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What is a Business Plan? A business plan is a detailed document that outlines a company's goals, the strategy to achieve them, and the resources required - Leaving Cert Business - Question A(i) - 2005
Question A(i)
What is a Business Plan? A business plan is a detailed document that outlines a company's goals, the strategy to achieve them, and the resources required. It serves... show full transcript
Worked Solution & Example Answer:What is a Business Plan? A business plan is a detailed document that outlines a company's goals, the strategy to achieve them, and the resources required - Leaving Cert Business - Question A(i) - 2005
Step 1
What is a Business Plan?
Answer
A business plan is a formal written document that outlines the goals of a business, the strategies to achieve those goals, and the resources needed. This plan covers various aspects such as market analysis, marketing strategies, financial projections, and operational plans.
Step 2
Explain its role in business start ups.
Answer
In business startups, a business plan plays a crucial role by:
- Guiding Decision Making: It serves as a framework for decision-making, ensuring all efforts align with the strategic goals.
- Attracting Investors: A solid plan is essential for securing funding from investors or financial institutions; it demonstrates that the entrepreneur has thought through the business concept thoroughly.
- Assessing Feasibility: The business plan helps in assessing the feasibility of the business idea, identifying potential risks and challenges.
- Setting Performance Metrics: It establishes benchmarks for measuring performance against the expected outcomes, enabling the business to adapt as needed.
- Organizational Clarity: It provides clarity on the business structure and responsibilities, which is vital for team alignment during the startup phase.