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Business · Business Management
Question details

 

Consider the following scenario when answer the short answer questions in this section.

 

 

Sarah has been working in the beauty industry for over 8 years, she has decided she wants to go into business and operate her own beauty salon. After considering her establishment options, she has decided to start a new business. She is now looking for a business location and is reviewing her responsibilities under the law and as a new business owner.

 

 

 

Question 2: Forecasting and budgeting                                                                     (20 marks)

 

“Business managers need to use a number of forecasting and monitoring tools to successfully plan for the future and allocate resources efficiently.”

  1. Outline the process of strategic planning      
  2. Examine the importance of completing a SWOT analysis as part of the

planning process for Sarah’s new business.

  1. Define budgets and describe the role they play in the planning process.
  2. Explain some forecasting tools Sarah could use in the business planning

process.

                                                                                                

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