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WorksheetsThe Business Plan
Total questions: 66
Worksheet time: 2hrs 12mins
Refers to what you are selling, including all of the features, advantages and benefits that your customers can get.
Price
Packaging
Promotion
Product
It shows and defines the hierarchy of the different positions in the organization.
Roles and Responsibilities
Form of Business Organization
Organizational Structure
Salary Requirements
It details how the proposed business will sell its product to the target consumer.
Marketing Plan
Financial Plan
Organizational Plan
Introduction
Refers to the staff and salespeople who work for your business, including yourself.
Positioning
Promotion
Place
People
A set of recognized marketing tactics, which you can use in any combination to satisfy customers in your target market.
Marketing Strategy
Executive Summary
7P's of Marketing Mix
Marketing Plan
This refers to where your products and services are seen, made, sold or distributed
Promotion
Place
Positioning
People
It may come in the form of a sole proprietorship, a partnership, or a corporation.
Roles and Responsibility
Form of the Business
Organizational Structure
Liability of the Owner
Refers to how people think and talk about you when you're not present.
Positioning
Promotion
People
Place
Which of the following factors does not affect the selection of the business form?
Nature of the Business
Liability of the Owner
Capital Requirement
Marketing Strategy
It refers to methods you can use to let potential customer know about your products and services.
Promotion
Packaging
Positioning
Price
It must be clearly defined in order to avoid misunderstanding and overlapping of functions.
Liability of the owner
Organizational Structure
Roles and Responsibilities
Form of the Business Organization
Refers to the way your product or service appears from the outside.
Place
Packaging
Price
Promotion
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.
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.
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
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
All of the above
Which of the following statements about business plans is TRUE?
Business plans eliminate risk to lenders
Business plans reduce risk to lenders
Business plans increase risk to lenders
Business plans have no impact on risk to lenders
Which of these pieces of information would NOT be in a business plan put together by a new business?
Target market
Market research
Profit
Estimated cashflow
An entrepreneur is creating a business plan for a new business ; they are including a section on sources of finance. Which of these are appropriate sources of finance to suggest? (Suggest as many as are appropriate)
Grant
Retained profit
Owner savings
Bank loan
How long does a business plan generally projects?
3-5 Years
5-7
1-2
9-10
The __________________________ states, "The development of a comprehensive business plan shows whether or not a business has the potential to make a profit."
Service Corps of Retired Executives (SCORE)
Small Business Administration
US Bureau of Labor
Trade Association
1. Although clarifying direction in the business plan lets you know where you're starting, ________________________ allows you to have goals to reach for.
Clarifies Direction
Future Vision
Attracts Financing
Attracts Team Members
A business plan conveys the ___________________________ of your business, including titles of directors or officers and their individual duties.
Operational Milestones
Organizational Structure
Management Tool
Objectives and Goals
Graphics can make the business plan longer, ______________________________________.
but they make the business plan less boring
but they make banks interested in investing in your business
but they add real value
but they take up less pages
There are ___________________ primary parts to a business plan.
Five
Four
Three
Two
A ____________________________ describes the nature of your business and list the marketplace needs that you are trying to satisfy.
Market Analysis
Financial Reports
Appendix
Company Description
With the exception of the ______________________, all of the information in the executive summary should be covered in a concise fashion and kept to one page.
Company Information
Financial Information
Mission Statement
Growth Highlights
If you own an established business, you will be requested to supply ____________________ related to your company's performance.
A Mission Statement
Sales Forecast
Prospective Financial Data
Historical Data
Every business is structured ___________________.
To make money
As a Sole Proprietorship
Differently
The same
The primary purpose of a business plan is to define what the business is or what it intends to be over time.
True
False
Marketing plans can be shared with the executive candidates or desired partners to help convince them of the potential for the business, and persuade them to join the team.
True
False
Effective business writing is easy to read.
True
False
The mission statement should highlight the strengths of your overall plan and therefore be the last section you write.
True
False
The Mission Statement – This explains what your business is all about. It should be between several sentences and a paragraph.
True
False
Company Information – Include a short statement that covers when your business was formed, the names of the founders and their roles, your number of employees, and your business location(s).
True
False
Growth Highlights – Include examples of company growth, such as financial or market highlights (for example, “XYZ Firm increased profit margins and market share year-over-year since its foundation). Graphs and charts can be helpful in this section.
True
False
Summarize Future Plans -- Briefly describe the products or services you provide.
True
False
Financial Information – If you are seeking financing, include any information about your current bank and investors.
True
False
Your Products/Services – Explain where you would like to take your business.
True
False
Summarize Future Plans – Explain where you would like to take your business.
True
False
The executive summary should highlight the strengths of your overall plan and therefore be the last section you write.
True
False
Business plans can be shared with the executive candidates or desired partners to help convince them of the potential for the business, and persuade them to join the team.
True
False
Your Products/Services -- Briefly describe the products or services you provide.
True
False
