• The marketing plan of the business

• The objectives and key targets of the business

• How the business will produce its products

An existing business may use a business plan to:

• Focus on the business idea before start-up

• Present to shareholders at the AGM

• Secure external finance for business expansion

• To share with employees in the business

Why do you need a business plan?

• To explain your idea

• the ability to get financing.

• it's a road map that sets objectives and goals for the business.

• To help reduce the risk of business failure.

• All of the above.

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

SMEs stands for Small to Medium Enterprises

• True

• False