u.5.1 Business Plans

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.

The ____ ____ will contain an overview of the entire business plan, as well as a clear explanation of the purpose of the plan.

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.

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.

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.

The mission statement of a business should address:

• markets

• employees

• customers

• entrepreneurship

• innovation