Business Plan Template Flashcards

1
Q

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.

A

True.

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2
Q

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

A

False.

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3
Q

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

A

Production Process.

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4
Q

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

A

Product Benefits.

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5
Q

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.

A

Product or Service Description.

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6
Q

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

A

True.

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7
Q

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

A

Competitive analysis.

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8
Q

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

A

Competitive analysis.

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9
Q

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

A

False.

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10
Q

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

A

False.

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11
Q

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

A

Market Research & Potential.

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12
Q

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

A

Objectives.

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13
Q

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

A

Executive Summary.

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14
Q

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

A

Mission Statement.

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15
Q

The three elements of a company description is:

A

Mission statement. History. Objectives.

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16
Q

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

A

Product Life Cycle.

17
Q

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.

A

Appendix for Official Documents.

18
Q

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.

A

Funding Request.

19
Q

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

A

True.

20
Q

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.

A

Organization and Management.

21
Q

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.

A

Organization and Management.

22
Q

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

A

Marketing and Sales Strategy.

23
Q

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.

A

Business Financials.

24
Q

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.

A

True.

25
Q

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.

A

Marketing and Sales Strategy.