Business Plans
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Transcript of Business Plans
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BUSINESS PLANSAS Business Studies Unit 1
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Aims and ObjectivesAim: • To understand the benefits and problems of creating
business plansObjectives:• Describe the elements of business plans.• Explain sources of help for business plan creation.• Analyse the benefits and problems of business plans.• Evaluate the usefulness of a business plan.
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Starter
• Define a business plan
• Explain 3 uses of a business plan
• Describe three elements of a business plan.
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Other Elements of Business Plan• Brainstorm ideas of what else must be included in a
business plan.
• Remember we have already had…….• Executive summary• Business Description• Product Description
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Elements: Market Analysis• Analysis of the market and competition.• Customers needs, and how the product or service meets
those needs.
• Market: size, data, growth• Customer: who they are, where they are.• Competition: who they are, their strengths and
weaknesses.• Future: how might the market change, how can the
business respond.
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Elements: Strategy and Implementation
• Analysis of the key decisions and strategies.• Who, when, and at what cost are they carried out.Marketing and Sales Strategies• Pricing, promotion & sales strategiesProduction Strategies• Location• Production eg. Machinery• Systems eg. Stock control, financial management
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Elements: Management Team• Description of key members of business and their
experience.
• Data on employees.
• Salaries etc
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Elements: Financial Plan• Profit and Loss statement
• Cash flow forecast
• Balance sheet
• Break even analysis
• Financial ratios
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Sources of Help and Guidance• Business Link: provides advice on contents of plans.• Accountants and Bank Managers: advice, business
meetings.• Government Agencies: department for business and
enterprise offers help, guidance and grants.• Princes’ Trust: grants and advice for young business
people.
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Case Study
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Benefits and Problems• Brainstorm the potential benefits and problems to a
business of producing a business plan.
A
B
C
D
E A
B
C
D
E
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Benefits
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Problems
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The Old Railway Station Hotel Case Study
• Discuss the benefits and drawbacks of the business approaching a business angel or a bank for the 175,000.
• What information would Barry and James need in their business plan?
• Evaluate to what extent a business plan would guarantee the success of the Old Railway Station.