BUISENESS MANAGEMENT
BUSINESS PLANNING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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is useful once your business is operational but not much help during the startup phase
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is not usually needed once the business is up and running
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can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.
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None of the above
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Detailed explanation-1: -You’ll use your business plan as a roadmap for how to structure, run, and grow your new business. It’s a way to think through the key elements of your business. Business plans can help you get funding or bring on new business partners. Investors want to feel confident they’ll see a return on their investment.
Detailed explanation-2: -A business plan is a written tool about your business that projects 3-5 years ahead and outlines the path your business intends to take to make money and grow revenue. Think of it as a living project for your business, and not as a one-time document.
Detailed explanation-3: -As an entrepreneur, having a business plan helps you define and focus on your business ideas and strategies. You not only concentrate on financial matters but also on management issues, human resource planning, technology, and creating value for your customer.
Detailed explanation-4: -Market analysis and strategy The purpose of the market analysis and strategy component of a business plan is to research and identify a company’s primary target audience and where to find this audience.