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Outline two benefits to 'Marie’s Pizzas' of preparing a business plan - Leaving Cert Business - Question B - 2010
Question B
Outline two benefits to 'Marie’s Pizzas' of preparing a business plan. Marie Nolan is the owner of 'Marie’s Pizzas', a successful pizza restaurant with a home-deliv... show full transcript
Worked Solution & Example Answer:Outline two benefits to 'Marie’s Pizzas' of preparing a business plan - Leaving Cert Business - Question B - 2010
Step 1
Finance/Grants: a business plan will be required when for non-government agencies. Without it, the future, and therefore the success of the business, will not be fully appreciated.
Answer
A business plan provides a structured approach that shows potential investors and financial institutions that the business has a clear direction. This is crucial for securing grants, as it demonstrates that the investment has a good chance of being recovered, increasing the likelihood of obtaining necessary funding.
Step 2
Performance Measurement: it can be used in the future to measure the performance of the business against the objectives/targets set out in the plan.
Answer
By having realistic figures available, the business plan allows Marie to assess whether her operations are meeting the set benchmarks. This performance measurement enables timely adjustments to be made as needed, ensuring the business remains on track to achieve its goals.