Introduction to Business Plan

What is the primary purpose of a business plan?

• To guarantee funding from investors.

• To describe in detail how a business--usually a startup--defines its objectives and how it is to go about achieving its goals.

• To manage day-to-day business operations.

• To create marketing materials.

A business plan is most commonly associated with what type of business?

• Large, established corporations

• Startups

• Non-profit organizations

• Government agencies

From which perspectives does a business plan lay out a roadmap for a firm?

• Legal, ethical, and social

• Marketing, financial, and operational

• Research, development, and innovation

• Human resources, technology, and infrastructure

According to the images, what is a key benefit of having a business plan?

• It guarantees business success.

• It provides a clear outline of action for companies to take to reach their goals.

• It eliminates the need for financial planning.

• It automates marketing efforts.

What does a business plan give an organization clarity about?

• Employee salaries

• How viable their company is and what is needed to grow and prosper

• The legal structure of the company

• Competitor strategies

According to the image, business plans help companies establish specific steps to do what?

• Steps for minimizing taxes

• Steps to start their business and promote their success

• Steps for employee performance reviews

• Steps for managing customer complaints

What serves as a written roadmap for the firm according to the images?

• An employee handbook

• A marketing brochure

• A legal contract

• A business plan

What should a business plan describe in detail?

• Employee's personal information

• How a business defines its objectives

• Competitor's financial status

• Daily transactions

Why are financial projections important in a business plan?

• To determine employee vacation time

• To estimate future revenue and expenses

• To track social media engagement

• To set office supply budgets

What do operational plans in a business plan typically describe?

• The company's long-term vision

• The day-to-day activities of the business

• The company's marketing budget

• The company's legal structure