Business Plan


A Business Plan is a written document that sets out the aims of a business and how the owner plans to achieve them.


KEYWORDS


A Business Plan is usually prepared when: ґ A new business is starting up.


ґ An existing business is changing direction, launching a new product or looking to expand.


Reasons a Business Would Prepare a Business Plan


1. To Access Finance A Business Plan provides evidence that the business can succeed and earn a profit.


This makes a bank more willing to approve a loan, a Local Enterprise Office (LEO) more likely to provide a grant, or investors more likely to provide capital to a business.


2. To Set Clear Goals For The Business A Business Plan states exactly what the business is trying to achieve in terms of sales, profit and growth. Clear goals give the owners and the employees something to work towards. This keeps everyone motivated.


3. To Measure Progress


A Business Plan gives the owners a target to compare actual performance against at the end of the year. If actual sales are below the target, the owners can identify the area needing improvement and take action.


4. To Identify Potential Problems Early


A Business Plan forces the owners to think through risks before they happen and adjust plans to avoid potential problems.


What is The Local Enterprise Office?


A Local Enterprise Office (LEO) is a government-backed office that supports people looking to start, grow or develop a small business in Ireland. A LEO can help a new business by:


ґ Giving advice on writing a Business Plan. ґ Providing training and mentoring for new owners.


ґ Offering start-up grants to be used for a specific purpose that don’t need to be repaid. For example, a grant to help fund development of an e-commerce


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STRAND 2 CHAPTER 22: A business plan


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