1.2.3 Writing a Business Plan

Question 1

When should a company prepare a business plan?

Answer 1

After a company has formulated a strategy for how it plans to compete successfully within its industry

Question 2

What are some of the common components found in most business plans?

Answer 2

• an executive summary
• a description of the company and its history
• an market analysis and marketing plan
• a description of the management team
• a budget and financial analysis showing both resources and needs
• an operation plan describing responsibilities and actions with timetable and realistic, measurable goals