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Business Plan

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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.

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