3.1.6 - Business planning GapFill

When  an entrepreneur a person a man a woman decides to start a small business, they may find it useful to write a business   document letter report  plan .  This is a document which is written by the new owner and which will be useful to help them to persuade a   stall shop supermarket bank , investors or another lender to let them borrow the   start-down startling false start start-up  capital.  A well-thought-through business plan may even help to attract a lower rate of   interest notice attention concentration on any borrowings, which will reduce the   revenue overheads variable fixed  costs.  The business plan is also useful for reducing the   risk hardship worry danger of the business, as clear plans will help to keep the business on track in the first year of trading.  The entrepreneur will be able to track and monitor the business against the   forecasts forefather foreboding weather at the start.

What goes into the business plan will depend on the type of business and the goods and services being provided.  However, there are a few elements which appear in almost all business plans.  For example, a good plan should contain a   money loot pounds cash flow forecast and forecasts of revenues costs and profits of the business.  As this is written before the business starts to trade, this can be based on primary and   secondary tertiary inferior primary research, which should also be included in the plan.

The plan should also outline the   location park place area , the main business idea, and the aims and   points purpose objectives intentions  of the business.  The aim for the first year might be to survive, but perhaps after that the entrepreneur would like to maximise profits; this should all be written down in the plan.  It should also contain the marketing   turn mix whisk churn and the strategy that the business has for its product, price and place, and any promotions that the owner intends to run.