Business Planning Flashcards
What is a business plan?
A formal document that outlines the goals, strategies, and financial projections of a business.
True or False: A business plan is only necessary for new businesses.
False
Fill in the blank: The executive summary should be written ______ in the business plan.
last
What are the main components of a business plan?
Executive summary, business description, market analysis, organization and management, marketing plan, funding request, financial projections.
Which section of the business plan describes the target market?
Market analysis
Multiple choice: What is the purpose of the financial projections in a business plan? A) To outline marketing strategies B) To show future profitability C) To describe the business structure
B) To show future profitability
What does SWOT analysis stand for?
Strengths, Weaknesses, Opportunities, Threats
True or False: A business plan should be static and not updated regularly.
False
What is the purpose of the marketing plan section?
To outline how the business will attract and retain customers.
Fill in the blank: The ______ section details the business’s legal structure.
organization and management
Multiple choice: Which of the following is NOT typically included in a business plan? A) Financial statements B) Personal biography of the owner C) Marketing budget
B) Personal biography of the owner
What is an important reason for having a business plan?
To secure financing from investors or banks.
True or False: A business plan can help identify potential risks.
True
What is the ideal length of a business plan?
Typically 20 to 30 pages.
Fill in the blank: The ______ section provides an overview of the business’s products or services.
business description
Multiple choice: A business plan should be written for which audience? A) Internal stakeholders only B) External stakeholders only C) Both internal and external stakeholders
C) Both internal and external stakeholders
What is a funding request in a business plan?
A section that outlines the amount of funding needed and how it will be used.
True or False: Only large corporations need a business plan.
False
What role does market research play in a business plan?
It provides data that supports the business’s market analysis and strategies.
Fill in the blank: A business plan should include both short-term and ______ goals.
long-term
Multiple choice: What is the primary focus of the executive summary? A) Detailed financials B) Overview of the business plan C) Marketing strategies
B) Overview of the business plan
What is a competitive analysis?
An assessment of the strengths and weaknesses of current and potential competitors.
True or False: A business plan is a living document that should evolve over time.
True
What is the importance of setting measurable objectives in a business plan?
To track progress and assess the success of the business.
Fill in the blank: The ______ section outlines the management team and their qualifications.
organization and management
What is an exit strategy in a business plan?
A plan for how owners will sell or transfer ownership of the business in the future.
