EXAM CORNERINTRO ACTIVITY 2025 Q17 (b) (iii)


When setting up his business, Ted was advised to prepare a Business Plan by his Local Enterprise Office in Westmeath. Explain two reasons why a business should prepare a Business Plan.


1st Prong


1. To support a loan application and show a bank that the owner has thought through the costs and sales of the business...


2. To act as a benchmark to measure success by setting targets to compare actual sales against at the end of the year...


2nd Prong


which makes the bank more willing to approve a loan that will be repaid with interest.


which helps the owner to identify the areas of the business that need improvement.


Using SMART Principles when Planning


A SMART goal is a goal that is Specific, Measurable, Achievable, Relevant and Time-bound. Using SMART principles helps a business set clear, realistic targets for their business plan, rather than guessing.


SMART S➞ Specific


M ➞ Measurable A➞ Achievable R ➞ Relevant


T➞ Time-bound Explanation


The goal is clear and focused, using projected figures. Progress can be tracked with numbers.


The goal is realistic based on research or past sales. The goal matters to the business right now. The goal is based around a set number of months.


A business that sets SMART targets can measure its progress each month or year, and take early action if it is falling short of its targets.


Measurable Specific Achievable


Relevant Time-bound


224 2


STRAND 2


CHAPTER 22: A business plan


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