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The different parts of a business plan

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Christina Maling Task 1 (AO1) The different parts of a business plan Preliminary Information Name: The name of a business is an important factor to consider when creating a new business. The name of the enterprise may give specific details of what the enterprise actually does. When considering a particular name for a business it is a good idea to create a name for the business that actually links to the product/service of the business. For example, it would be inappropriate to call a new chocolate bar 'Doritos' as this is a name of a crisp and people would think of crisps rather than chocolate when hearing the name of the new product. Also, the name of a business needs to be catchy and memorable, if this is the case; customers are more likely to remember the business. Also, when considering a name for a new business, the translation of the name needs to be taken into consideration. ...read more.


When deciding upon a location for a business they will need to take into consideration its surroundings. For example, if the area the business is located in is rural then they are less likely to sell their products than if the business was located in an urban area. Also, a business needs to work out how much space they will need to run the business; this may affect the location as urban places may have less room than the rural areas. Physical size of the business: The actual size of the businesses premises is important as it affects the type of location that is needed and the initial investment costs within the business. It is important to take into consideration the physical size of the business; this is because a business doesn't want to have to pay unnecessary costs which could be due to the size of the business being too large for what they actually need. ...read more.


However, the preliminary information should also contain details about the goals that the business wants to achieve over a set period of time and the objectives that support those goals. It is a good idea for a business to carefully construct their goals and objectives, and make sure that they don't set their goals too high or make their objectives too hard to achieve. All businesses need to set objectives for themselves or for their product/service. Setting objectives focuses the company on specific aims over a set period of time and can help to motivate staff to achieve these aims and objectives. A well known, simple acronym used to help a business set objectives is called SMART objectives: S - Specific; Objectives should specify what they want to achieve. M - Measurable; It should be measurable whether the objectives are being met or not. A - Achievable; The objectives set should be achievable for the business. R - Realistic; The objectives need to be realistic for the business. T - Time; The set time that the business wants the objectives to be achieved by. ?? ?? ?? ?? Christina Maling. Task 1 (AO1). Page 1 ...read more.

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