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BUSINESS PLANS are a forecast of business operations (a business plan will…
BUSINESS PLANS are a forecast of business operations
a business plan will include...
a financial plan
prediction of income/sales/expenditure/costs over a period of time
an operational plan
production/delivery and customer base
a marketing plan
key competitors/achieving objectives/product portfolio
a human resources plan
numbers/skills/supervision of staff
an executive plan
key objectives/key staffing/key financial information eg: revenue and profit
the purpose of a business plan is...
lenders and shareholders want to know about potential costs, profit and sales forecasts
benefits
lower risk to investors so ownership and control keep costs to a minimum and allow the owners to keep a larger share of the business
leads the business step by step to achieving aims and objectives
the business can measure its success with deadlines, costs and profits
caution/disadvantage
they must be realistic and must be followed
need to be regularly checked and amended/changed
examples
Nintendo Switch Games Console had to double the production to 16 million due to demand