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Setting up a business plan for success: Answers

  1. Market analysis
  2. Executive summary
  3. Management plan
  4. 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.
  5. 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.