U1 AOS2/KK10: Business plan

Question 1

A business plan is …

Answer 1

a written statement of the goals and objectives fir the business and the steps taken to achieve them helping a businesss to lay out financial plans, define product and services offered, establish roles and responsibilities with in bus

Question 2

Explain how a business plan helps achieve a business objectives

Answer 2

• Laying out its financial plan
• Defining the product/services offered
• Establishing roles and responsibilities within the business

Question 3

True/ false:
A business plan only needs to be revisited every 5 years.

Answer 3

False. A business plan only needs to be revisited regularly.

Question 4

There are … steps in developing a business plan.

Answer 4

8

Question 5

Outline the steps in developing a business plan.

Answer 5

Step 1: Define your vision
Step 2: Set your goals
Step 3: Define your USP
Step 4: Research your market
Step 5: Know your customer
Step 6: Set your marketing goals
Step 7: Define your marketing strategy
Step 8: Talk to your accountant

Question 6

Identify what makes a good vision statement.

Answer 6

• is written in plain language
• is passionate, powerful and memorable
• is realistic
• describes the best outcome for your business
• helps build a picture in people’s minds.

Question 7

True/false: The following represents a good vision statement:

Doing good business and making customers happy

Answer 7

False; not passionate , doesnt describe in detail what the business aims at; isn’t creating a picture in peoples minds

Question 8

True/false: The following represents a good vision statement:

“We see a world where everybody is an athlete — united in the joy of movement. Driven by our passion for sport and our instinct for innovation, we aim to bring inspiration to every athlete in the world and to make sport a daily habit.”

Answer 8

True

Question 9

Once a business plan has been created, including strategies and action plan, what is the last remaining factor to consider?

Answer 9

Responsible member/timing

Question 10

A business plan is important because…

Answer 10

It states the goals and objectives of the business.

Question 11

When it is mentioned that “a business plan is fluid” it means that….

Answer 11

The document is constantly changing - being updated and revised