Business Plans AS Business Studies Aims and Objectives
Business Plans AS Business Studies
Aims and Objectives Aim: q To understand the purpose and structure of business plans. Objectives: q Define a business plan. q Explain the purposes of a business plan. q Describe the structure of a business plan. q Analyse and evaluate elements of business plans.
Starter • In pairs decide upon a definition of what you feel a business plan is.
Business Plan Definition • Document that describes a business along with it’s objectives, strategies, the market in which it operates and the businesses’ financial forecasts.
Business Plan Purposes • In groups brainstorm the uses/purposes of creating a business plan Identify Problems Purposes Y X
Business Plan Purposes • Plans for future • Allocate resources • Identify and prepare for problems and opportunities • Useful for start up businesses applying for finance or growth • Improves entrepreneur’s understanding of business and the market
Audience • Banks, financial lenders. • Venture Capitalists: people who invest for a share of the business. (Dragon’s Den) • Business Angels: people who invest in start up businesses which are high risk, high growth market. • Providers of grants • Potential purchaser of the business
Structure/Content • Round Robins • 20 Secs move on to another table • Write ideas down.
Starter • Define a business plan • Give two purposes of a business plan • Describe two types of people who may view a business plan.
Structure a) Executive Summary: summary of the business plan b) Business Description: what the business is. c) Product or Service: what the business sells or provides. d) Market Analysis: of market and competition. e) Strategy: how the business is going to operate. f) Management Team: member of business g) Financial plan: cash flow, sales projections etc.
a) Executive Summary • Summary of main features of business. • First part people see, therefore one of the most important. • Sums up the rest of the business plan.
b) Business Description • Start date of trading or history. • Type of business and sector of the market. • Legal structure: partnership, sole trader or limited company. • Entrepreneur’s vision for the business.
c) Product Description or Service • Description of product or service • Key features • How is it different? • How will the customer benefit? • What makes it different from competition? • Plans for further development of products • Information on copyrights, designs or trademarks.
Business Plan Task • In groups/pairs. • Decide on a business you and your partner wish to set up. • Your business is based around this product/service. • You are to write a business description and product description for your new business. • You are then to present this to the rest of the class who will judge the quality of it.
Peer Assessment q Start date of trading or history. q Type of business and its industry q Legal structure: partnership, sole trader or limited company q Entrepreneur’s vision for the business q Description of product or service q Key features q How is it different from other businesses? q How will the customer benefit from your products/services? q What makes it different from competition? q Plans for further development of products q Information on copyrights, designs or trademarks.
Plenary • Define a business plan • Explain 3 uses of a business plan • Describe three elements of a business plan.
- Slides: 16