Simple Single Business Plan JSS3 Business Studies Lesson Note

BUSINESS PLAN

A business plan is a written document that describes the objectives of a business and the strategies for achieving the objectives. A business plan is like a road map giving the direction of a business. The business plan contains the background information about a business venture. 

 CHARACTERISTICS OF A BUSINESS PLAN

1. A good business plan must be clear in its objectives to be achieved.
2. A good business plan must be reasonable and achievable.
3. It must be measurable and easy to determine if the business is growing or not.
4. It must be time-bound and state how long the objective will be achieved.
5. It must be in written form so that it will be easy to refer to.

 USES OF A BUSINESS PLAN

1. It acts as a guide to the business and its operations.
2. It helps the entrepreneur to research the business they want to pursue
3. It helps the employees to know the objectives of the business thereby enabling them to work towards these objectives
4. It helps develop the policy or rules for the business
5. It helps the investors to know and see how accountable the management is and the structure put into place.

 PROCEDURES FOR DRAWING A SIMPLE SINGLE BUSINESS PLAN

1. Background/preamble—It has the product/service, its name, logo, vision, and goals.
2. Market Research—–Find out customers’ wants and needs, pricing, and competitors in the market.
3. Marketing—-Creating awareness for the goods.
4. Production—method of production and quality control.
5. Organization/management—showing several people who will be employed and their duties.
6. Finance—-estimating the amount to start a business, its source, and how it is to be expended.
7. Action plan.

 EVALUATION

1. What is a business plan?
2. State two uses of a business plan.

 READING ASSIGNMENT

WABP Business Studies book 3 Pages54 to 63

 GENERAL EVALUATION

1. What is an office?
2. Mention the types of an office that you know and give an example for each.
3. State seven functions of an office.
4.  Give seven components of Business Studies.
5. What is trade by barter?

WEEKEND ASSIGNMENT

1. The written form of a business’s objectives and strategies is called business ___   (a) product   (b) service   (c) plan   (d)  management.
2. The external factors of a business environment that can hurt the goals of a business are termed as ___  (a) objectives(b) strengths  (c) threats   (d) weaknesses.
3. The business plan should describe the business objectives and the ___ of achieving them. (a) layout     (b) components    (c) strategies     (d) plan.
4. Which one of the following is not a characteristic of a business plan? (a)Achievable   (b)Measurable  (c)   Cheap and easy   (d)In written form.
5. What is the first procedure in drawing the business plan? (a)Action plan    (b) Market research (c)Background preamble   (d)Production

THEORY

1. Define a business plan. 
2. State three uses of a business plan for an entrepreneur