Setting Up A Small Business - Mrs. Yarwood's Bakery

Setting Up A Small Business - Mrs. Yarwood's Bakery -...

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Setting up a small Business Mrs. Yarwood’s Bakery F5Bus1 – Candy Task One A business plan is a report detailing how a new business sets out to achieve its aims and objectives. Mrs. Yarwood needs to find out business plans are useful for starting a new business and when the business is up and running. It’s because planning will allow an organization to: Identify the best use of scarce resources such as time, capital and labor o Aims of the business must be clearly stated o Details of existing and potential competition o Amount of funding required with a time line illustrating how the funding would be used o Time lines for implementation and action to review aims if forecasts are not met o A marketing plan o Projected profit and loss account and cash flow forecast Communicate clearly to stakeholders, especially investors, the aims of the business and its vision Anticipate potential problems, both financial and non-financial, and suggest, where possible, pre-emptive action Aid in the preparation of contingency plans Task Two Explain to Mrs. Yarwood why these factors are important for her to consider before setting up her new business. 1.
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Setting Up A Small Business - Mrs. Yarwood's Bakery -...

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