Business Plan

Question 1

What is a business plan?

Answer 1

A document, which is often presented to financial institutions when a business applies for a loan. It contains vital information regarding the business, its owners, the financial position of the business and any marketing strategies the owners may have

Question 2

What is the criteria for a formal business plan?

Answer 2

Presentable
Supporting documentation
Include a cover page
Introduce the product or service
Business goals
Include the form of ownership
Describe the target market
Show financial status: costs, profit potential, resources and skills required
Conclusion must state why the business will succeed

Question 3

What are the components of a business plan?

Answer 3

Front cover/ title page
Table of Contents
Executive summary:
Information about Business owners
Description of product
Goals

Production plan
Financial plan
Marketing plan
Competitors 
Management plan
Conclusion

Question 4

What does the front cover include?

Answer 4

Contact details of owners
Name of the business
Logo
Date of compilation

Question 5

What is an executive summary?

Answer 5

Overview of the company

Question 6

What is important in the business owners section?

Answer 6

Don’t exclude details

Be upfront

Question 7

What should the financial plan be like?

Answer 7

As much information as possible

Question 8

What is the target market?

Answer 8

Specific group of people the business is aiming to attract to purchase the product or service

Question 9

What is the most important part of the business plan?

Answer 9

Conclusion

Question 10

What is a mnemonic for remembering the criteria for a business plan?

Answer 10

Please Sell Dark Cheese, Preferably in Plastic spoons- Big Green Foam Ones- To Me. Can Peter Please Return Some Cheese?

Question 11

How does the mnemonic for the criteria of a business plan work?

Answer 11

Please (presentable)
Sell Dark (Supporting Documentation)
Cheese Preferably (Cover Page)
In Plastic Spoons (Introduce Product or Service)
Big Green (Business Goals)
Foam Ones (Form of Ownership)
To Me (Target Market)
Can Peter Please Return Some (Costs, Profit Potential, Resources and Skills)
Cheese (Conclusion)

Question 12

What mnemonic can be used to remember the format of a business plan?

Answer 12

Colour Printers take Centuries Even Seasons Or Decades Getting Pictures Printed For People. Most People Choose My Printing Company.

Question 13

How does the mnemonic for the format of a business plan work?

Answer 13

Colour Printers (Cover Page)
Take Centuries (Table of Contents)
Even Seasons (Executive Summary)
Or (Owners)
Decades (Description of product or service)
Getting (Goals)
Pictures Printed (Production Plan)
For People (Financial Plan)
Most People (Marketing Plan)
Choose (Competitors)
My Printing (Management Plan)
Company (Conclusion)

Question 14

How many criteria are there for a business plan?

Answer 14

9

Question 15

How many things are included in the format of a business plan?

Answer 15

11