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Chapter 26: Writing a Business Plan - Coggle Diagram
Chapter 26: Writing a Business Plan
A Business Plan will provide information about:
The history of the firm
What type of business it is
Where it gets its income from
Its ability to repay a loan
Planning
S
-
Specific
- Target an exact and clear goal
M
-
Measurable
- It must be possible to measure whether or not goal has been achieved
A
-
Achievable
- It must be possible to reach the goal within the time frame
R
-
Relevant
- The goal must be worthwhile for the success of the business
T
-
Timed
- This gives the goal a target date to be achieved
SWOT Analysis
A
SWOT Analysis
identifies the
strengths
and
weaknesses
of a business and identifies
opportunities
and
threats
facing it.
The Business Plan
A
business plan
is a written description of a business's future aims, strategies, markets and financial forecasts. It is a document that explains what the business plans to do an how it plans to do it
Purpose of a Business Plan
Establish whether the business is likely to succeed
Help the business raise the finance it needs
Force the entrepreneur to focus on the goals of the business
Anticipate problems and identify possible solutions
Set targets to be achieved
A business plan will contain the following headings
Section 1: Background of the business
Section 2: The business team
Section 3: Market and marketing
Section 4: Production
Section 5: Costings and Finance
Section 6: Structure of the business