Developing Business Plans

Question 1

Purposes of a business plan

Answer 1

To set objectives
Guide the entrepreneur towards actions needed to meet objectives
Outside lenders to invest capital in business by demonstrating why it’ll succeed
To help in the running of the business
To encourage entrepreneurs to plan ahead

Question 2

Sources of information and guidance for a business

Answer 2

Accountants 
Bank managers 
Business link 
Prince's Trust and PRIME 
Local enterprise agencies 
Chambers of commerce
Trade associations

Question 3

Business plan definition

Answer 3

A report describing the marketing strategy, operational issues and financial implications of a business start-up