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 | The business plan is the blueprint for future growth and development within a business. It sets out the desired goals and direction of the business. | ||||||||||||||||||
| Business plans need to be adapted to changes that occur in the business environment, e.g.; changes in technology, competition, the economy and customer's needs and wants. | ||||||||||||||||||
| Components of a business plan include:
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| In order to maintain a competitive advantage in the
long term a business can adopt a strategy such as:
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| The challenge is to sustain competitive advantage in
the long-term by using strategies such as:
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| Tips to avoid overextending finance include:
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| businesses also need to be wary of overextending other resources such as stock or staff (labour). |
| Technology available to businesses include:
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| Cash flow is the money coming into the business in the form of cash receipts and the money leaving the business as cash payments | ||||||
| Problems that can affect a business's cash flow
adversely include:
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