Final Flashcards
(34 cards)
What are five reasons to develop a business strategy?
- Increase ROI
- Change direction
- Take advantage of strengths
- Framework for making decisions
- Increase chance of success
Your ___________ define why your business exists.
core values
A well defined ___________ will clearly state why your company exists.
Mission Statement
What are four key components to a business plan?
- Mission statement
- Marketing plan
- Management plan
- Financial plan
What are some reasons for creating a legal entity?
- Delineation of ownership and control
- Protect personal assets
- Profit distribution
- Possible taxation benefits
Which type of business is the easiest to set up and operate?
Sole proprietorship
In a _____________, all owners have personal liability for all debts, taxes, and liabilities of the business.
General partnership
In a __________ there are limited partners (not involved in day to day) and general partners (run business).
limited partnership
*limited partners are only liable up to their investment
T/F: In a limited liability partnership you are not personally liable for debts and taxes of the business.
True
T/F: In a LLP you are not responsible for your partners negligence or malpractice.
True
T/F: In an LLP you are not responsible for your own negligence or malpractice.
False
Always responsible for your own negligence/malpractice
Which type of business involves the profits being double taxed?
C-corporation
T/F: An LLC is considered a corporation.
False
T/F: Profits in an LLC are double taxed.
False
Who holds the decision making power in a corporation?
Board of directors
Your _______ is what other people say about you when you’re not in the room.
Brand
What are the four components of marketing to consumers?
Awareness: make them see you
Nurture: help guide them to making an appointment
Convert: make it easy for them to make the appointment
Grow: continue making appointments
__________ is a key marketing strategy that often gets ignored.
Patient retention
An effective _____________ is aspirational and inspirational and motivational and focuses on the future.
Vision statement
T/F: Vision statements are detailed.
False
A mission statement is a written declaration of an organization’s ______________.
Core purpose, focus, values.
In what book does the author talk about beginning with the end in mind?
7 habits of highly effective people
Steven Covey
What are the three parts of a mission statement?
- Purpose
- Plan
- Core values
________ are the structural foundation of any business.
Values
