Term 3 Week 4

Learning Intentions

Students will be able to:

• Able to create and review a business plan
  

Business Planning

Good business planning is an essential requirement if a business is to succeed. A business plan is a document setting out information about the way in which the business will operate. 

Business plans are drawn up when a business sets up for the first time and are amended and revised when the business wants to change - typically when it wants to expand. 

Who uses business plans?

The business plan is written for the owner to give a guide to run the business. 

It is also written for financial backers, and lenders of money such as banks to help them to determine the risks and viability of business proposals

What's in a business plan?

Important details to be included in a business plan include: 

• the business idea/s
• the market (types of customers, size of market)
• the nature of the competition
• details of the business owner
• resources used in the business
• the marketing mix - price, promotion, place (as well as product or service)
• equipment needed by the business
• premises required by the business.
• sources of finance
• budgets
• market research
• marketing mix
• operations