A04 - Evaluation
Now you need to complete an evaluation of your business idea and plan.
1. Your evaluation should include the answering of the questions that relate to your business covering the following areas:
- Legal
- Financial
- Social & environmental
- Technological
- Competitive
2. Using the above factors - prioritise the factors 1-6 to highlight the most to least important factor that may constrain your business. For each one you need to evaluate why you have allocated it that particular number highlighting the long term vs short term, cost vs benefit or advanatges vs disadvanatge factors.
For example: Legal. The Law in the UK will be the most contraining factor for my business. The law may restrict planning applications planned for the future extension of the business in the long term. This will probably impact the business most due to the increaseing cost base the business might suffer from additional legal loopholes that the planning would have to go through. Considering recent bills that have gone through Parliament it is very liekly that the law of business building planning laws will be altered in the future which for my newly formed and growing business will cause a great deal of problems and issues.
