Activity 1.

Developing a business plan

Business plans are critical tools for business growth and development. They will vary depending on the needs of the organisation. A business plan should be supported by strategic plans, operational plans and often by a marketing plan and cash flow forecasts.

A business plan would generally be written for a start-up business; however, the business plan should be regularly revisited and might be rewritten or a new business plan might be developed to fit specific circumstances.

A business plan might cover the whole of the business activities in an organisation or be developed to describe and justify a new activity or venture.

1. List the key elements of a business plan. What are the standard approaches to be used in developing a business plan for a start-up business or for an extension to business operations. What information will contribute to the development of the plans and from what sources will the information come?

2. Explain what an operations plan is. Explain what a strategic plan is. What information will  contribute to an operations plan and to a strategic plan?