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Setting up a business plan for success
Is your business set up for success? Take this quiz to find out. Click below to see answers.
- In which part of a business plan should the company identify the customers, their demographics, industry trends, and who the company sees as their competition?
- Executive summary
- Market analysis
- Management plan
- Which part of a business plan includes the company’s mission and vision statements?
- Executive summary
- Market analysis
- Management plan
- Which part of a business plan should include an organizational flowchart that breaks down the duties of the principal members, as well as biographies and brief job descriptions?
- Executive summary
- Market analysis
- Management plan
- Both new businesses and existing businesses need a sound business plan.
- True
- False
- When starting a new business, three-year and five-year projections are not required to be in a financial plan because there isn’t enough information available to determine the projections.
- True
- False
Setting up a business plan for success: Answers
- Market analysis
- Executive summary
- Management plan
- True. Both new businesses and existing businesses need a sound business plan which serves as a development, planning and evaluation tool for managers and other key personnel, as a mission statement for customers, and as a sales tool for raising capital.
- False. Financial data and calculations are the make-or-break component of any business plan. Whether the company is a start-up or an existing business, three-year and five-year projections should be included in the financial plan.