• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Business Plan

Extracts from this document...

Introduction

Business Plan 1. What are the advantages and disadvantages of a business plan? (4-6) An advantage of a business plan is that it can reduce the risks as you would be able to anticipate any problems. If problems are identified in advance, businesses would be better able to deal with them, reducing the risks. Another advantage of a business plan is that it can provide guidance and targets. This is useful because by having a sense of direction, everyone involved in the business knows what they are supposed to be doing. ...read more.

Middle

This time could have been used to advertise or even sell the business's products. 2. Compare the advantages and disadvantages of a business plan? (8-10) An advantage of a business plan is that it can reduce the risks as you would be able to anticipate any problems. If problems are identified in advance, businesses would be better able to deal with them, however business plans take time to produce and therefore can be expensive. For a business plan to be worth producing, entrepreneurs would need to spend a lot of time and resources looking into and examining the target market. ...read more.

Conclusion

Market research may become incorrect when market conditions change (e.g. a new competitor). Therefore, businesses have to be careful when examining their target market because if the market research is invalid then there is a higher chance that the business will become unsuccessful. Overall, in order for a business plan to be of usefulness, a business would need to research the market thoroughly; if not, the business plan may go wrong. In conclusion, a business plan has its advantages and disadvantages. When a business produces a plan, they would have to think about whether the risks, time and costs involved can be covered by the advantages of a business plan. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Business, Companies and Organisation, Activity section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Business, Companies and Organisation, Activity essays

  1. Human Resources Management

    carried out to compare with Ford's budget for these expenses, to see whether Ford can afford that many expenses or not. According to the targets set by the managers should be achieved by their employees in a period of time.

  2. Tesco Research

    There are so many methods on communications. For example: - E-mails - Memorandum - Presentations - Fax - Letters - Flowchart - Telephone calls - Invoice - Reports - meetings - Publicity materials - Flow charts - Videoconferences The managers I am working with do have a high level of interpersonal and communication skills as Tesco employs graduates.

  1. English for business

    ! So, you can spend time doing the right things, doing what you like doing, doing what you're good at, achieving things not just being busy. ! Then, setting goals is something that we must do because they increase our motivation, raise our self confidence, help us achieve more, improves our performance, increase our satisfaction, improve our concentration.

  2. Business studies - Business Plan

    allocate time on a regular basis to keep up to date with work. TV, Friends etc, never distract me if I have to do work. No This is a problem could lead to further complications that could cause my business to suffer.

  1. Applied Business Unit 1

    electronics I.C.T The production sector has functions that need aid of I.C.T to work efficiently. E-mail to communicate with other departments and suppliers regarding issues for e.g. material availability and cost. Telephones are used to communicate with factory managers if another batch of products is to be made.

  2. Business Studies

    the consumer Producer to consumer: - Where the good/service is produced and then passed directly to the consumer Producer To consumer: - Retailer = intermediary who accesses the good from the producer and then sells it to the consumer - Often producer and retailer share marketing responsibilities Producer to wholesaler

  1. Business Plan. After putting a lot of thought into what kind of business we ...

    The only places that sell milkshakes are restaurants. I thought this was a good business to create as Portugal is a hot country so they are more likely to be bought than in England for example. I thought that if I set up in a good location, such as the beach then this business could really work.

  2. Free essay

    Write a business plan which I would set up within my school.

    prefer the shop to be available Monday 5 Tuesday 4 Wednesday 6 Thursday 4 Friday 5 Saturday 1 Sunday 0 12 Prefered opening times for shop Before school Breaks 7 Lunch times 12 After school 4 The most convenient classroom to hold the shop.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work