Cỡ chữ
bảng tínhBusiness Plans
Total câu hỏi: 25
Worksheet time: 21mins
A business plan is a detailed outline of ____ and how future operations, financing, ____ and ____ will assist in achieving those ____.
research, marketing, performance, goals
goals, management, marketing, aims
research, management, performance, expectations
goals, research, management, expectations
A ____ ____ is often prepared when a new business is being set up.
(a)
The ____ ____ will contain an overview of the entire business plan, as well as a clear explanation of the purpose of the plan.
(a)
What are some possible purposes of a business plan?
Assess the long-term viability of an existing business.
Plan for the future in a proactive manner.
Obtain further finance for the expansion of the business.
Establish a completely new business.
The ____ ____ can also include information on the current position of the business and the expected future outlook if the business plan is implemented.
(a)
What are the steps in order of a business plan?
1. Executive summary
2. Vision statement and mission
3. Profile of the business
4. Marketing plan
5. Operations strategy
6. Resources strategy, including human resources management
7. Financial plan
1. Financial plan
2. Vision statement and mission
3. Operations strategy
4. Profile of the business
5. Marketing plan
6. Resources strategy, including human resources management
7. Executive summary
1. Profile of the business
2. Marketing strategy
3. Resources strategy, including human resources management
4. Operations strategy
5. Financial plan
6. Vision statement and mission
7. Executive summary
The ____ ____, ____ ____ and ____ ____ are the first section of the business plan. This is because of their importance in setting the scene for the rest of the information, and because they give a focus for all other elements of the plan.
SWOT analysis
vision statement
mission statement
business goals
The ____ ____ contains guiding beliefs and values for the business. It is communicated both internally to employees, and externally to customers, suppliers and investors. The ____ ____ is the 'big picture' for the future of the organisation.
(a)
In order to set the ____ ____, managers must consider the main products or services that the business is providing to the market. They will describe the mission of the business in relation too these products or service. A ____ ____ is usually internal to the business, and it sets measures for the stakeholders within the business such as employees and managers.
(a)
The mission statement of a business should address:
markets
employees
customers
entrepreneurship
innovation
The ____ ____ includes a range of elements. The name, address and ABN of the business is listed here if it is an already existing business.
(a)
The business concept section within the profile of the business should provide:
a description of the product
a market summary and customer description
an analysis of the potential income and profits
an assessment of potential risks
The ____ ____ outlines all the activities that must be undergone in order to meet the requirements of product, price, place and promotion.
(a)
SWOT analysis:
S___
W___
O___
T___
(a)
A SWOT analysis contains:
Strengths: areas internal to the business that are an advantage and will assist the business to function efficiently
Weaknesses: area internal to the business that are of concern and may lead to failure, or poor results.
Opportunities: external environmental factors that can be used to the advantage of the business.
Threats: external factors that could have a negative impact on the business. The owner wants to try to turn these into opportunities.
The (a) management strategy is a summery of how the business will undergo the production process. There are a number of subsections, depending on the type of business. All business would need details of location, pricing strategies, internal controls and risk management strategies.
OPERATIONS: A trading/merchandising business would require a summary of inventory needs:
decisions to be made about turnover targets and reordering of stock
the main supplier
plans for the storage and display of stock
any distribution needs
OPERATIONS: A manufacturing business would require more specific information:
production process requirements
building size and capacity
inventory details for raw materials and finished goods
details of manufacturing equipment required
HRM:
(a)
____ ____ needs to be detailed. This includes the main responsibilities relating to each individual employee, training, insurance, and new staff requirements. This requires planning for the current and future needs of the staff.
(a)
An HRM plan should address:
staffing requirements and recruitment and selection
training, development and induction
performance management and staff relations
separation
(a) resources are the assets that the business requires. The main assets required in the shopfront or for a virtual shopfront, must be priced and listed. A time plan for the purchase and replacement of assets that will have depreciated rapidly needs to be included.
FINANCIAL PLAN: Examples of inflows:
payment received from debtor
taking out a loan
owners investing additional capital
cash sales
interest received
FINANCIAL PLAN: Examples of outflows:
purchase of computer for cash
repayment of mortgage
owner withdrawing cash
payment of expenses
purchase of stock
What processes are important in the financial plan?
Profit and loss statement
Sales and purchases forecast
Projected income statement
Monthly cash flows
