ACCT1101 Lecture Notes - Lecture 5: Microsoft Powerpoint, Environmental Resource Management, Financial Plan
Lecture 5 - Developing a Business Plan (online)
Friday, 23 March 2018
12:00 PM
<<L05 Lecture Developing a Business Plan(2).pptx>>
• A business plan is like a road map for managing a business
• Requires forward planning and how business will achieve its goals
• Essential for obtaining finance
• Can be a learning curve for the business and forces manages to consider the business
environment, its industry, markets and competitors to identify challenges and opportunities
• Business plans are commonly used to support a loan application
• This means a business opportunity must be identified, then a plan is developed in terms of the
loan - potential opportunities include:
o Opening an additional outlet
o Improving or expanding the existing range of goods and services offered
o Enhancement of marketing and distribution channels
• Demographic and economic information has been provided and is available on Blackboard in
the Assessment Detail document
• Elements of a business plan:
o Description of the business
o Marketing plan
o Operating plan
o Environmental management plan
o Financial Plan
o Executive summary
• Description of the business
o Should describe the business and its basic activities
o How it is organised
o Products or services sold
o Location
o Management team and roles
o Objective(s) (linked to loan purpose)
• Market plan
o Shows how the business will make sales and how it will influence and respond to market
conditions
o Important to develop a case for the loan application, need to identify increased demand
for the product and need to describe the competitive advantage of the business
o Use IBISworld, ABS and Business Queensland for additional data
• Operating Plan
o Shows how the business will develop and enhance its products and services
o Need to think about relationships with suppliers and customers
o How does the business generate revenue? How reliant is it on key suppliers? What
about other external factors?
• Environmental management plan
o The business must consider overall resource efficiency, health and safety issues and
social impacts
o Identify areas of focus for the business plan
• Financial plan
o Income statements, balance sheet and cash flow statements are in the appendix and are
analysed in this section
o These statements form the basis of budget forecasts
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