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A key framework for analysing the key features of the external business environment - PESTLE Analysis - is explained in this revision video.

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Next we add in the associated costs, outcome probabilities and financial results for each outcome.

These probabilities are particularly important to the outcome of a decision tree.

Probability is

The percentage chance or possibility that an event will occur

Ranges between 1 (100%) and 0

If all the outcomes of an event are considered, the total probability must add up to 1

Finally we complete the maths in the model by calculating:
Expected value:
The financial value of an outcome calculated by multiplying the estimated financial effect by its probability
Net gain:
The value to be gained from taking a decision.

Net gain is calculated by adding together the expected value of each outcome and deducting the costs associated with the decision.

Let's look at the calculations. What do they suggest is the best option?
Option: Launch loyalty card:
High sales: (0.6 x £1,000,000) = £600,000

Low sales: (0.4 x £750,000) = £300,000

Total expected value = £900,000
Net gain: £900,000 - £500,000 = £400,000 Option: Cut prices:
High sales: (0.8 x £800,000) = £640,000

Low sales: (0.2 x £500,000) = £100,000

Total expected value = £740,000
Net gain: £740,000 - £300,000 = £440,000
Both options indicate a positive net gain, suggesting that either would be better than doing nothing.

However, cutting prices has a slightly higher net gain & looks the best option of the two considered.
BENEFITS OF USING DECISION TREES

Choices are set out in a logical way

Potential options & choices are considered at the same time

Use of probabilities enables the "risk" of the options to be addressed

Likely costs are considered as well as potential benefits

Easy to understand & tangible results

DRAWBACKS OF USING DECISION TREES

Probabilities are just estimates - always prone to error

Uses quantitative data only - ignores qualitative aspects of decisions

Assignment of probabilities and expected values prone to bias

Decision-making technique doesn't necessarily reduce the amount of risk

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Next we add in the associated costs, outcome probabilities and financial results for each outcome. These probabilities are particularly important to the outcome of a decision tree.

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Entrepreneurs pitch their business ideas to millionaires willing to invest their own cash.

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Small-time food and drink makers pitch their new ideas to one of Britain's biggest supermarkets, bidding for the chance of a lifetime. But only one winner can make it onto the shelves at Aldi.

Vying for a place on Aldi's shelves this time is beer filled with Yorkshire pudding, a chocolate/crisps hybrid, and some handmade chocolates that really tug at the heartstrings.

Next on TV: Thu 15 Dec, 8pm

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Small-time food and drink makers pitch their new ideas to one of Britain's biggest supermarkets, bidding for the chance of a lifetime. But only one winner can make it onto the shelves at Aldi. Vying for a place on Aldi's shelves this time is beer filled with Yorkshire pudding, a chocolate/crisps hybrid, and some handmade chocolates that really tug at the heartstrings.

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Business News - Markets reports and financial news from Sky | Sky News

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Sky business news provides up to the minute reports on markets, share prices and the world economy, alongside expert business commentary.

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The latest BBC Business News: breaking personal finance, company, financial and economic news, plus insight and analysis into UK and global markets.

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Business plans | Business tools | Tools and resources | Help for young people | The Prince’s Trust

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If you’re thinking about setting up your own company, getting your business plan right is crucial. Check out our top tips on how to write a business plan.

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Every business starts with a vision - and this vision is distilled and communicated through a business plan. A strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started (in addition, of course, to your hopes and dreams). In this guide, we'll walk you through how to write a watertight and effective business plan that you can stick to.

Brainstorm an executive summary

Drafting the summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors' attention and keep their interest. This should communicate your business's name, what the products or services you're selling are and what marketplace you're entering.

Ask for help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

monday.com

Create a company description

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you'll need to include your business's registered name, your business address and any key employees involved in the business.

The business description should also include the structure of your business, such as sole proprietorship, limited liability company (LLC), partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Brainstorm your business goals

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you're establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you're a nonprofit business. If you're looking to grow, you'll want to set revenue targets to make that happen as well.

Intangible goals

Goals unrelated to traceable numbers are important as well. These can include seeing your business's advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.

Describe your services or products

The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

Conduct market research

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you're offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Create financial plans

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business operations costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other costs

Although you can't anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business's existence. It's important to factor these possible costs into your financial plans so you're not caught totally unaware.

Think about task management software

Task management software can be really useful in mapping out the scope of a project, including getting your new business up and running. There are many apps out there, so finding the right solution can be tricky. We compiled this list of the best task management software (which ranks Monday.com in first place) which could help narrow down your search.

Bottom line

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

Frequently Asked Questions (FAQs)

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Every business starts with a vision - and this vision is distilled and communicated through a business plan. A strong business plan outlines short-term and

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Unit 2: Developing a Marketing Campaign | BTEC National in Business

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Share your videos with friends, family, and the world

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Unit 3 | BTEC National Business | Revision Livestreams

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Join Jim for some live revision on key topics for BTEC National Business Unit 3 (Business and Personal Finance). Every live session is also recorded, so you’…

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Break even is the point of production where are firms revenue is equal to the total costs of production Margin of safety - the difference between the firms current level of output and break even output Break even = Fixed costs / contribution per unit Break even analysis can help managers to plan and in their operations.

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100% secure savings and investments, backed by HM Treasury.

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The Bank of England (BoE) is the UK's central bank. Our mission is to deliver monetary and financial stability for the people of the United Kingdom.

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The Bank of England has held interest rates at 5.25%.
The decision followed 14 successive increases since November 2021 as the Bank tried to control inflation, which has been slowing but remains high.

The Bank of England is the UK's central bank. It is independent of government but works closely with the Treasury.

Despite the latest fall, CPI is still more than three times the Bank's target.

"Core" inflation - which excludes the price of energy, food, alcohol and tobacco - dropped to 6.2% in August, down from 6.9% in July.

The recent sharp increases in inflation were initially due to rising energy and food costs - largely caused by global events such as the war in Ukraine - but other factors, things like wage increases in the UK, have also helped keep prices high.

The bank's traditional response to rising inflation is to increase the UK's official interest rate.

This influences the saving and borrowing rates charged by High Street banks to individuals and businesses.

Since November 2021, the Bank has increased interest rates on 14 successive occasions.

Fewer people wanting to buy things should, in theory, mean that prices rise less quickly.

It also makes it harder for firms to borrow money and expand.

Alternatively, if the bank cuts interest rates, borrowing becomes cheaper, and people have more money to spend on other things.

This can encourage businesses and people to borrow and spend more, boosting the economy.

Despite the recent falls in the headline rate of inflation, the Bank of England was still expected to raise Interest rates again in September.

The Bank's Monetary Policy Committee (MPC) meets eight times a year to set rates.

Minutes of the meeting at which the decision was taken are also published.

Bonds are a bit like an "I owe you" from the government, which uses them to raise money to help meet its spending commitments.

Once that intervention ended, the bank said it would go ahead with a plan - first announced in August 2022 - to sell off some of the government bonds it holds.

produces banknotes and oversees credit and debit card payments

regulates banks and building societies

monitors risks in the UK financial system and acts to reduce them, like lending to banks if they need it. It shares responsibility for this with the Treasury and financial regulator, the Financial Conduct Authority

stores the UK's gold reserves - 400,000 bars worth more than £200bn - as well as those of other central banks.

He was the bank's chief cashier from January 2004 until April 2011, which meant his signature appeared on billions of UK banknotes.

As well as being responsible for overseeing the bank, the governor also chairs three important committees that help it work towards its targets: the Monetary Policy Committee, the Financial Policy Committee and the Prudential Regulation Authority.

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What is the Bank of England and why does it change interest rates?

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The Bank of England has held rates at 5.25%, after 14 successive increases since November 2021.

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What is a bank account?

Offered by a financial institution, such as a bank or building society, a bank account is a safe place to keep your money.

UK banks are regulated by the Financial Conduct Authority, which means if they go bust, your money is protected so you don't lose out.

What are the different types of bank accounts?

When people talk about bank accounts, they typically mean rather than . Current accounts are for budgeting and managing monthly household bills and expenses.

Most bank accounts accommodate online and mobile banking. Money is deposited, withdrawn or used to make card, online or mobile payments via systems such as Apple Pay, Google Pay or Samsung Wallet.

The type of bank account you might want or be able to apply for will depend on your circumstances and needs. These are the main types of accounts:

Current account

These are the standard bank accounts offered by banks and building societies. There's generally no charge for holding a current account. You can use them to receive, transfer and pay out money, and most give you access to an overdraft. But while overdrafts are a common benefit, you need to apply for one. Once it's been agreed, this feature will allow you to borrow up to a set limit if your account reaches zero. If you have an overdraft , remember to pay off the overdraft promptly to avoid additional charges

Basic account

Free-to-use basic bank accounts are designed for individuals with poor credit ratings or those who may not qualify otherwise for a different type of current account . They're intended for people who would be considered a credit risk. This includes anyone who has been declared bankrupt, is on a Debt Management Plan or is an ex-prisoner. Basic accounts allow you to make and receive payments, transfers and cash card withdrawals. These accounts don't provide cheque books or overdrafts.

Children's bank account

Children's bank accounts are available to young people aged from 11 to 18. These are designed to introduce children and to money management. A parent or guardian needs to set them up for those under 16. They are free to use but don't offer an overdraft facility or interest.

Student and Graduate accounts

These accounts are similar to standard current accounts but come with a range of benefits tailored to attract individuals starting or completing a college or university course. Perks can include a railcard, gift vouchers, cashback and interest-free overdrafts.

Packaged accounts

With a , you get access to additional benefits such as travel, mobile phone or breakdown cover for a fee of, say, £15 per month.

Joint accounts

are designed for two individuals who share responsibility for the funds held within them, including any payments and overdrafts. Popular with spouses, civil partners, and people living together, these accounts can also prove a valuable resource for business partners.

What are savings accounts?

Savings accounts differ from current accounts as they're intended for longer-term goals, such as saving up for a holiday, mortgage or rainy day. With savings accounts, you earn interest, so your money can grow if you leave it untouched. They don't have an overdraft, as that would defeat the point of this type of bank account.

If you wish to open a , you'll usually have a choice of instant-access, fixed-rate or notice accounts. You can also open any of these as to earn tax-free interest.

How do I open a bank account?

You can apply to open a bank account in a branch, online via a bank app or, in some cases, over the phone. You need to provide proof of identity, such as a passport or driving licence. If you're opening one for a minor, you'll need proof of their ID, such as their birth certificate or passport, plus proof of ID and address for you as their parent or guardian.

Opening an account typically takes less than half an hour to open. Once it's open, you can use it immediately, but in most cases, you need to wait up to five days for your bank card and PIN, which are sent to you, separately. Some banks, such as Metro, can open and issue your cards and PIN on the same day.

What type of bank account is best?

Some bank accounts are better than others. The optimal choice for people who slip into the red occasionally may be an account with a reasonably sized interest-free overdraft, such as £250. If that's not possible, they should look for accounts where the overdrafts have relatively low interest charges.

If you rarely, if ever, use an overdraft and tend to have a comfortable amount in your account, an interest-paying account may be best. Again, you should shop around on comparison sites, such as Money.co.uk, for the best deals.

Some card providers dangle a carrot before prospective customers in the form of a cash welcome when you switch to them. For example, First Direct will pay you £175 if you deposit £1,000 in one of their 1st Accounts. Others will pay you cashback for purchases made with the card.

Can I open multiple current accounts?

You can open as many accounts as you want, providing you meet the criteria for each. In fact, it can be a good idea to have more than one. For example, you may have

A card that pays you 1% cashback for purchases, such as if you have a regular large grocery bill.

A card for making payments and withdrawals abroad

A card with low overdraft charges abroad

The only downside would be remembering all those PINs.

How do I switch bank accounts?

You may wish to at certain times, such as when you leave university and need a larger overdraft .

Likewise, it may be worth jumping ship if an initial, attractive interest rate period ends or when another provider offers a more competitive interest rate.

Banks also offer current account switching offers which are worth taking advantage of.

Doing so couldn't be easier: all UK banks use a system called the Current Account Switch Service (CASS). This system will ensure all your Direct Debits and standing orders, as well as your balance is transferred automatically to your new account. It will also ensure all incoming payments, such as your salary or benefits, are redirected to your new account.

All you need to do is the following:

Apply to open an account with your preferred new provider

Indicate you want to switch from an existing account held with another bank

Provide your account and bank card numbers

Select a date when the transfer of your accounts and any funds will happen ... and that's it

Note: Before applying, check that your new bank will take on your overdraft (should you be in the red when you want to switch).

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What Different Types Of Bank Accounts Are Available To You? | money.co.uk

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Money management is essential, and the right bank account will ensure your cash is safe and working for you. Make sure you open the right one with our guide.

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BTEC National Business Unit 3 | Personal Finance | May 2023 Exam Warmup

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We regulate financial services firms and financial markets in the UK

What we do

We're committed to protecting consumers, enhancing market integrity, and promoting competition in the interests of consumers. Find out more about our work.

Our Strategy in action

We take an assertive and innovative approach to preventing serious harm, setting higher standards, and promoting positive change in financial services.

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The Financial Conduct Authority is the conduct regulator for around 50,000 financial services firms and financial markets in the UK and the prudential supervisor for 48,000 firms

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5 documentaries every ambitious entrepreneur should watch
getty

Vegging out on the sofa in front of a mind-numbing film might feel like relaxation, but in reality, it's probably doing nothing for you. Watching ordinary people make drama out of ordinary things is neither inspirational nor aspirational, and yet it's the premise of most films and series.

What if you limited your consumption of Netflix to inspiring films or documentaries? What if you learned from the top of their game and the best in their class about how to lead, train and win big? How much could you expand your mind by filling it with only material from world-class performers in every field? What if you relaxed and decompressed while conditioning your mind that you were capable of more?

I asked ambitious entrepreneurs to recommend films and documentaries that had exactly this effect. They shared the programs that inspire them to level up their game and here are the top five.

Becoming Warren Buffet

For aspiring billionaires out there, who better to learn from than Warren Buffet, billionaire and longtime CEO of Berkshire Hathaway, whose methods have been studied by many looking to emulate his success? Ani Naqvi, CEO of the Ultimate Results Group recommends the 2017 documentary Becoming Warren Buffet because, "for me, Buffet is one of the most endearing and likable entrepreneurs out there." Naqvi said the documentary gives an insight into "him as a person, which goes far deeper than just his business acumen," adding that, "This is more than a documentary about investing, it actually gave me an insight into how to be a better leader and stay true to my purpose".

Becoming Warren Buffet covers Buffet's philosophy of life and approach to business, which Naqvi said proves, "he is an excellent role model for aspiring entrepreneurs and this is a great introduction to the realities of starting a business and the journey to becoming an investor." Getting up close and personal with one of the greatest investing minds out there can't be a bad use of a few hours.

Undercover Billionaire

Another way to learn about "how successful entrepreneurs think and deal with problems," according to executive coach Jim Harshaw of The Harshaw Group, is to watch Undercover Billionaire. "It opens your mind to what's possible," said Harshaw, who said this show "explores the inner workings of the minds of highly successful entrepreneurs, exposing their vulnerabilities and demonstrating that they are real people who have fears and doubts."

Harshaw has personally benefited from consuming this show, during a time when he felt plateaued in his own business. "Undercover Billionaire helped me rethink what was possible and have greater ambitions," he said. As a result of this new level of thinking, "I find myself operating at a higher level and earning more money because of it." Watch how successful people think and operate to mirror these techniques in your own proceedings. You might be seeing the results for years to come.

5 documentaries every ambitious entrepreneur should watch
getty

Inside Bill's Brain: Decoding Bill Gates

Another example of watching a successful entrepreneur in action comes from entrepreneur Iti Malken's recommendation of the 2019 documentary, Inside Bill's Brain: Decoding Bill Gates. "It shows how important habits have on our success," said Malken, who added that the documentary "inspired me to look closely at my own habits and daily routine and see how I could improve my work/life balance by introducing more white space into my schedule."

Habits, routine and saving space for thinking big were some of the takeaways from this documentary for Malken, as well as, "understanding the role Melissa Gates' played in Bill's success, both with Microsoft and their philanthropic work" which he said "gave me an understanding of how important a supportive partnership is for success in business, even if they are no longer married." Studying Bill Gates via this documentary brings actionable tips that any entrepreneur could incorporate.

Jiro Dreams of Sushi

A fantastically titled documentary recommended by entrepreneurs Ian Wright from Merchant Machine and fashion photographer Adam Brazier was Jiro Dreams of Sushi, which Wright said is "a must-see documentary for any entrepreneur" that will make you, "feel inspired about continually honing your craft" and Brazier deemed a great display of, "the passion and dedication required to achieve excellence in any field." The film covers the life and work of Jiro Ono, an 85-year-old sushi master, who has three Michelin stars and whose tiny sushi restaurant in Tokyo is one of the most sought-after dining destinations in the world.

"This film is not only a celebration of Ono's success, but also a valuable lesson in the importance of hard work and perseverance in achieving goals," said Brazier, as well as success factors such as, "passion, dedication, and attention to detail." Brazier added that as an entrepreneur it's normal to want to try everything and start new projects, but the film, "reminds me to focus on my craft and not just do other things because I could do them." The film had a similar effect for Wright, whose business focus switched from, "being about short-term thinking to a journey of continuous improvement and creating outstanding products." Try to be just a little bit better each day, and over time this compounds to incredible business success that's true to your passion and purpose.

The Founder

If you're facing a challenging time in your business, learning from someone who overcame rejection to succeed might be exactly what's needed to get you through. Andrés Berte from Connex Digital recommends The Founder, the biographical film (not strictly a documentary) about the humble beginnings of McDonalds, to understand how entrepreneurs can overcome adversity and find their biggest ideas while hustling. "I enjoyed The Founder because it shows how hard entrepreneurship can be, and how the most impactful ideas may not be sexy," he said. "It helped me realize that simply understanding the fundamentals of business is key."

In The Founder, the turning point for Ray Kroc was, "understanding that owning the land on which a franchise sat was key to exerting control and standardizing the customer experience, which ended up being what McDonalds became famous for." An unlikely message in a popular story that might get your head spinning with ideas.

Recognizing that entrepreneurship can be a challenging journey, but remembering to stay true to your purpose, create good habits, dream bigger with your plans while focusing on the long term are feelings these documentaries will inspire in ambitious entrepreneurs who watch them. Whatever path you're on right now, you don't have to walk it alone. Get inside the minds and lives of people who have walked the walk and come out the other side.

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5 Documentaries Every Entrepreneur Should Watch

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Ambitious entrepreneurs share the documentaries that helped them level up their game, expand their mind, stay focused and get inspired and motivated to build their business.

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Part A Two Page Notes Template for BTEC National Business Unit 2 (Developing a Marketing Campaign)

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This resource provides an example structure and template that learners might add to their folders and use in Part A of Unit 2.

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Free Homework & Revision for A Level, GCSE, KS3 & KS2 (senecalearning.com)

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Free Homework & Revision for A Level, GCSE, KS3 & KS2

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Free revision for your GCSE & A Level exams. Join over 6.5 million students learning 2x faster across 250+ exam board specific A Level, GCSE & KS3 Courses.

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Great Website for Past Paper Questions and Mark Schemes

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Great Website for Past Paper Questions and Mark Schemes

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Good Website for Revision Notes/Flashcards

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Good Website for Revision Notes/Flashcards