Understanding Business Plans

A business plan is similar to a _____ financial life cycle.

• personal

• corporate

• government

• non-profit

Is planning a waste of time?

• No

• Yes

What might a mission statement contain?

• Objectives

• Goals

• Both

What do you think are the three most important reasons to create a business plan?

• Reduces employee workload
• 1. Clarifies business goals 2. Attracts investors 3. Guides operations
• Increases product prices
• Improves customer service

What advice would you give to a business when starting a plan?

• Focus solely on social media marketing.
• Ignore competitor analysis completely.
• Set unrealistic financial goals without a plan.
• Conduct market research and define clear objectives.

USP stands for?

• Ultimate Sales Plan
• Unique Selling Proposition
• Universal Selling Point
• Unique Service Proposition

The company’s mission statement is typically found in the _____ part of a business plan.

• Executive summary

• Financial projections

• Operations plan

• Appendices

The section of a business plan that outlines the target market and customer demographics is _____

• Operations plan

• Financial projections

• Executive summary

• Market analysis

In a business plan, details about the company’s management team can be found in the _____ section.

• Executive summary

• Management and organization

• Marketing strategy

• Financial projections

The company’s SWOT analysis is typically found in the _____ section of a business plan.

• Strategic plan

• Appendices

• Executive summary

• Market analysis