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Business Plans

Business Plans. AS Business Studies Unit 1. Aims and Objectives. Aim: To understand the benefits and problems of creating business plans Objectives: Describe the elements of business plans. Explain sources of help for business plan creation.

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Business Plans

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  1. Business Plans AS Business Studies Unit 1

  2. Aims and Objectives Aim: • To understand the benefits and problems of creating business plans Objectives: • 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.

  3. Starter • Define a business plan • Explain 3 uses of a business plan • Describe three elements of a business plan.

  4. 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

  5. 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.

  6. 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 strategies Production Strategies • Location • Production eg. Machinery • Systems eg. Stock control, financial management

  7. Elements: Management Team • Description of key members of business and their experience. • Data on employees. • Salaries etc

  8. Elements: Financial Plan • Profit and Loss statement • Cash flow forecast • Balance sheet • Break even analysis • Financial ratios

  9. 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.

  10. Case Study

  11. Benefits and Problems • Brainstorm the potential benefits and problems to a business of producing a business plan.

  12. Benefits

  13. Problems

  14. 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.

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