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Preparing a business plan is important for a new farmer - NSC Agricultural Management Practices - Question 3 - 2022 - Paper 1
Question 3
Preparing a business plan is important for a new farmer. 3.1.1 Give FIVE reasons for developing a business plan. 3.1.2 State FIVE financial strategies as part of t... show full transcript
Worked Solution & Example Answer:Preparing a business plan is important for a new farmer - NSC Agricultural Management Practices - Question 3 - 2022 - Paper 1
Step 1
State FIVE financial strategies as part of the marketing plan.
Answer
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Market Analysis: Conduct thorough market analysis to understand customer preferences and trends.
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Competitive Pricing: Implement competitive pricing strategies that align with market expectations while maximizing profitability.
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Financial Projections: Include realistic financial projections based on historical data to attract investors and lenders.
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Diversified Funding: Identify and secure diverse sources of funding to ensure business sustainability and growth.
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Cost Control: Establish cost control measures to manage expenses effectively and improve profit margins.