SADDLE: BE ABLE TO CONSTRUCT A BUSINESS PLAN FOR A SADDLE... D1

What is one of the early stages for any start-up?

• Hiring employees

• Preparing a business plan

• Launching a marketing campaign

• Securing a location

What does a business plan demonstrate about a business idea?

• Its popularity

• Its viability

• Its uniqueness

• Its location

What is the purpose of a business plan in terms of business objectives?

• To ignore them

• To set them out clearly

• To complicate them

• To hide them

What does a business plan provide a picture of?

• The business's competitors

• The business's future

• The business's past

• The business's location

What is the outcome of using skills and knowledge from Learning Outcomes 1, 2, 3, and 5?

• Improved customer service

• Development of a business plan for a start-up idea

• Increased sales

• Enhanced employee training

What is the purpose of planning for if things go wrong in a business plan?

• To limit any damage

• To identify priorities

• To tailor products and services

• To make connections between different parts of the business

How does a business plan assist in managing changes?

• By summarizing the financial situation

• By analyzing actual performance against the plans

• By identifying resources needed

• By explaining how the business will operate

How does a business plan help in managing cash flow?

• By increasing profits

• By comparing actual figures to forecasts

• By reducing expenses

• By hiring more employees

What should be included in the 'Products and Services' section if there are variations?

• Only the main product

• All variations that will be sold or provided

• Only the cheapest product

• Only the most expensive product

What should you identify about your customers in the market section?

• Why they will buy from you rather than other businesses

• Their favorite movies

• Their pet's names

• Their favorite sports teams