Business Plan | Baamboozle - Baamboozle | The Most Fun Classroom Games!

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What is a business plan?

A written plan outlining how a business will operate and succeed

Are weaknesses internal or external to a business?

Internal

Why do businesses carry out a SWOT analysis?

To understand their position and plan better

What does the M stand for in SMART?

MEASURABLE

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

Name one thing usually included in a business plan.

Goals / finance / marketing / SWOT analysis

What does the S stand for in SMART?

Specific

What does it mean if a goal is measurable?

You can track progress and success

Why would a bank want to see a business plan?

To decide whether to give a loan

Why is it important that goals are achievable?

To avoid setting goals that are too difficult or impossible

What does the T stand for in SMART?

Time-bound

What is one risk of not planning well?

Loss of money / business failure / poor decisions

What does the R stand for in SMART?

Realistic / Relevant

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

Are opportunities internal or external to a business?

External

What does SWOT stand for?

Strengths, Weaknesses, Opportunities, Threats

What does the A stand for in SMART?

Achievable

Why should a business have a business plan?

To set goals and plan for the future

Are strengths internal or external to a business?

Internal