SADDLE: LO4 BE ABLE TO CONSTRUCT A BUSINESS PLAN FOR... D2

Identify a potential weakness: a lack of experience or many competitors selling similar products and services.

• Lack of experience

• Many competitors

• Strong brand presence

• High customer loyalty

Which of the following could be a threat to the business plan? Think about economic downturns or changes in regulations.

• Economic downturns

• Changes in regulations

• Increased demand

• Technological advancements

Which of the following is a potential strength of the business plan? Think about a strong brand reputation or exclusive partnerships.

• Strong brand reputation

• Exclusive partnerships

• Limited market reach

• High operational costs

What could be an opportunity for the business plan? Consider emerging markets or technological innovations.

• Emerging markets

• Technological innovations

• High competition

• Regulatory challenges

Which of the following is a potential risk factor for the business plan? Think about supply chain disruptions or cybersecurity threats.

• Supply chain disruptions

• Cybersecurity threats

• Strong customer base

• Innovative product line

A good way to create the Operations and Resources section in a business plan is to describe the whole process, from a customer approaching the business to you delivering the product or service and receiving _____

Remember, when setting prices for the business plan, you need to consider your business expenses and the materials and resources used to make up the _____

_____ and expenses should be estimated using supplier price lists and related to the supplies required for the level of sales you expect.

Some people may have other forms of _____ that will help support them while they set up the business, e.g., an allowance from parents or a part-time job. This can be taken into account in the early operation of the business to show that you can manage without taking a salary or a full salary if required.

As well as identifying the cash highs and lows of the business, the _____ can be useful to support applications for finance and investment or to attract partners or other senior managers to the business who have the skills that you need in the business.