Business Plan Template

Question 1

A business plan is a comprehensive roadmap for your small business’ growth and development. It communicates who you are, what you plan to do, and how you plan to do it. It also helps you attract talent and investors.

Answer 1

True.

Question 2

A well written business plan is a guarantee of 100% success and it can ensure that you don’t get lost along the way.

Answer 2

False.

Question 3

The source of raw materials, assembly through manufacturing, quality control and assurance, supply-chain logistics, etc.

Answer 3

Production Process.

Question 4

Refers to the unique features, practical payoffs to your customers, etc.

Answer 4

Product Benefits.

Question 5

This showcases the benefits, production process, and lifecycle of your products or services. Add a brief discussion of how your business offers better than your competitors.

Answer 5

Product or Service Description.

Question 6

The standard practice when creating a competitors’ analysis table or spreadsheet is to list your business last, specifying your edge.

Answer 6

True.

Question 7

In this section you look at your most significant competitors in the areas of advertising, customer service, sales, and pricing strategies, etc.

Answer 7

Competitive analysis.

Question 8

This is identifying other companies that currently sell in the same market you’re planning to enter.

Answer 8

Competitive analysis.

Question 9

A broad target market can be a good trait that investors are looking for.

Answer 9

False.

Question 10

The Marketing & Sales Strategy section identifies your target market (a.k.a personas) by demographic, profiling (location, income group, gender and age, education, etc.).

Answer 10

False.

Question 11

This outlines your ideal potential customer as well as the actual and potential size of your market.

Answer 11

Market Research & Potential.

Question 12

This refers to the common purpose towards which employees and team members work for.

Answer 12

Objectives.

Question 13

An overview of your business. It shows all the necessary information about your business and summarizes the other sections of the business plan.

Answer 13

Executive Summary.

Question 14

This refers to a business’ reason for being in the market or industry.

Answer 14

Mission Statement.

Question 15

The three elements of a company description is:

Answer 15

Mission statement. History. Objectives.

Question 16

The time between purchases, upsells, cross-sells, and down-sells, future plans for research and development.

Answer 16

Product Life Cycle.

Question 17

This may include deeds, local permits, and legal documents; business registries and professional licenses pertaining to your legal structure or type of business; patents and intellectual property rights (when applicable); key customer contracts and purchase orders (if any); and other relevant documents that would demonstrate your business legality and stability. Appendix for Official Documents.
This is assembling a well-organized appendix for anything and everything (1) investors will need to conduct due diligence and (2) you or your employees will need easy access to moving forward.

Answer 17

Appendix for Official Documents.

Question 18

In this section, being realistic is a must. You can create a range of numbers if you don’t want to pinpoint an exact number. However, include a best-case scenario and a worst-case scenario.

Answer 18

Funding Request.

Question 19

It is important to outline how much money your small business needs, so you can make an accurate funding request.

Answer 19

True.

Question 20

In this section, the roles you still need will also be mentioned to hire and to grow your company and the cost of hiring experts.

Answer 20

Organization and Management.

Question 21

This includes identifying your team members and explaining why they can either turn your business idea into a reality or continue to grow it. This section of your business plan should show off your management team superstars. Highlight expertise and qualifications throughout.

Answer 21

Organization and Management.

Question 22

This contains the value proposition, ideal target markets and existing customer segments.

Answer 22

Marketing and Sales Strategy.

Question 23

In this section, the cost of your product or service must include all of your costs, including overhead. If not, you can’t determine a sale price to generate the profit level you desire.

Answer 23

Business Financials.

Question 24

For start-ups, your business may not yet have financial data, financial statements, or comprehensive reporting. However, you’ll still need to prepare a budget and a financial plan.

Answer 24

True.

Question 25

This also includes launch plans to attract new business, growth tactics for established businesses to expand, retention strategies like customer loyalty or referral programs and advertising and promotion channels like search engines, social media, print, television, YouTube, word of mouth, etc.

Answer 25

Marketing and Sales Strategy.