Stage 5 - Business plan

Question 1

What are the Steps in the Business Planning Process?

Answer 1

Step 1: Develop a Vision Statement
Step 2: Formulate a Mission Statement - Market focus, location, geographic market, plans for growth.
Step 3: Define Fundamental Values
Step 4: Set Clear and Specific Objectives (ROI, Market share)
Step 5: Develop a Realistic Business Plan

Question 2

Most important parts in a business plan:

Answer 2

1) An executive summary
2) Market opportunity and competitive advantage
3) Goals and business strategy
4) Detailed financials