Questions

Provide answers to all of the questions below:

1. Outline three reasons why a company may choose to develop a business plan.
2. Identify the key steps involved in developing a business plan (at least four).
3. List five common components of a business plan.
4. Outline three areas that the initial business planning process may address.
5. Describe the purpose of a SWOT analysis in a business planning process.
6. Explain the relationship between performance objectives and key performance indicators in a business plan.
7. Explain why it is important for a business to use a range of performance measures within its business plan.
8. If a business plan has an objective of improving customer satisfaction, identify three performance measures that could be used to measure customer satisfaction.
9. Identify key stakeholders who may be involved in business planning and explain how they are involved.
10. Explain the importance of pre-existing strategic, business, and operational plans to the development of a new business plan.
11. Explain why it is important to understand a business' vision, mission, values and objectives when developing a business plan. Give an example to illustrate your answer.
12. Describe at least three regulations/permits requirements/licence requirements to consider when initiating a new business activity that may require a permit or licence.