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What is one risk of not planning well?
Loss of money / business failure / poor decisions
Why would a bank want to see a business plan?
To decide whether to give a loan
Name one person or group who may look at a business plan.
Banks / investors / owners / managers
Is a business plan only useful at the start of a business?
No, it is useful throughout the life of the business
Name one thing usually included in a business plan.
Goals / finance / marketing / SWOT analysis
Why should a business have a business plan?
To set goals and plan for the future
What is a business plan?
A written plan outlining how a business will operate and succeed
Why do businesses carry out a SWOT analysis?
To understand their position and plan better
Give one example of a weakness.
Lack of finance / poor experience / small customer base
Give one example of a strength.
Good location / strong brand / skilled staff…….
Are threats internal or external to a business?
External
Are opportunities internal or external to a business?
External
Are weaknesses internal or external to a business?
Internal
Are strengths internal or external to a business?
Internal
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
Why is it important that goals are achievable?
To avoid setting goals that are too difficult or impossible
What does it mean if a goal is measurable?
You can track progress and success
What does the T stand for in SMART?
Time-bound
What does the R stand for in SMART?
Realistic / Relevant
What does the A stand for in SMART?
Achievable
What does the M stand for in SMART?
MEASURABLE
What does the S stand for in SMART?
Specific
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