1.5 Business Planning

    Cards (25)

    • Effective business planning ensures businesses can achieve their objectives successfully.
    • Steps in the process of creating a business plan
      1️⃣ Research and Analysis
      2️⃣ Define Objectives and Strategies
      3️⃣ Develop the Plan
      4️⃣ Review and Revise
      5️⃣ Implement and Monitor
    • Match the benefit of business planning with its description:
      Direction ↔️ Guides strategic decision-making
      Risk Mitigation ↔️ Identifies and addresses challenges
      Alignment ↔️ Ensures all departments work together
      Financial Forecasting ↔️ Predicts revenue and profitability
    • What is the primary focus of business planning for startups?
      Securing funding
    • Business planning for nonprofits emphasizes mission alignment and accountability
    • What is the primary purpose of business planning?
      Align vision with execution
    • Business planning involves creating a formal document called a business plan
    • Why is a comprehensive business plan crucial for a business?
      Securing funding
    • Match the business plan component with its description:
      Executive Summary ↔️ Brief overview of the plan
      Company Description ↔️ Details about the business structure
      Market Analysis ↔️ Research on the target market
      Financial Projections ↔️ Estimates of revenue and costs
    • How does business planning contribute to effective strategic decisions?
      Enables better resource allocation
    • Proactive risk assessment is a key benefit of business planning.
    • Accurate financial forecasting in business planning aids in financial planning
    • What is the primary purpose of a startup plan?
      Define goals and funding
    • Key elements of an expansion plan for business growth:
      1️⃣ Expansion Objectives
      2️⃣ Market Expansion Strategies
      3️⃣ Operational Changes
      4️⃣ Financial Forecasts
    • An operational plan focuses on improving daily business activities and efficiency.
    • What is the primary focus of a strategic plan?
      Long-term goals
    • The first step in creating a business plan is research and analysis
    • What type of data is gathered during the research and analysis phase of business planning?
      Market data
    • Business planning is essential for businesses of all types and sizes to achieve their objectives effectively
    • Steps in the process of creating a business plan
      1️⃣ Research and Analysis
      2️⃣ Define Objectives and Strategies
      3️⃣ Develop the Plan
      4️⃣ Review and Revise
      5️⃣ Implement and Monitor
    • What is the purpose of an executive summary in a business plan?
      Overview of the plan
    • A business plan guides operations and tracks strategic progress.
    • What does a company description in a business plan describe?
      Business structure and mission
    • Business planning is crucial for making effective strategic decisions
    • What is the purpose of a startup plan?
      Launch a new business