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In today’s Business Studies class, We will be learning about Drawing a smile Business Plan. We hope you enjoy the class!
A business plan is a written document which describes the objectives of a business and the strategies of achieving the objectives. A business plan is like a road map giving the direction of a business. The business plan contains background information about a business venture.
CHARACTERISTICS OF A BUSINESS PLAN
- A good business plan must be clear in its objectives to be achieved.
- A good business plan must be reasonable and achievable.
- It must be measurable and easy to determine if the business is growing or not.
- It must be time-bound and state how long the objective will be achieved.
- It must be in written form so that it will be easy to refer to.
USES OF A BUSINESS PLAN
- It acts as a guide to the business and its operations.
- It helps the entrepreneur to research into the business they want to pursue
- It helps the employees to know the objectives of the business thereby enabling them to work towards these objectives
- It helps develop the policy or rules for the business
- It helps the investors to know and see how accountable the management is and the structure put into place.
PROCEDURES FOR DRAWING A SIMPLE SINGLE BUSINESS PLAN
- Background/preamble—It has the product/service, its name, logo, vision and goals.
- Market Research—–Find out customers’ want and needs, pricing and competitors in the market.
- Marketing—-Creating awareness for the goods.
- Production—method of production and quality control.
- Organization/management—showing the number of people that will be employed and their duties.
- Finance—-estimating amount to start a business, its source and how it is to be expended.
- Action plan.
- What is a business plan?
- State two uses of a business plan.
WABP Business Studies book 3 Pages54 to 63
- What is an office?
- Mention the types of office that you know and give an example for each.
- State seven functions of an office.
- Give seven components of Business Studies.
- What is trade by barter?
- The written form of a business’ objectives and their strategies is called business ___ (a) product (b) service (c) plan (d) management
- The external factors of a business environment that can have a negative effect on the goals of a business are termed as ___ (a) objectives(b) strengths (c) threats (d) weaknesses
- The business plan should describe the business objectives and the ___ of achieving it. (a) layout (b) components (c) strategies (d) plan.
- Which one of the following is not a characteristic of a business plan? (a)Achievable (b)Measurable (c) Cheap and easy (d)In written form.
- Which is the first procedure in drawing the business plan? (a)Action plan (b) Market research (c)Background preamble (d)Production
- Define a business plan.
- State three uses of a business plan to an entrepreneur.
We have come to the end of this class. We do hope you enjoyed the class?
Should you have any further question, feel free to ask in the comment section below and trust us to respond as soon as possible.
In our next class, we will be talking about Consumer Protection Agencies. We are very much eager to meet you there.
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