Unit 1: Task 3

 

Neva Morrison

Task 3

Business plan

A business plan is a written document that outlines the objectives and goals that a new business plans to meet. the plan includes how these goals will be achieved and show road map for the business in terms of marketing, financial aspects and operational plans. A business plan is a core basis of starting a business and is often required to attract investments as it clearly shows the expected requirements and success of the business, allow investors to see that is worthwhile funding.

Business model

A business model develops the road map from a business plan describing in detail how the business will be created, run and develop into a successful business. The business model focuses on the financial aspects of business include expected costs, products and services that will be offered and the target demographic the business will market to.

Sustainable business model

A sustainable business model is a framework that focuses on a business remaining successful in its sector long term. It considers the continuous commercial profit the business can gain, if a business cannot continually sell its product or service to its customers it will not be able to run long term, this could be caused by lack of interest or finite resources used by the business, making cost and availability unsteady suggesting the business would not be able to continually generate a steady profit.

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