Factors to Consider for Selecting Business Location Quiz

Business Plan Components

• The first major part of a business plan is the Executive Summary
• The Business Description section typically includes the description of the proposed business name and address
• The Environmental Analysis section discusses the global, social, and industry analysis
• The Business Description section outlines the vision, mission, goals, and objectives of the business
• The Funding Requirements section provides details about the funding requirements and sources
• The Organizational Plan section specifies the form of business organization and roles and responsibilities

Feasibility Study

• The purpose of a Feasibility Study is to determine the viability of a business idea

Operations Plan

• The Operations Plan section typically includes information about suppliers, materials requisition procedures, and inventory control systems

Financial Statements

• The Balance Sheet provides a snapshot of a company's financial position at a specific point in time

Production Plan

• The function of the Production Plan is to outline how the business will produce its products or services

Marketing Plan

• The Marketing Plan section deals with aspects like product, place, price, promotion, people, packaging, and positioning

Business Name and Location

• The proposed name of a business should reflect the business's identity and purpose
• Factors to consider when selecting a location include peace and order situation

Funding Requirements

• The funding requirements section should include information about the amount of funding required, sources of funding, and repayment plans

Executive Summary

• The Executive Summary should not exceed one to two pages
• The Business Description section embodies the fundamental characteristics and identity of the business
• Sources of funds that should be mentioned in the funding requirements section include investors, loans, and grants

Business Model

• The purpose of reviewing and revisiting the business model every three years is to ensure it remains relevant and competitive
• The business model defines how the business will achieve its vision, mission, goals, and objectives
• The business model must reflect certain innovations to stay competitive
• The business model places importance on relations with customers, creditors, suppliers, and internal human resources
• The business model needs to convince readers of a competitive advantage
• Wealth and improvement approaches describe how the business will create value and improve over time

Business Plan Purpose

• The purpose of including a discussion on marketing policies and financial operations in a business plan is to provide a comprehensive overview of the business
• The Executive Summary typically describes the business's identity, purpose, and goals
• An Environmental Analysis in a business plan focuses on the external environment in which the business will operate
• The Business Description section is considered the 'heart' of the plan
• The Business Description section must include information about the business's vision, mission, goals, and objectives
• The Organizational Plan provides a detailed description of the business's management structure and roles