LECTURE 2 - THE BUSINESS PLAN

NEW VENTURE PLANNING

LECTURE 2

OBJECTIVE

UNDERSTANDING THE COMPONENTS OF A BUSINESS PLAN

All businesses, big and small, established or soon to start, need to know where they are going, both commercially and financially over the coming months and years. The easiest way to achieve that know-how is to put together a business plan.

WHY A BUSINESS PLAN

THE BUSINESS PLAN

A business plan is a document that sets out what the business does, or plans to do, where it wants to go, and how it is going to get there, and when. In many ways, it provides a summary of where you want it to be and a framework for going from ‘here’ to ‘there’ successfully.

WHY A BUSINESS PLAN

THE BUSINESS PLAN

KEY FEATURES

A BUSINESS PLAN

WELL RESEARCHED

ATTRACTIVE

UNDERSTANDABLE

REALISTIC

WELL SUPPORTED

A successful business plan is researched fully, and is only completed once all the commercial, financial and supporting information that may need to be included in it has been gathered together. The plan should create the strong impression that the writer knows everything there is to know and can prove it with independent, backup information.

PRINCES TRUST

EXAMPLES

BUSINESS GATEWAY

TODAYS TASKS

1. UNDERSTAND THE SECTIONS OF THE BUSINESS PLAN2.CREATE A PLAN OF HOW YOU ARE GOING TO TACKLE THE PLAN AND TIMELINE3. START!