Unit 1.4

A business plan can help a business to? (2 answers)

• Increase sales

• Minimise risk

• Obtain finance

• Boost profitability

This is the section of the business plan where key features and USPs of the products and/or services are identified. (1 answer)

• Location

• Cash flow forecast

• The business idea

• Business aims and objectives

Provides entrepreneurs with a clear focus and a way of measuring progress over time. (1 answer)

• The business idea

• Business aims and objectives

• Marketing mix

• Cost and profit

Provides entrepreneurs with the opportunity to anticipate the amount of money it will generate. (1 answer)

• Sources of finance

• Target market (market research)

• Forecast revenue

• Location

In this section of the business plan, the entrepreneur would identify where the business will operate from. (1 answer)

• Business aims and objectives

• Location

• Target market (market research)

• The business idea

Where the entrepreneur predicts the amount of money that will come into and go out of the business. (1 answer)

• Forecast revenue

• Costs and profit

• Sources of finance

• Cash flow forecast

The entrepreneur identifies how much money the business requires and where this money will come from. (1 answer)

• Marketing mix

• Sources of finance

• Forecast revenue

• Cash flow forecast

In this section, entrepreneurs describe what products they will sell, what price they will charge, where they will be available for customers to purchase, and how they will be promoted. (1 answer)

• Business idea

• Business aims and objectives

• Marketing mix

• Location

A business wouldn't be able to function without a formal business plan? (1 answer)

• True

• False

Which two of these stakeholders is most likely to be interested in seeing a business plan? (2 answers)

• Bank

• Potential investor

• Customer

• Supplier