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business activity (planning (A business plan details how a business aims…
business activity
planning
A business plan details how a business aims to achieve its objectives. It is usually written before the business starts, or when there is a major change in what the business plans to do.
A business plan helps the business to succeed because thinking carefully about all aspects of running a business and writing these thoughts down in a business plan allows entrepreneurs to reflect on what they are proposing.
A business plan helps to reduce risk when starting up a business because a number of competitor businesses and potential customers might not like the products they aim to produce, so a business plan reduces this risk.
A business plan helps a business to think clearly about who it is targeting its products and services at. This is an important part of business development because it will help determine, for example, the type of marketing the business will need to undertake.
If a new business requires some finance from a bank, having a business plan will show that careful thought had been given to all aspects of starting and running the business. A bank is more likely to lend a new business money if it is confident in being repaid.
A business plan requires those involved in the business to consider what resources they need. It is vital that a business is clear on the resources it needs, otherwise it will be seen by a potential investor as a business that has not given enough thought to its operations. The potential investor might think the business is too much of a risk and not invest.
Setting out aims and objectives within a business plan, with an appropriate timeline, gives a business the best chance of achieving its aims. this is because setting out aims and objectives requires careful thought, research and consideration of all aspects of running the business.
stakeholders
employees
will benefit from a pay rise, promotion etc if the business does well
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government
help businesses, workers and communities
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ownership
sole trader
a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity
partnership
a legal form of business operation between two or more individuals who share management and profits.
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growth
Organic Growth
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ways to achieve
Open a branch, office of factory in another location
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