"SUCCESS MANTRA" # 130

TOPIC:  MANAGING BUDGETS

FINANCIAL PLANNING

PLANNING FOR PROFIT

THE BUSINESS PLAN

The Business Plan should ‘set the scene’ and state the short-term objectives.

‘Setting the scene’

● What will be your products/markets?

● Who will be your competitors? What will they be doing?

● Economic factors - inflation, interest rates, exchange rates, etc

● Technological changes - affecting your processes and/or markets

Short-term objectives

What are you planning to achieve in the short-term?

● Products - existing/new products

● Markets - existing/new customers

● Processes - existing/new methods of supply

● Employees - changes to skills-base

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