Business Plan

What is a business plan?

• Written document that only outlines the business practices of the new business.

• Written document that describes the financial aspects of the business.

• Written document that only describes the ownership of the business.

• Written document that describes all the steps necessary for opening and operating a successful business.

Why do you need a business plan?

• To explain your idea

• the ability to get financing.

• it's a road map that sets objectives and goals for the business.

• To help reduce the risk of business failure.

• All of the above.

Who will run the company as well as management’s philosophy

• Organizational Plan
• Operational Plan
• Executive Summary
• Company Description

A business plan would normally be updated:

• Every day

• A month after the business starts

• Once a business adjusts its aims/objectives

• Every so often

• Never - It stays the same in its original form

What elements are not of a business plan?

• Introduction

• Management Plan

• Insurance Plan

• Marketing Plan

• Financial Plan

Complete the sentence: A business plan...

• is useful once your business is operational but not much help during the startup phase

• is not usually needed once the business is up and running

• can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.

How a company will make customers aware of its products/services

• Marketing Plan
• Industry Overview
• Product and Service Plan
• Growth Plan

A potential business owner’s qualifications and those of any partners

• Company Description
• Management Team Plan
• Growth Plan
• Executive Summary

A brief account of the key points contained in a business plan

• Executive Summary
• Company Description
• Mission Statement
• Vision Statement