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Questions and Answers
What is the primary purpose of a business plan?
What is the primary purpose of a business plan?
What distinguishes a summary business plan from a full business plan?
What distinguishes a summary business plan from a full business plan?
Who are the two primary audiences for a firm’s business plan?
Who are the two primary audiences for a firm’s business plan?
In what scenario would a company most likely prepare a summary business plan?
In what scenario would a company most likely prepare a summary business plan?
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What is the typical length range for an operational business plan?
What is the typical length range for an operational business plan?
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What is the purpose of an executive summary in a business plan?
What is the purpose of an executive summary in a business plan?
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How do milestones contribute to the development of a business?
How do milestones contribute to the development of a business?
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What is the primary purpose of an assumptions sheet in a business plan?
What is the primary purpose of an assumptions sheet in a business plan?
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Why is the management team and company structure section of a business plan considered critical?
Why is the management team and company structure section of a business plan considered critical?
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What should the oral presentation of a business plan typically consist of?
What should the oral presentation of a business plan typically consist of?
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Study Notes
Business Plan Overview
- The primary purpose of a business plan is to outline the company's goals, objectives, and strategies for achieving them.
Types of Business Plans
- A summary business plan is a concise document highlighting the key points of a business, distinguishing it from a full business plan which provides more detailed information.
Target Audience
- The two primary audiences for a firm's business plan are investors and lenders, who need to understand the company's vision and potential for growth.
Scenarios for Summary Business Plan
- A company would most likely prepare a summary business plan when seeking investment or funding from external sources.
Operational Business Plan
- The typical length range for an operational business plan is 30-50 pages, providing a comprehensive outline of the company's operations.
Executive Summary
- The purpose of an executive summary in a business plan is to provide a brief overview of the company, its products/services, and goals, enticing readers to review the full plan.
Milestones
- Milestones contribute to the development of a business by providing measurable targets and deadlines, helping to track progress and stay focused on goals.
Assumptions Sheet
- The primary purpose of an assumptions sheet in a business plan is to outline the key assumptions made about the market, competition, and financial projections.
Management Team and Company Structure
- The management team and company structure section of a business plan is considered critical because it highlights the leadership's expertise and the organizational framework.
Oral Presentation
- The oral presentation of a business plan should typically consist of a concise, well-rehearsed presentation, supported by visual aids, and should cover the key points of the plan, its goals, and financial projections.
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Description
Test your knowledge of writing a business plan, which is a narrative describing a new business's goals and strategies. Understand its dual-purpose within and outside the firm for execution and stakeholder communication.
