Business Plan Flashcards
1
Q
what is a business plan?
A
A Business Plan is a powerful document telling the STORY of a company; it presents the CURRENT position, the VISION for the future and the PLAN for realizing that vision. A business plan defines a certain activity over a specific period of time.
2
Q
A Business Plan should answer the following questions:
A
What is the business IDEA?
Who are the existing and potential CUSTOMERS?
Who are the COMPETITORS of the business?
Is the MANAGEMENT CAPABLE of running the business successfully?
What is the long term FUTURE of the business?
What is the company`s FINANCIAL PICTURE?
3
Q
Contents of Business Plan
A
- Executive Summary
- Description of the company
- Target Market
- Competitive Analysis
- Marketing and Sales Strategy
- Operations Plan
- Management
- Future Development/Exit Strategy
- Financials
4
Q
- Executive Summary
A
2 pages makes reader interested in business Does the business concept make sense? Capital needed * how it will be used Current business position Is there a market need? summarized whole plan in a nutshell
5
Q
Ways to ruin a business plan
A
Make basic mistakes Underestimate the competition Overestimate sales Use phantom numbers Leave out an exit plan Forget a “source and use of funds“ statement Lie
