The executive summary of a business plan quizlet vocabulary

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The executive summary of a business plan quizlet vocabulary

To accomplish these objectives, the entrepreneur should develop an attractive business plan. In addition, a business plan is a valuable managerial tool, helping the entrepreneur focus on developing a course for the business in the future.

In fact, the primary purpose of building a business plan is to improve managerial control over the company and to avoid the pitfalls commonly leading to business failure. Unfortunately, most small business owners never create business plans, and the result often is failure.

Building a plan forces management to consider the long-term aspects of the company in a comprehensive fashion; using it to raise money is secondary.

Creating a plan forces the entrepreneur to evaluate every segment of her company proposed or existing and to develop a series of strategies for coping with an uncertain environment.

In addition to the what-if scenarios the plan forces the entrepreneur to consider, there are other benefits. There is no substitute for a well-prepared business plan, and there are no shortcuts to creating it. The business Plan serves two essential functions.

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First—and most important—it guides the operation of the company by charting its future course and devising a strategy for following it. It provides a battery of tools—a mission, goals, objectives, budgets, financial forecasts, target markets, strategies, and others—that managers can draw on to lead the company successfully.

A business plan gives managers and employees a sense of direction, but only if everyone is involved in creating, updating, or altering it. As more team members become committed to making the plan work, it takes on special meaning.

It gives everyone targets to shoot for; and it is an effective tool for measuring actual performance, especially in the startup phase. The process of preparing a business plan is itself valuable. The following is a list of the ten most common mistakes business owners make in using their plans—and the remedies for them.

Entrepreneurs typically prepare a plan to raise money and seldom give thought to actually using it. The plan must include specific objectives for key managers and a plan to accomplish them.

If one person writes the entire plan e.

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Involve all members of the management team in preparing the plan. Have each member write a section of the plan. Once completed, the business plan sits on the shelf and collects dust.

Out of sight, out of mind.

the executive summary of a business plan quizlet vocabulary

Make following up the plan easy. Schedule regular meetings to discuss the plan and the progress made in accomplishing the goals and objectives established.

Managers create a plan that is so huge and complex that it discourages everyone from actually using it. Give the plan life by developing one-page action summaries for each department. Ask managers to update progress on their responsibilities at periodic meetings.

Sometimes, managers give a disproportionate amount of attention to one portion of the plan—marketing or finance, for example. Get balanced participation from key managers and employees in all areas of the company.

Plus, focus 90 percent of management attention within the next year. Managers get disillusioned when the scenario laid out in the plan fails to develop. Develop contingency plans—both positive and negative. Action-oriented managers tend to forget about the plan once it is completed.

They want to get back to the real world of business. Use their action-orientation to encourage these managers to develop plans for their areas of responsibility. Too often, managers fail to establish measurable standards in the plan. Encourage managers to establish specific, measurable objectives in their respective areas.

Implementing the plan is without control because progress reports are lost in the jumble of everyday business. Hold regular meetings to discuss progress on the plan and nothing else.

The plan becomes outdated because no one bothers to update it. Update the plan every six months. That way you never run out of plans. The second vital function of the business plan is to attract lenders and investors.Executive Summary: Within the overall outline of the business plan, the executive summary will follow the title page.

The summary should tell the reader what you want. The summary should tell the reader what you want. The flowchart shown in Figure gives an overview of the steps you will be taking to prepare your business plan.

The First Step: Choosing Your Business. One of the first steps for starting your own business is to decide what type of business you want to start.

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Over the course of the video, Peter Dolan and Neda Rahmani talk about the key components of a business plan: the executive summary and overview, the . Start studying Test-Title. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

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