planning

Question 1

uncertainity

Answer 1

businesses are unable to predict external shocks to business e.g recession

Question 2

contingency plan

Answer 2

plan of action is something goes wrong

Question 3

aim

Answer 3

long term goal

Question 4

objective

Answer 4

short term target to help achieve aim

Question 5

opportunity cost

Answer 5

the cost of missing out on the next best thing

Question 6

who may need to see a business plan

Answer 6

investors
bank
manager
shareholders

Question 7

how can a business plan attract potential investors

Answer 7

persuades them profit can be made

Question 8

what does a business plan include

Answer 8

all about owner
what is being sold
target customers
competition
how to contact customers
expenditure details
financial predictions
contingency plan