Leaving Cert Business Starting a Business/Business Planning: Outline the main sections contai

Outline the main sections contained in a business plan - Leaving Cert Business - Question C - 2017

Question C

Outline the main sections contained in a business plan. Explain the importance of a business plan for two different stakeholders.

Worked Solution & Example Answer:Outline the main sections contained in a business plan - Leaving Cert Business - Question C - 2017

Step 1

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Answer

A business plan typically consists of several key sections:

Executive Summary: This section provides a brief overview of the business, including its mission, objectives, and the products or services offered.
Production: Details regarding the type of production, machinery required, production targets, and the production timeline are outlined here. This section may also cover the production plan and lead times.
Marketing: This section discusses the marketing strategy, including the marketing mix, results from market research, and how the business plans to reach its target audience.
Finance: This part includes essential financial information, such as forecasted revenue and costs, cash flow forecasts, production budgets, and projected profits.
Business Details: Important company-specific information is covered here, including details of directors, shareholders, and the legal organization of the business (e.g., company, sole trader, partnership).

Step 2

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Answer

Employees: Employees have a vested interest in business plans as they help confirm job security. They want to know if the business is stable and has growth potential. A clear business plan assures them of their employment and possible advancement opportunities.
Investors: Investors evaluate business plans to analyze the company's profitability and potential for returns. A well-structured business plan with market research results provides key insights into the business's capacity for profit, helping to persuade investors to provide capital.