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Questions and Answers
Which of the following is NOT typically included in a business plan?
Which of the following is NOT typically included in a business plan?
- Goals of the business
- Methods for attaining goals
- Background information on the organization
- Employee salaries and benefits (correct)
What is the purpose of a business plan?
What is the purpose of a business plan?
- To secure financing
- To draft goals for outside stakeholders
- To outline employee salaries
- To provide direction to the business (correct)
Who are the intended readers of externally-focused business plans?
Who are the intended readers of externally-focused business plans?
- Employees of the organization
- Competitors in the industry
- Small Business Administration
- Financial stakeholders (correct)
What is a common reason for needing a written business plan?
What is a common reason for needing a written business plan?
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What resources can be used to facilitate producing a business plan?
What resources can be used to facilitate producing a business plan?
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Study Notes
Business Plan Overview
- A business plan is typically inclusive of several key components, with one exception being financial projections of a personal nature.
Purpose of a Business Plan
- The primary purpose of a business plan is to serve as a roadmap for the development and growth of a business.
Intended Readers of Externally-Focused Business Plans
- Externally-focused business plans are primarily intended for investors, lenders, and other stakeholders outside the organization.
Need for a Written Business Plan
- A common reason for needing a written business plan is to secure investment or a loan.
Resources for Producing a Business Plan
- Various resources can facilitate producing a business plan, including business planning software, consultants, and small business development centers.
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