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Business Plan

JC-Business Plan and SWOC

QuestionAnswer
A detailed statement of the goals and objectives of a business of a business Business plan
Positive elements of a business Strengths
Problem areas of a business Weaknesses
Help a business to become more successful Opportunities
Factors that have a negative impact on a business Challenges
Looks at the strengths, weaknesses, opportunities and challenges of a business idea SWOC analysis
A good plan should be SMART
S in SMART stands for Specific- should be clear and exact business goals
M in SMART stands for Measurable- possible to measure how well the plan is doing
A in SMART stands for Agreed- everyone must agree with the plan
R in SMART stands for Realistic- it must be possible to achieve the targets set for the business
T in SMART stands for Timing- it must be possible to achieve objectives within agreed time period
The main elements of a business plan The business, key people, marketing mix, market, fixed assets of the business and finance required
Created by: MJKG
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