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Business Planning

Business Planning. A business plan is a detailed statement setting out the proposals for a new business. Business Links. Accountants. DTI. Solicitors. Estate Agents. Business Advice. Chamber of Commerce. Banks. ACAS. Trade Associations. The Entrepreneur needs to have skills in…

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Business Planning

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  1. Business Planning A business plan is a detailed statement setting out the proposals for a new business

  2. Business Links Accountants DTI Solicitors Estate Agents Business Advice Chamber of Commerce Banks ACAS Trade Associations

  3. The Entrepreneur needs to have skills in… • Administration and management • Marketing and selling • Finance, book keeping and payroll • Production and operations • Research and development

  4. Business Ownership Sole Trader Partnership Limited Companies Franchise Opportunities Business Names Act 1985 Partnership Act 1890

  5. Legal Implications • Tax • Tax on profits • VAT is added on goods and services • Income tax • National Insurance Contributions Licences Different types of business activity requires licences Examples – to sell alcohol; fireworks; medicines; taxi service; food, etc Health and Safety legislation: Health and safety at Work Act 1974

  6. Employment Legislation • Employment Act 2002 • Sex Discrimination Act • Race Relations Act • Equal Pay Act • Disability Discrimination Act 1995 • National Minimum Wage Act 1998 Environmental Legislation: Clean Air Act 1993 Environmental Protection Act 1991 Pollution Control and Prevention Act 2000 • Consumer Legislation • Trades Description Act 1968 • Sale of Goods Act 1979 • Supply of Goods and Services Act 1982 • Consumer Protection Act 1987 • Data Protection Act 1984

  7. Insurance • Theft • Fire • Damages • Liability

  8. Business Objectives (Aims/targets) • Survival • Expand market share • Maximise sales • Maximise profitability • Provide value for money to customers • Increase business size • Increase size of profits • Increase staff numbers • Quality issues • Produce products as cheaply as possible • Support local suppliers • Support charitable causes • Support local community

  9. Mission Statements: • What the business does • What it aims to achieve overall • Values and standards • Vision Statements: • Future developments • What it plans to achieve Our core purpose is to create value for customers to earn their lifetime loyalty. Our success depends on people. The people who shop with us and the people who work with us. If our customers like what we offer, they are more likely to come back and shop with us again. Tesco PLC

  10. Corporate objectives should be: Quantifiable defined in way that can be measured.   Achievable they must be targets that the business can realistically meet. S - pecific M - easurable A - ttainable R - ealistic T - imed Corporate objectives are turned into departmental objectives

  11. Corporate Planning (long term objectives) • Up to 5 years • Involves all areas of the business i.e. profitability, product range, etc • Operational Planning (short term objectives) • Objectives and targets • Targets tend to be within areas i.e. human resources planning

  12. Planning Cycle Collect Information, i.e. assessing situation Set objectives, i.e. increase sales Monitor Progress, i.e. taking corrective action Make Plans, i.e. how to achieve objectives

  13. Stakeholders …people who have an interest in the business Owners/ Shareholders Communities Employees Managers Customers Stakeholders Suppliers Financiers Government

  14. Government Pay taxes on profits Give employment to locality • Owners/Stakeholders • Have a financial stake in the biz • Want to see profits Local Communities Employment Places to shop • Suppliers • Regular contracts • Prompt payments • Financiers • Ability to pay loans • Customers • Quality products & services • Good customer service • Continuity of supply • Employees/Managers • Fair wages • Good working conditions • Job security SWJ AS Biz

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