CHAP 6

Question 1

is a document that summarizes the operational and financial objectives and contains the detailed plans and budgets showing how objectives are to be realized. IT is the road map to the success of your business.

Answer 1

business plan

Question 2

Four Importance of a Business Plan

Answer 2

1. To raise money for business
2. To make sound decisions
3. To help identify potential weaknesses
4. To communicate ideas with stakeholders

Question 3

Business planning done right connects the dots in your business so you get a better picture of the whole.

Answer 3

See the whole business

Question 4

Startups and small business need to focus on their special identities, their target markets, and their products or services tailored to match

Answer 4

Strategic Focus

Question 5

Business planning helps you keep track of
the right things, and the most important things

Answer 5

Set priorities

Question 6

With good planning process you regularly review assumptions, track progress, and catch new developments so you can adjust

Answer 6

Manage change

Question 7

Good planning process sets expectations and tracks results.

Answer 7

Develop accountability

Question 8

Good business planning connects the dots in cash flow

Answer 8

Manage cash

Question 9

main business tactics that match strategy

Answer 9

Strategic alignment

Question 10

These are key goals you want to achieve, like reaching a defined sales level, hiring that
sales manager, or opening the new location.

Answer 10

Milestone

Question 11

Put your performance indicators and numbers to track into a business plan where you can see them monthly in the plan review meeting

Answer 11

Metrics

Question 12

The business planning process becomes a regular reminder.

Answer 12

Realistic regular reminders to keep on track

Question 13

Various business plan outline

Answer 13

1. Executive Summary
2. Company Description
3. Product or Service
4. Market Analysis
5. Strategy and Implementation
6. Management Team
7. Financial Plan

Question 14

The executive summary should address these main points

Answer 14

Purpose
Problem
Problem Analysis
Results of analysis
Recommendations

Question 15

provides an overview of a larger document or
research and is usually the first thing your reader will see.

Answer 15

Executive Summary

Question 16

It is also known as the company overview that includes the history, mission
statement, vision, goals, objectives, products or services, management team,
organizational structure and location of the company or the organization

Answer 16

Company Description

Question 17

the company will offer to their prospective
clients or customers that will benefit them

Answer 17

Product or Service

Question 18

This can be done thru surveys and
interview to know what is the trends in the market as well as what the customer
really needs for their daily activitie. It is a quantitative and qualitative assessment of a market

Answer 18

Market Analysis

Question 19

This will provide the company with ideas and serve as a guide in achieving the goals and objectives of the company through implementation.

Answer 19

Strategy and Implementation

Question 20

composed of the members of the team, their personal strategies and information

Answer 20

Management Team

Question 21

includes the profit, cash flow, balance sheet, break-even analysis, assumptions and
business ratios of the company.

Answer 21

Financial Plan

Question 22

startup business, they use the _______ in which it is an adaptation of the business model canvas

Answer 22

Lean Canvas or Lean Startup Canvas

Question 23

9 segments of lean canvas

Answer 23

problem (existing alternatives)
solution
key metrics
Unique Value Proposition (High level concept)
Unfair Advantage
Channels
Customer Segments (Early Adopters)
Cost Structure
Revenue Streams