Google Translate

Original text

Google Translate

Copyright © 2023 SCORE Association, SCORE.org

Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

LiveChat

6 Questions Every Business Plan Should Answer

Table of contents.

what questions need to be answered in a business plan

An actionable business plan is crucial, whether your business is brand-new or an established player in its field. A business plan is especially vital for SMBs, which often must contend with lower name recognition, fewer loyal customers and other typical business challenges. While it doesn’t guarantee success, creating a business plan with research and care can help a business prepare for any future uncertainties.

Entrepreneurs and small business owners must ensure their business plans address six primary questions. Thinking through these questions and developing potential solutions helps set up your venture for success. 

What is a business plan, and why does it matter?

A business plan is a formal document designed to help you set achievable business goals and outline how you’ll accomplish them. The business plan should include various road maps dedicated to the following operational elements:

  • Product creation
  • Operational goals

A business plan is a valuable tool internally and externally.

  • Internal business plan functions: Internally, a business plan helps align its decisions with an overall road map to help it stay on track. Businesses can also use road maps to help think through difficult choices, such as headcount decisions.
  • External business plan functions: Externally, a road map is critical for securing funding from outside investors like angel investors . A business must demonstrate to investors that it has a solid business plan with achievable goals and a road map to success. 

When pitching your business idea to investors , emphasize how your product or service solves a problem and frame your pitch as a story to demonstrate your passion.

What should a business plan include?

Typically, a business plan should include the following elements: 

  • Executive summary. An executive summary highlights a business plan’s essential elements. Readers should be able to understand your business plan by reading your executive summary, even if they don’t read the rest of the document.
  • Budget. A small business budget should include overall operational and personnel costs. Consider your payroll budget , marketing budget and other departmental budgets.
  • Market analysis. A market analysis should include a thorough market assessment that identifies competitors, your target customer , customer buying habits, marketing demographics and what customers are willing to pay. A market analysis may include a competitive analysis that dives more deeply into direct and indirect competitors.
  • Product analysis. A product analysis outlines decisions about optimal product pricing. While you want to sell as many products as possible, low prices can scare off customers and eat into your profit margins, while prices that are too high will have customers turning to your competitors. 
  • Marketing strategy. Your marketing plan should outline how best to market the business and its products or services. Consider digital marketing targeted to specific online and social platforms, email marketing and local marketing. 

Business plans vary in length depending on your business’s size, industry and scope. An SMB typically has a shorter and more succinct business plan than a larger, established business that operates across industries. 

Collect market intelligence for your business plan by conducting customer surveys and researching social media metrics, competitors’ sales and target customer data.

Questions every business plan should answer

We spoke with six business leaders who shared their thoughts on the crucial questions a business plan should answer. Consider these six essential questions to optimize your business plan.

1. What is the competitive advantage?

Scott Locke, chair of the intellectual property department at Dorf and Nelson LLP, advises thoroughly researching copyright infringement issues when determining your competitive advantage. 

“I always look for what will give the business a competitive advantage relative to businesses that want to offer the same or similar goods and services and an analysis of the competitive landscape,” Locke explained. “I pay particular attention as to whether there is valuable intellectual property, be it patents, trademarks, copyrights or trade secrets, that will serve as barriers to entry for competitors. Similarly, I like to see a discussion of the intellectual property of the most direct competitors and how the new business will avoid infringing on it.”

2. Is the business in a growth market?

Walter Recher, principal consultant at SmallBall Marketing, says your business plan should emphasize how you plan to grow your business . 

“The key to any successful business is to be a growing company in a growth market. A business plan should articulate how the entrepreneurs will enter the market, apply their investment to prepare them to grow quickly, and participate in the expansion of an industry that is thriving, with a better-than-average growth trajectory,” Recher said. “As I have spent my career working for hyper-growth companies in rapidly expanding markets, a founder of several small businesses and adjunct professor of a course on entrepreneurship, this has been the common denominator.”

3. Will customers pay for it?

Andi Gray, founder and president of Strategy Leaders, advises examining the risks of entrepreneurship and determining what and how customers will pay for their products and services. 

“When looking at business plans, I always want to know how the owners plan to get paying customers to engage at a fee and quantity that allows them, as owners, to be in business and sustain themselves,” Gray advised. “My frequently asked question is, ‘How do you plan to feed and clothe yourself, and where do you plan to sleep while you’re getting this venture off the ground?’ My hope is that it will cause the students to consider why they are planning to take the risks of entrepreneurship.” 

4. How will the business be staffed?

Larry Holfelder, senior consultant at DJL Insurance Services Inc., emphasizes the importance of staffing considerations. 

“In every business plan, I like to see the recognition of the need to cover and staff the production, sales and finance parts of the business. Roles should be established for the entity as if it were mature and successful,” Holfelder advised. “Multiple roles should be assigned at first, if necessary, and filled with the right people as the entity grows and the timing is right.” 

Holfelder says thoughtful staffing coverage shows that the business owners are realistic. “I like to see that type of thought process because it shows me they recognize that they won’t be able to do it all themselves and that business success revolves around collaboration and management,” Holfelder said. “It also shows that they recognize their own limitations, their ability to focus on their strengths, and the need to bring in others who know what they don’t in order to reach the goals they envision.”

Consider using a staffing agency if you need to scale quickly and want flexibility and reduced legal risks.

5. Is the product innovative?

Irwin Glenn, chief identity scientist at Hunova, stresses the importance of innovation and inventiveness as well as the team’s level of inspiration. 

“Is the idea for the product or service innovative, a unique invention, or is the dream truly inspired? Glenn asked. “By innovative, I want to understand if the business plan is centered around a new twist on already-existing technology or services delivered in a new and compelling way. If inventive, can the idea be protected against new or existing competition? Finally, is the team assembled an excellent group that can’t be stopped from succeeding? Are they inspiring to me, each other, and their marketplace?”

6. Are the plans and goals realistic?

Charles North, former president and CEO of the Dutchess County Regional Chamber of Commerce, prioritizes a realistic business plan with reasonable expectations. 

“I look for it to be a realistic business plan, not something that is pie-in-the-sky. I want to see reasonable expectations,” North explained. “I tend to look more on the conservative side, since I feel that is the safest way to go. The idea doesn’t have to be reasonable; the plan does. The idea can be anything.”

North also emphasizes the importance of sales forecasts . “I always look for projections on what the business will do in the first year, second year, third year and fourth year showing sales, expenses [and the] bottom line as the business progresses. Those assumptions have to be reasonable.”

How planning for success pays off

A great business idea is no guarantee of success, but a solid business plan is a way to start a new business off the right foot and prepare your venture for a lucrative future. 

Business plans are a vital resource for businesses of all sizes. While business plans should, at minimum, lay out a series of goals and a road map for achieving them, a business plan should also help answer questions ranging from analyzing a business’ competitive advantages to considering if its goals are realistic. 

If you think through these questions while creating your business plan, your business will be in a better position to achieve its goals and weather any challenges it may face. 

David Mielach contributed to the reporting and writing in this article.

thumbnail

Building Better Businesses

Insights on business strategy and culture, right to your inbox. Part of the business.com network.

  • Grasshopper

Insights for Entrepreneurs

Browse by skill level.

  • Getting Started for the beginner marketer
  • Off the Ground for the intermediate marketer
  • On a Roll for the advanced marketer

Browse by Type

  • Miscellaneous

Browse by Topic

  • A/B Testing
  • Content Marketing
  • Email Marketing
  • Marketing Campaigns & PR Stunts
  • Metrics & ROI
  • Print Marketing
  • Social Media
  • Word of Mouth

Browse Products

  • Virtual Phone System Manage your business on the go
  • 800 Number for Your Business
  • Toll Free Numbers
  • Vanity Numbers
  • Cloud Phone System

The 5 Questions Every Business Plan Should Tackle

Whether you’re just beginning to think about starting a business, or you’ve already jumped in, you’re probably familiar with the idea of a business plan. There’s some debate around modern startups and the need for business plans — but whether you take it to an investor or simply use it to guide your own strategy, we recommend laying out your thoughts and plans for the business and its growth.

Today, we’ll chat about what information to include in your business plan — what questions it should answer and how to tailor your plan for different audiences.

We’ll be discussing this topic in our fireside chat , How to Create the Modern Business Plan for Your Startup , on Wednesday, June 15th. Don’t forget to RSVP!

What The Experts Had to Say

You know the standard format for what goes into a business plan, but concepts like 'marketing strategy' can be pretty vague. We wondered if there are specific questions that your plan should set out to answer, so we asked for input from five small business experts.

Here's what they told us:

What questions should every business plan answer?

Jill bigelow, pelv-ice llc :.

Every business plan should include the following elements: Problem being solved, addressable market size, team, marketing strategy, CAC (customer acquisition cost) if known, competition, financial slide (projections), Protectability/why your solution is better, the ask (what you are offering in exchange for investment).

Eric Michael Sales, Eric Michael Sales Public Relations :

The who, the what, the when, the where, and the why. It should be catered to three audiences as well: The public. The investor. And, the team. In the end, the business plan is a tool that’s supposed to help everyday operations.

business plan questions

Kurt Ostergaard, Stirling Insurance Services :

Who are the customers? What is their pain? What channels will you use to reach them? Economics of production, distribution, customer acquisition. Who are competitors? What is your relation to suppliers?

Kyle Golding, The Golding Group :

  • Who, What, When, Why, Where, How and For How Much.
  • Who are we as a company/brand and who is our primary and secondary audience?
  • What are we offering them, at what value?
  • When are they buying/paying for it and how often?
  • Why is our product/service needed and why do they choose us over others?
  • Where do they purchase and at what cost to us?
  • _How does our audience decide to purchase and how do we influence them? How do we speak to and listen to our target audience? _
  • How much can we charge the consumer with all real cost and margins included to be competitive and profitable? The reason to run business is to be profitable.

Daniel Feiman, Build It Backwards :

Who are we; why do we exist; what difference do we want to make; where do we want to go, how are we going to get there; how will we communicate & engage employees in the journey; using what resources; how goals will be measured; how will we make adjustments; how will we reward people; how will we keep this going.

Summing It Up

That’s a lot to digest — let’s pull it all together. According to the experts, your business plan should address the following basic questions:

  • Why are you in business? Talk about your mission. What drives your and the business beyond revenue and profits.
  • What does the market look like? Discuss who your potential customers are what pain points they have that you’ll solve. Analyze your competition — their business, their performance, and their weaknesses.
  • What will you do? Here, you’ll detail how your business is different from what’s out there. Explain what you’ll offer, how you’ll solve customer problems, and how the market will respond to your business.
  • How will you grow? This is where you’ll specify financials, projections, and where you expect the company to be in the future. You should also include plans for how the business will scale.
  • What do you need? Finish with your ask. Talk about what you need (investment, partnership, etc), how it will be used, and what you’re offering in return (equity, debt, etc).

Why Are These Answers Important?

Answering these five questions allows you to clarify what your business is and why you’re uniquely qualified to succeed in the current market — which helps potential investors, partners, and employees understand the value of working with you.

Whether you’re asking the audience for time, money, effort, or something else, they’re more likely to buy into your venture if there’s a clear-cut path from plan to operations to profit. Answering the questions above clears that path and helps to answer the all important question: What’s in it for me?

Customizing for Different Audiences

Tackling these questions gives you a great framework for your business plan, but the details should be tweaked depending on who you’re presenting to. There’s no one-size-fits-all plan, so it should be tailored to your individual audience .

Investors like venture capitalists and angel investors probably see a hundred business plans every day. So when crafting yours, keep two things in mind:

  • Be concise — Your plan may only get a few minutes’ time, so ensure your message and passion can shine through within that small window.
  • Be unique — In order to score a few minutes or more of an investor’s time, your plan needs to stand out among the other ninety-nine sitting on their desk.

The goal of your business plan when it comes to investors is to communicate your vision and passion in a way that gets the investor excited about your business, too.

Lenders like banks are usually interested in more practical information. They want to know how risky investing in your business is and how likely they are to get their money back, in a timely manner.

When pitching to a bank, don’t skimp on current financials (if you’ve already launched) and projections. Banks will see straight through inflated financials, so keep your projections reasonable, and be prepared to answer additional questions about the fiscal side of things.

When pitching to partners, your business plan serves two purposes. It explains your vision to potential partners, and it helps you to weed out people who don’t share that vision. The idea is to find someone who is already as excited about your idea as you are.

Your business plan should convey your mission and why you’re going into business in a way that’s honest and candid. Someone who will make a good partner will have bought in before even glancing at the financials or operating plan.

Potential employees are a unique audience in that they’re probably equally interested in the tangible and intangible aspects of your business plan. Increasingly, employees want to work for companies whose mission they believe in.

But they also want to be financially secure. If your business doesn’t have the management or strategic advantage to be successful, potential employees may be wary of investing years of their career (especially if they’re looking at equity compensation ).

Additional Questions to Be Able to Answer

While your business plan should answer the basic questions in a complete way, you couldn’t possibly detail every single tiny aspect of your business or the market. That means there are some additional questions you should be able to field if an investor or other reader asks. Here are a few examples:

  • Financial anomalies — If your business has been growing consistently but profit randomly dropped off one month, you should be able to explain why that happened, why it won’t happen again, or how you’ll address the situation if it does.
  • Your expertise — A good plan is accompanied by information regarding why you, the founder, have the unique skills or experience to take the business to fruition.
  • Elevator pitch — When an investor closes the plan and says, “You have 30 seconds. Sell me,” you should have a concise and compelling elevator pitch prepared to hammer home the key aspects of your business.

Bplans has a great article on some other unexpected questions you should be prepared to tackle.

Start Answering

You know all the questions that your audience needs answered, so now’s the time to start answering them. Dive into your competitor research, get lost in penning your vision, and get your business plan presentation-ready.

fireside chat

If you want extra info on getting started with a business plan, check out Brainstorming Your Business Plan — part of Grasshopper Academy’s Developing a Business Plan course.

About Author

gary-jpeg

Grasshopper Team

The Grasshopper Team loves sharing tips, tricks, advice, and how-tos with entrepreneurs around the world. We're always here to answer questions or just chat.

Most Popular stories people like

  • 15 Ways to Let the World Know About Your Awesome Business
  • Using Educational Content to Win Over Your Ideal Customers
  • Ready to Start and Grow Your Business?

Growthink logo white

Business Plan Questionnaire

Business Plan Questionnaire

Successful business plans clearly explain a company’s business model, objectives, strategies, and competitive advantages. Use our business plan questionnaire below for a list of the questions you should answer in each section of your business plan to ensure clarity and understanding of your business’s hopes and mission. 

Download our Ultimate Business Plan Template here

What Questions Should Be Asked in a Business Plan?

The business plan questionnaire can help you with how to write your business plan . It will give you a concrete set of directions for the future and allow you to further examine and learn about the market you are entering. Be sure to provide answers to the following questions in each key section of your business plan.

Executive Summary Questions

executive summary

You may ask yourself:

  • What is the issue your business is addressing?
  • How are you solving it?
  • What are your business’s strengths?
  • Why should an investor be interested in your business?

Company Analysis Questions

written company analysis

Ask yourself the following:

  • What is your business’ mission?
  • What is your history?
  • What are some of your past achievements?
  • What is your business’ legal structure?
  • Where is your business located?
  • Why did you start the business?
  • How do you measure your business success?

Industry Analysis Questions

discuss industry growth and concerns

Include the answers to the following questions:

  • What is the size of the market?
  • What are the characteristics of the market: growth trends, units sold, employment? 
  • What factors are influencing growth or decline in the market?
  • Are there any barriers to entering the market? 
  • Are there any government regulations that affect the market? 

    Finish Your Business Plan Today!

Customer analysis questions.

target high-quality customers

Be sure to include the following in your analysis:

  • What is the size of the target customer market?
  • Where are these prospective customers located?
  • What are their desires and needs, and how will your business meet those needs?
  • In descriptive terms, who is your target market? (what motivates them to purchase, what influences their purchasing decisions) 
  • Why will your target customers seek out your business?
  • What trends/purchasing shifts could occur in the market?
  • How will you monitor customer satisfaction? (e.g., surveys, reviews, etc.)

Competitive Analysis Questions

understand their weaknesses to help your company succeed

First, simply focus on your competition and what they are up to.

Address the following:

  • Who are your direct competitors? (e.g., other businesses in your genre) What percentage of market share do they occupy?
  • Who are your indirect competitors? (e.g., other companies that may not be specified in your business’s genre, but provide similar results to that of your business) 
  • What are your competitors’ strengths and weaknesses?
  • What are their products and pricing like?

Then, look into your business’ competitive advantage to describe how your business will be better.

  • Will you offer more or better features?
  • Will you ensure better results for your users?
  • Will you offer better pricing?
  • Will your customer service be more efficient?
  • Will you offer a better overall customer experience?

Marketing Plan Questions

advertising strategy for your organization

A complete plan will include the following marketing plan sections:

  • How will you communicate to your target customers about your product or service?
  • Why are you choosing these specific avenues (e.g., website, Social Media, etc.)?
  • What materials do you have or need, and what will be the cost of this?
  • What do you plan to spend on marketing per prospect and per client?
  • How will you retain existing customers?
  • How will your business attract publicity?
  • What media will you target?
  • How will your product or service be delivered to the market?
  • How might future changes impact your marketing?
  • How will you price your product relative to others in the market to be competitive yet profitable?
  • What type of payment will you accept?
  • Overall, how will your marketing strategy be effective to your target customers?

Operations Plan Questions

operations process for your organization

Consider the following:

  • What equipment is needed, and what is the cost?
  • What are your hours of operation and number of shifts?
  • How many employees will you have?
  • What are the skill sets required when looking to hire new employees?
  • What are your practices for scheduling, managing, and hiring personnel?
  • What are the processes you will use to produce and sell your product or service?
  • What is your purchasing process?
  • How will finished goods be distributed?
  • How will quality be measured and improved over time?
  • What will your procedures to keep track of inventory look like?

Management Team Questions

keep things simple until you have more clients

In this section, answer the following:

  • Who are your founding members and what is their background?
  • Who are your support team members and what are their responsibilities? (include position title, person’s name, and role)
  • Do you offer any ownership options to attract key management?
  • Do you have any Board of Directors?
  • Do you have any outside consultants that will work with your business as it grows?
  • What is your business’ organizational structure? 

Financial Plan Questions

finance projections for the future

Your financial plan should include:

  • Profit & Loss statement 
  • Cash flow statement
  • Balance sheet
  • Sales volume forecast
  • Personnel plan
  • Break-even analysis

Here, you must gather data and convey just how much money your business will need and how much income you will earn, as well as when your business will be profitable. 

Be sure to consider the following:

  • How were your numbers calculated?
  • Why are the salaries and office expenses you have calculated reasonable to your business?
  • Why are your expense estimates realistic?
  • How have you budgeted for unexpected costs?
  • Is there any debt the business currently has?
  • What is the amount of equity the owners and stockholders have? 
  • What is your annual interest expense?
  • What is the percentage of sales issued for returns? 
  • What is your average daily inventory value?
  • Are you using a fixed or variable inventory method?
  • What is the limit on your line of credit and the average interest rate?
  • What is your minimum checking account balance to have at all times?

Your financial plan should prove that you are informed and knowledgeable on the numbers around your business. It should prove that you are aware of all potential unexpected costs or other out-of-the-blue setbacks. 

Appendix Questions

provide the data to support your plan

Appendices may be anywhere from just a few pages to a hundred or more.

Your appendix can include:

  • Resumes of key management, blurbs on other management members
  • Job descriptions/titles
  • Copies of any agreements having bearing on the business plan
  • Copies of licenses
  • Personal and business tax returns (if applying for a loan)
  • Marketing materials 
  • Photos or sketches of the building, property, equipment, products 
  • Industry studies or other information supporting industry trends
  • Summaries of secondary market studies

Business Plan Questionnaire Conclusion

The above sample survey questionnaire for a business plan should be a guide for you to use as an outline and checklist of items that will need to be addressed in your company’s business plan. Growthink’s fill in the blank business plan includes each of these key elements and more to help your business succeed.

How to Finish Your Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Other Helpful Business Plan Articles & Templates

Business Plan Template & Guide for Small Businesses

We couldn’t find any results matching your search.

Please try using other words for your search or explore other sections of the website for relevant information.

We’re sorry, we are currently experiencing some issues, please try again later.

Our team is working diligently to resolve the issue. Thank you for your patience and understanding.

50 Questions Your Business Plan Should Answer

what questions need to be answered in a business plan

S adly, most investors don't read business plans. However, writing one is the only way you will be able to answer the following 50 questions which an investor will ask you:

1. What is the price of your product or service and why?

2. How much capital is required to execute your business plan?

3. How much is the company is worth?

4. What existing products/services does your company provide?

5. What is the use of the proceeds?

6. On a summary basis, what is the historical financial performance of the company (even if, and perhaps particularly if, you have no revenues)?

7. On a summary basis, what is the projected financial performance of the company?

8. What new products/services are being developed and when will they be ready for market?

9. What is the size of the market for your product in dollars?

10. What is the size of the market in terms of units?

11. How has the market for the product/service changed over the past 5 years and why?

12. How do you anticipate it will change going forward?

13. At what rate is the market for your product growing?

14. Is the competition highly concentrated or highly fragmented?

15. What is your distribution channel and why is it the best one?

16. On a broad level, what are the elements of your marketing strategy?

17. What does it cost to generate a lead, and what is the ratio of leads to sales?

18. What funding is being allocated to new product development from the financing and from ongoing operations?

19. How many potential customers have you talked to?

20. What are the gross and margins on your product/service? Why are they superior or inferior to a competitor?

21. What is your assumptions on the bad debt and collection period for outstanding receivables?

22. What are your working capital needs once sales take off and how will these needs be addressed?

23. What will happen to gross and operating margins as sales rise and why?

24. What percentage of your sales are recurring?

25. Who are your top five executives and what is their professional and educational background?

26. What regulatory or legal threats are present?

27. Are there international markets for this product and is the company positioned to take advantage of them?

28. Who is the largest competitor in your industry?

29. What criteria will be used to choose locations for geographic expansion?

30. How will you get this product into mass market distribution channels?

31. Is the product/service patented?

32. Who are your suppliers and or vendors?

33. Do you have more than one for each supplier/vendor of your basic raw materials or services?

34. What are your payment terms with vendors or suppliers?

35. What will cause gross and operating margins to improve as volume increases or decreases?

36. Where is the company located and how many square feet does it lease or own?

37. What is the length of the sales cycle?

38. How did you estimate returns and allowances?

39. How are sales personnel compensated? Incentivized?

40. What, as a percentage of sales, is the industry norm for R&D expenditures?

41. What is the earnings multiple of public companies like yours?

42. What is your immediate marketing objectives?

43. Does the company have a board of directors or advisors?

44. What is the ownership structure of the company? Who else is an owner?

45. How has the company been financed to date? What other financial transactions have occurred in the past?

46. Has the product generated any publicity? Where?

47. How old are the current liabilities on the balance sheet?

48. Who has prepared the historical financial statements and have they been compiled, reviewed or audited?

49. Is there any cyclically in sales?

50. What are the competitive advantages of your products?

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

David Evanson

David Evanson

David R. Evanson has more than 30 years working in the media, on Wall Street and in media relations. He has worked with investment banks, asset managers, private equity investors and institutional brokers on a variety of marketing and communications challenges. David is also a recognized financial writer, having authored five books on finance and economics, and articles in Barron’s, Forbes, Investment Dealers’ Digest, On Wall Street, Financial Planning and Entrepreneur, among others. David brings to the table a well-developed understanding of the capital markets, investments and corporate finance, and a talent for creating targeted media communications programs for financial services providers.

  • Type a symbol or company name. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return.

These symbols will be available throughout the site during your session.

Your symbols have been updated

Edit watchlist.

  • Type a symbol or company name. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return.

Opt in to Smart Portfolio

Smart Portfolio is supported by our partner TipRanks. By connecting my portfolio to TipRanks Smart Portfolio I agree to their Terms of Use .

Entrepreneurship / Business Plans - Hammond Campus

  • Small Business News & Information Sources

Questions You Should Answer

  • Industry Information

Market Analysis

  • Company/Competitor Information
  • What is your financial plan
  • Writing Business Plans
  • Business Plan Examples
  • Social Entrepreneurship
  • Citing Sources

Subject Guide

Profile Photo

What is you company

Why do customers need your product or service?

What is your business concept or business model?

What are the conditions and overview of your industry?

Who is your target market / customer?

Who is your competition ?

Is your competition local or national?

Are there many or few competitors?

What is your Marketing Plan?

Describe your target market.

What is your product strategy?

What is your pricing strategy?

What is your distribution strategy?

How will you advertise or promote your product or service?

What is your sales forecast?

How will your company operate?

Location and facilities

How will you grow your business?

Development strategy

Who is the Management Team?

What risks does your business face?

Risks from competitors

Risks from changes in the marketplace or economy

Changing consumer needs or tastes

What type of financing and how much will you need?

Venture capital

What is your financial plan?

Gross and operating margins

Balance sheets

  • << Previous: Small Business News & Information Sources
  • Next: Industry Information >>
  • Last Updated: Nov 1, 2023 4:53 PM
  • URL: https://guides.pnw.edu/BusinessPlans

Do I need a business plan? Your questions answered

why write business plan

If you're about to start your business, you have probably heard about business plans, and might be wondering: do I need a business plan? 

First things first, what is a business plan? To keep it simple, a business plan is a document that presents the business opportunity that your company is trying to seize. In this document, you'll explain how you intend to take action to make the most out of this opportunity and estimate its potential profitability. 

Ok, now let's take a look at why you need a business plan. 

#1: Do I need a business plan to serve as a road map?

The business plan is the document that will go over the strategic, commercial and financial objectives of your project for the next 3 years. 

3 years can seem like a long way away when creating your business, however, it's important to account for this time. There's a good chance your project will evolve in a different direction than what you had in mind at the start - as you will need to adapt to market trends, competitors and consumer needs, embrace yourself for your business to be constantly evolving. 

Your business plan, therefore, acts as a road map for the whole team. You will be able to have a document to come back to and reflect, making sure you've accomplished what you intended to, or understand why you didn't, and define new goals for your company.

#2: Do I need a business plan to convince investors?

Your business plan is an extremely effective tool when it comes to convincing potential collaborators. Suppliers and financial partners (lenders and investors) will also ask for a business plan to assess your project's viability.

Having a business plan will allow you to have a convincing document on hand, ready to be sent to banks or private investors.

You need a business plan to attract them to the business opportunity you're presenting.

Suppliers will look for how much they can get out of your project, and if the opportunity is worth their time. It's therefore essential for you to reflect on an enticing business opportunity, and make sure your business will be profitable so you can pay your suppliers on time.

Banks will evaluate your business opportunity by looking at different aspects such as payment fees and foreign currency transactions they can earn. They will also assess how much capital you will need at the start and how much funding you will put towards the project to estimate how much you will be able to borrow.

If you're getting a loan from your bank, it will be important to underline the stability and viability of your project and that's why you need a business plan. You will highlight the chances of success, along with how much capital debt you will have, and show you will generate enough cash flow to keep the business afloat.

When you're looking to send it to an equity investor, the business plan must highlight the potential return on investment. Investors need to be convinced that the project will be profitable enough to compensate for the risk they're taking, and make sure you will reach the plan's objectives.

Convincing all of them means getting them to read your document, however, they don't have time to spare, that's why you need a business plan to help you be clear and concise. 

Besides engaging content, your business plan should have a nice format that catches the eye. Clear and constructed presentations also mean having a good executive summary .

Once all of this is done, you can be pretty sure that they'll read your business plan with enthusiasm, and hopefully be convinced.

#3: Do I need a business plan when looking for funding? 

Yes, making a business plan is (admittedly) tedious and time-consuming, but you really need a business plan if you're looking for funding. The business plan is absolutely necessary.

Not only will it allow you to get a glimpse as to what the future holds for your business, but you will also have an idea of how profitable it could be.

No business plan means no lenders or investors. You need a concrete document in order to grab their attention.

No business plan also means that you are flying blind without knowing whether or not your business can be profitable - that's risky!

#4: Do I need to write a business plan by myself?

It can be difficult to pick the right solution for creating your business plan, but here are a couple worth looking at.

Create your business plan with Excel

Excel is the cheapest solution on the market, however, it might just the hardest one as well. Without any accounting, financial, or Excel knowledge, creating your business plan with Excel could turn out to be really tricky.

It might save you some money, but will take time and won't keep you from making mistakes.

Ask a professional to do it for you

A consultant or an accountant could be the help you need to put together a business plan.

However, their expertise comes at a price and this won't be the cheapest option.

If you opt for this solution, make sure that the person you choose is an expert in your industry, and therefore has the knowledge to critically analyse the business potential.

Use an online business plan software

Using an online business plan software could also be a great solution for the business plan you need.

Using  online business planning software will give you the necessary tools to write your business plan:

  • You will be guided with instructions and examples for each section of the business plan
  • You will easily put together a financial forecast with the help of software that takes care of the number crunching and financial aspects for you
  • You will get an investor-ready document, formatted and ready to be sent to your bank

If this sounds ideal to you, The Business Plan Shop gives you the opportunity to trial its software for free by registering here .

Using a business plan software could be a good compromise between the other solutions, considering it's easier to use than Excel and cheaper than a professional.

We hope this article was useful in helping you understand why should write a business plan.

Please do not hesitate to get in touch if you have any questions, our team will be happy to help.

Also on The Business Plan Shop

  •  A practical example of a business plan outline
  • Download our free business plan template
  • How to do a market analysis for a business plan

Guillaume Le Brouster

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

Create a convincing business plan

Assess the profitability of your business idea and create a persuasive business plan to pitch to investors

The Business Plan Shop | Business Plan Software

500,000+ entrepreneurs have already tried our solution - why not join them?

Not ready to try our on-line tool ? Learn more about our solution here

Need some inspiration for your business plan?

Subscribe to The Business Plan Shop and gain access to our business plan template library.

business plan template library

Need a professional business plan? Discover our solution

Write your business plan with ease!

Business Plan Software

It's easy to create a professional business plan with The Business Plan Shop

Want to find out more before you try? Learn more about our solution here

  • Business Essentials
  • Leadership & Management
  • Credential of Leadership, Impact, and Management in Business (CLIMB)
  • Entrepreneurship & Innovation
  • *New* Digital Transformation
  • Finance & Accounting
  • Business in Society
  • For Organizations
  • Support Portal
  • Media Coverage
  • Founding Donors
  • Leadership Team

what questions need to be answered in a business plan

  • Harvard Business School →
  • HBS Online →
  • Business Insights →

Business Insights

Harvard Business School Online's Business Insights Blog provides the career insights you need to achieve your goals and gain confidence in your business skills.

  • Career Development
  • Communication
  • Decision-Making
  • Earning Your MBA
  • Negotiation
  • News & Events
  • Productivity
  • Staff Spotlight
  • Student Profiles
  • Work-Life Balance
  • Alternative Investments
  • Business Analytics
  • Business Strategy
  • Business and Climate Change
  • Design Thinking and Innovation
  • Digital Marketing Strategy
  • Disruptive Strategy
  • Economics for Managers
  • Entrepreneurship Essentials
  • Financial Accounting
  • Global Business
  • Launching Tech Ventures
  • Leadership Principles
  • Leadership, Ethics, and Corporate Accountability
  • Leading with Finance
  • Management Essentials
  • Negotiation Mastery
  • Organizational Leadership
  • Power and Influence for Positive Impact
  • Strategy Execution
  • Sustainable Business Strategy
  • Sustainable Investing
  • Winning with Digital Platforms

6 Questions to Ask Before Starting a Business

Aspiring entrepreneur at computer

  • 14 Jul 2020

If you’re considering starting your own business, you’re not alone. Between 2020 and 2021, more than 838,000 new businesses were founded in the United States.

Being an entrepreneur has many perks, such as setting your own hours, the flexibility of where you work, and the satisfaction of building something from the ground up. Yet, there are also some drawbacks as the chances of success aren't guaranteed. Half of all startups fail within five years of being incorporated.

Entrepreneurship is the pursuit of opportunity beyond currently controlled resources. When you hear the word “entrepreneur,” you might think of Apple’s Steve Jobs, Microsoft’s Bill Gates, or OWN’s Oprah Winfrey, who each saw a need in the market and filled it with an original product or delivery system. Their respective businesses have not only been successful, but changed the landscape of their respective fields—from personal electronics to digital media. Each took risks and were met with immense rewards, but not all entrepreneurs are so lucky.

So, what does it take to be a successful entrepreneur ? In the online course Entrepreneurship Essentials , Harvard Business School Professor William Sahlman warns against falling back on stereotypes, noting that great entrepreneurs can come from a diverse range of demographics.

Although there’s no single characteristic that makes a perfect entrepreneur, some common traits of successful ones include curiosity, adaptability, decisiveness, and innovation.

Aspiring entrepreneurs who possess these characteristics should take note of their personal goals and create an effective business plan to achieve them. This type of foresight is incredibly helpful when launching any type of business.

What Makes A Successful Business?

Behind every successful business is an idea that solves a problem. This means that from the earliest stages of the process, entrepreneurs must be aware of their target audience and the needs the product or service will fulfill. This takes the guesswork out of future marketing strategies since the mission of the business is clearly defined.

Another element to a successful startup is the support of experienced business counselors. Starting a new business is no easy feat, which means guidance from skilled individuals who have launched and run companies can be invaluable. You can seek out these professionals through various networking opportunities, such as entrepreneurship counseling or the HBS Online Community , or find a mentor within your existing professional network who can give you insight into the market.

It’s also crucial to choose your business partners wisely. Find individuals who share the same vision and possess strengths that complement your weaknesses. It’s not enough to be friends with your business partners; you must define the expectations you have as a team from the start and be equipped to solve disagreements in a productive way. One way to lay the foundation for a strong business partnership is by ensuring all parties have a clear understanding of what starting a business requires.

Is starting a business the right choice for you? First, be sure to ask yourself these initial questions.

Access your free e-book today.

Questions to Ask When Starting a Business

1. is now the right time to start a business.

Your idea may never take off if you try to start your business at an inopportune time. Are you currently in a position to pursue entrepreneurship? Consider your relationships, financial wellbeing, and physical health. For instance, if you recently welcomed a baby into your family, you may not have enough time and energy to dedicate to the growth of your business.

On the flip side, perhaps you’ve recently been laid off from your role in corporate finance. This turn of events could spark an ambition that can be poured into starting your new venture, backed by your professional experience.

It’s also important to consider if the timing is right in the broader economy and the specific market you want to enter. You should ensure your offering meets a current need.

For instance, take the coronavirus (COVID-19) pandemic and the preparation to reopen offices. These unique circumstances have generated a need for companies to prevent the spread of germs and enforce social distancing, while allowing employees to work alongside one another. It’s an opportune time for someone who, for example, wants to produce and sell transparent cubicle partitions, because that product fills a market need.

2. Do You Have a Business Idea, and Is That Idea an Opportunity?

When starting your own business, you need to know what you plan to sell. If you haven’t fleshed out those details yet, brainstorm using the following prompts:

  • Why does it take so long to ____?
  • Why does ____ cost so much?
  • Can I deliver ____ with a new business model?
  • What can I change about ____ to improve it?

Your idea doesn’t need to be a new invention—it simply needs to fill an unmet need. If you have an idea for an original product, that’s great, but an improvement to an existing product’s cost, production, functionality, or accessibility can go a long way. Take Uber, for instance: Uber didn’t invent the idea of ride-sharing (taxis have been around since 1897 ), but it delivers the service in a new, innovative way.

You should also determine whether your business idea is an opportunity.

In Entrepreneurship Essentials , opportunity is defined as "a proposed venture to sell a product or service for which customers are willing to pay more than the required investments and operating costs." In other words, people must be willing to pay more for your offering than you’ll spend creating it.

To find out if your idea is an opportunity, first come up with a hypothesis. For instance, “I hypothesize that businesses would be willing to pay $150 per transparent cubicle partition.”

Next, test your hypothesis by conducting market research. Sahlman recommends reaching out to strangers from your target market segment, rather than friends, family, and colleagues, who may sing false praises. The feedback you receive can inform if your hypothesis was correct, or whether you need to test other hypotheses.

3. Are You Prepared to Pivot and Adapt?

Entrepreneurship is an iterative process. If you know that adapting to new information and pivoting when original ideas fall flat aren’t your strengths, develop those abilities before becoming an entrepreneur.

With your earlier hypothesis in mind, say your research tells you 75 percent of people you interviewed aren’t willing to pay $150 per transparent cubicle partition. Given this information, you need to adapt.

You test further hypotheses and discover the majority of your target segment is willing to pay the original $150 if the transparent cubicle partitions are both high-quality and easy to install and remove. This leads to the development of a new prototype, reassessment of the cost to manufacture, and another round of hypothesis testing.

The ability to adapt and frequently pivot, especially in the early stages of your business, is essential.

Related: Tips for Scaling Your Business

4. Do You Have a Strong Team, or the Ability to Form One?

No successful entrepreneur got to where they are by themselves.

“All great companies, even those with iconic entrepreneurs, had many other people who were involved and, without whom, the company might not have made it so big,” Sahlman says.

In Entrepreneurship Essentials , Apple is used as an example to illustrate the power of a team on a growing business.

“Steve Wozniak was the engineering genius behind the company’s early products,” Sahlman says.

Shortly after it was incorporated, Mike Markkula and Mike Scott joined as seasoned executives who proved themselves essential to the company’s growth. Steve Jobs, who had previously been forced out of the company, returned to Apple when it was on the verge of failure and revitalized its products. Without each of them, and countless others on their teams, Apple would not be where it is today.

If you decide to start a business, keep in mind that successful business owners know when to ask for help and delegate tasks. Whether that means starting your business with a partner or two, building a strong team as you grow, or simply accepting any help and advice you can, know that your potential success relies on the strength of the people around you.

Related: 10 Tips to Help You Boost Team Performance

5. Are You Prepared for the Possibility of Failure?

Entrepreneurs must be prepared for the possibility of failure when starting a business. In Entrepreneurship Essentials , Sahlman notes that 70 percent of businesses survive for two years, 50 percent last five years, and only 25 percent make it 15 years.

“Though every entrepreneur imagines success, they must act with the full knowledge that the odds are against them,” Sahlman says.

The very real possibility that your business may not survive is something you need to come to terms with before pursuing entrepreneurship, and you should have a plan for that scenario.

6. Why Do You Want to Start a Business?

As you consider starting a business, continually return to the most basic question: Why?

While only you can answer this question, understanding the relationship between risk and reward can help illuminate your motivations.

It’s the point where the potential of reward—whether that be pursuing your passion, becoming the next big brand, or filling the market’s need—outweighs the fear of risk that your entrepreneurial journey begins.

Ask yourself what you hope to gain from starting a business, and list the risks you anticipate. If the pull of potential rewards outweighs your fear of risks, it’s a good sign you’re ready to be an entrepreneur.

Which HBS Online Entrepreneurship and Innovation Course is Right for You? | Download Your Free Flowchart

Are You Ready To Start A Business?

Asking yourself these questions can shed light on whether starting a business is a path you want to pursue. It can be a lot of work and come with inherent risk, but armed with informed decision-making , an innovative concept, a solid team, and a bit of luck, starting your own business can be an extremely fulfilling experience.

Are you looking to turn an idea into a viable venture? Explore our four-week online course Entrepreneurship Essentials and our other entrepreneurship and innovation courses to learn to speak the language of the startup world. If you aren't sure which course is the right fit, download our free course flowchart to determine which best aligns with your goals.

This post was updated on August 9, 2022. It was originally published on July 14, 2020.

what questions need to be answered in a business plan

About the Author

  • New Terms of Use
  • New Privacy Policy
  • Your Privacy Choices
  • Closed Captioning Policy

Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by  Factset . Powered and implemented by  FactSet Digital Solutions .  Legal Statement .

This material may not be published, broadcast, rewritten, or redistributed. ©2024 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy

Five Critical Questions Your Business Plan Should Answer

If I may adapt a line from John F. Kennedy's famous 1961 presidential inauguration speech to make a point about business plans: Ask not what you can do for your business plan. Ask instead what your business plan can do for you.

Questions about pricing, hiring and other factors can crop up as a business grows. A detailed and often-revised business plan should help you answer them. Getting these answers can help you keep your long-term goals in mind when steering your company toward short-term milestones.

Here are five key questions and how your business plan should help you answer them:

1. Is my price right?

There are two essential components of pricing that should be included in your business planning:

More On This...

* Consider whether your price is in line with your message. If you say you offer a high-quality custom product or service, you can't post a low price without contradicting your own marketing message. You should set your prices according to the relative value you offer, or risk confusing your potential market.

* Your business plan should include your revenues and costs on a per-unit basis, your overall direct costs and overhead. These factors can help you establish the constraints related to making enough profit. You have to cover costs, which can include expenses beyond the direct costs of buying what you sell, such as rent and payroll.

Related : Three Ways to Raise Prices Without Losing Customers 2. Can I afford to hire?

Especially when you're running a new company, you might not be able to help thinking that hiring additional employees might help you with the mounting list of tasks that have to get done. What would happen if you hired an extra salesperson? Could an extra administrator solve some of your problems?

Go back to your business plan and determine what happens to projections if you add the extra salary and benefits. Guess whether the improvement in people power will add to your revenue, or cut costs.

Or perhaps you should consider hiring a contract worker. Of course, hiring someone is almost always cheaper -- but only if there is a long-term need that justifies adding the fixed costs. If it's a short-term need then the cost won't affect your overheard forever.

Either way, working those numbers won't eliminate the uncertainty but it can make it easier to understand the variables.

Related : How Entrepreneurs Can Lure Top Talent from Big Business

3. Am I implementing my strategy?

Test your strategic alignment: Do your milestones, spending for marketing activities and new product or service development, and related expenses show the same priorities that are reflected in your strategy? In my business planning coaching I've repeatedly run into client situations in which people say one thing in their strategy but do something different thing in their actions and spending.

For example, you say you're going to emphasize your extensive computer expertise in your strategy, but you pay your service staff below market rates. Or you say you're going to emphasize one side of your product line, but your advertising spending emphasizes the other.

4. Can I afford to relocate?

Sometimes new business owners need to relocate to help cut costs, or want to take better advantage of a prime sales area. If you need to switch your location, get back to your basic numbers and break the problem into its business plan parts.

Estimate how much more your monthly rent will be at the new location. Also estimate your moving costs, costs for fixing up the new location and costs of the business lost while you're absorbed in the move.

Then adjust your sales forecast to either add in the additional business you'd be able to do there or the costs you'd be able to cut. If you don't see enough long-term improvement, then perhaps you shouldn't move.

5. Am I stunting my own growth?

Go back to your business plan and give your assumptions a fresh look. Consider your target market and strategy, and add in your business offering and distinctive differences. Does your business offering match your market? Are you sending the right messages to the right kinds of people?

Related : Three Things to Keep in Mind When Scaling a Business Quickly Think about things you could easily add on to sell more per customer. Is there some low-hanging fruit you're missing? Maybe your restaurant customers, for example, want mugs, t-shirts or desserts. Maybe your computer services clients want automatic back-up services, or system upgrades.

Now look at marketing. Is your message changing enough to match changes in the market? Is your marketing mix adjusting to technology and media and social changes? What if you spent more money and time on marketing? Could you increase sales?

Your business plan isn't a static document -- it's your best tool for steering your business. Answering these questions periodically can help keep long-term goals in mind while you adjust your immediate steps and actions.

what questions need to be answered in a business plan

  • Starting a Business
  • Growing a Business
  • Business News
  • Science & Technology
  • Money & Finance
  • Subscribers For Subscribers
  • ELN Write for Entrepreneur
  • Store Entrepreneur Store
  • Spotlight Spotlight
  • United States
  • Asia Pacific
  • Middle East
  • South Africa

Copyright © 2024 Entrepreneur Media, LLC All rights reserved. Entrepreneur® and its related marks are registered trademarks of Entrepreneur Media LLC

JUST RELEASED: View the 2024 Franchise 500 Ranking

5 Critical Questions That Will Lead You to Business Success As the saying goes, we don't always know what we don't know. That can make it hard to come up with the right questions. But not if you start with these five basic inquiries.

By Ray Titus • Feb 19, 2024

Key Takeaways

  • The willingness to ask questions, listen to the answers, and then act fosters a culture of open communication and respect.
  • By engaging in active listening after posing questions, leaders can gain deeper insights and make informed decisions.
  • Encouraging employees to share their thoughts and opinions by asking open-ended questions will enhance their engagement.

Opinions expressed by Entrepreneur contributors are their own.

Recently, my company was exploring a business opportunity in Australia . I've been there more than 50 times but found myself puzzled over a real estate term. I could have pretended to understand it so I'd look smart to everyone, but I asked what the term meant – and the answer changed our direction completely.

The experience taught me, once again, that when it comes to business challenges, being willing to ask questions is often the answer you need to succeed. No one is an expert in everything, so questions are an essential part of running any business. By asking questions and then listening to the answers and acting on them, even if you reach a different conclusion than they have, you are telling everyone around you that they are important and you value their opinions.

Related: Considering franchise ownership? Get started now and take this quiz to find your personalized list of franchises that match your lifestyle, interests and budget.

Great salespeople are excellent listeners

The consequence of not asking questions is obvious: failure. When you neglect to seek critical information, you put your project (or your entire business) at risk of failure, and your reputation suffers because you look like a know-it-all who places your own ideas above all else.

Not enough people understand this. Great salespeople are excellent listeners — they hear what the customer wants and then give it to them. Poor salespeople, on the other hand, consistently misread people because they haven't learned how to listen or ask questions — or they're just too busy talking.

It's essential to ask the right questions, but you can't hold back for fear of looking like you don't know anything. Being willing to admit what you don't understand can be more valuable than showing your authority. No one expects me to know all about legal issues or be a technology expert; that's why we have a legal department that hires lawyers and an IT department that hires computer experts. But being honestly curious about areas you're not familiar with will lead you to the answers you need, and if your experts give you clear answers you can understand, you can be more confident you've got the right team in place.

5 Questions that can yield the answers you need

As the saying goes, we don't always know what we don't know. That can make it hard to come up with the right questions . But it's not that hard if you start with these five basic inquiries:

1. What do you think?

You might be surprised how many employees don't think their ideas matter to senior leaders. Asking for a team member's opinion gives them permission to speak up with an honest assessment you might never hear if you don't ask for it.

2. If you were me, what would you do?

This is helpful if you don't know much about the subject being discussed. It's a stronger way of asking "What should I do?" because it requires the employee to put more thought into their answer and to imagine the consequences.

3. Is there something I'm missing here?

If you don't understand an answer or it doesn't make sense, this is a diplomatic way of getting clarity. It gives you the responsibility for understanding rather than making the team members feel they're not explaining things correctly.

4. Who else can I talk to about this?

This gives you the opportunity to expand your resources and relieves the employee of being completely responsible for the answers you need. Don't ask in a way that suggests you're unhappy with their responses, however.

5. Is there a better way to do this?

If you're not satisfied with the answers you've received, this is a positive way of asking for better ones without denigrating the first answer and the person who gave it.

But asking questions is just the first step in seeking the information you need.

Related: How to Ask the Right Question in the Right Way

Stop talking and start listening

I'm not always looking for new information when I ask questions. I'm also seeking to understand my teams' rationale so I can evaluate their decisions. Sometimes I'm just looking to confirm my own thinking.

That's why I believe listening is such an important part of communication ; once you ask the questions, you must listen to the answers and be willing to go deeper – "peeling the onion" with two or three or more queries that will get you where you need to be. I even wrote a short book on the subject; You're Not Listening to Me! Learn to Communicate Better by Improving the Listening Side .

If you go in a different direction, asking intelligent questions and listening thoughtfully to the responses can minimize the team's resistance. When you base your decision on the answers they've given you, and you can explain the decision rationally, they are more likely to feel valued and respected. If someone gets upset or doesn't accept your decision, it may be because you behaved like a prosecutor interrogating them on the witness stand – looking for reasons to reject their ideas without fair consideration.

Not all my questions are directed at my teams. My most productive one is often something I ask myself: What changes would someone else make right away if they were sitting in my seat? It's not always easy to hear the answer, but taking an observer's perspective and trying to see myself as someone else might view me has led to some surprisingly honest appraisals.

Remember, however, that what you ask is not as important as the mere fact that you're asking . It shows you're willing to admit you don't know everything and you trust your team to help you choose the right direction. But it's not just about image; ensuring you understand issues surrounding your business and have accounted for possible problems will make projects more likely to succeed.

Entrepreneur Leadership Network® Contributor

CEO of United Franchise Group

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick Red Arrow

  • This Black Founder Was Denied a Business Loan and Set Out to Prove the 'Gatekeepers' Wrong. He's Made More Than $500,000 So Far — But It's Just the Beginning.
  • I Tried 3 AI Headshot Generators and There Was a Clear Winner
  • Lock These Are the Highest-Paying Side Hustles for a Single Day of Work
  • An Outpost of a Popular Buffet Chain Has Racked Up Tens of Millions of Views on Social Media. Here's How It Keeps Going Viral .
  • Lock I Biohacked My Way to Better Mood, Sleep and Job Performance — and You Can, Too. Here's How.
  • SMART Goals May Be Holding You Back — Try This Effective Goal-Setting Technique Instead

Related Topics Red Arrow

Most popular red arrow, how to bridge the gap between aspirations and reality in business.

Bringing a vision to life requires a good dose of self-honesty and a multi-year plan for incremental progress.

Save on These Open-Ear Headphones — $30 This Week

Liberate your ears with these wireless, non-invasive headphones discounted for a limited time.

3 Strategies to Help Leaders Ignite Passion in the Workplace (and Why It's Important)

Here are three proven strategies to help you motivate your team and bring passion into the workplace.

You Need to Do These 5 Steps If You Want to Survive the Difficult Funding Market

The VC market took a beating in 2023, and the VC funding market is not going to reopen anytime soon. This article will teach you how to survive a difficult funding market like today, so you can live to fight another day.

Report: The Majority of Recent College Grads End Up in Jobs That Don't Need Bachelor's Degrees

Two research companies looked at a dataset of 60 million Americans.

Get a Lifetime of Images with JumpStory for $100

Save 66% on stock images for life.

Successfully copied link

comscore

Summarize the need for an information assurance plan for Home Depot...

  • Summarize the need for an information assurance plan for Home Depot breach organization, including the legal and ethical responsibilities of the organization to implement and maintain an appropriate information assurance plan.
  • Defend the key elements of your information assurance plan , including which members of the organization would be responsible for each element.

Answer & Explanation

Need for an Information Assurance Plan for Home Depot:

Following the massive 2014 data breach, Home Depot faced significant legal and ethical repercussions, highlighting the crucial need for an information assurance (IA) plan.

1. Legal Requirements:

  • Data breach notification laws: Home Depot violated laws requiring notification of affected individuals and authorities, leading to fines and settlements.
  • PCI DSS non-compliance: Failing to comply with the Payment Card Industry Data Security Standard (PCI DSS) resulted in financial penalties.
  • FTC investigation: The Federal Trade Commission (FTC) investigated and penalized Home Depot for unfair business practices related to inadequate data security.

1.1. Ethical Responsibilities:

  • Customer data protection: Home Depot has a responsibility to safeguard customer data, entrusted to them. The breach caused financial losses and identity theft for affected individuals.
  • Consumer trust: Data breaches erode trust in companies, and implementing a strong IA plan demonstrates commitment to data security and rebuilds trust.
  • Corporate social responsibility: Companies are increasingly held accountable for their societal impact. Strong data security practices contribute to a more secure and responsible business environment.

2. Key Elements of an Information Assurance Plan:

  • Identify and assess vulnerabilities: Regularly assess systems and processes to identify weaknesses.
  • Prioritize risks: Focus on addressing the most critical vulnerabilities based on their potential impact.
  • Develop and implement mitigation strategies: Implement appropriate security controls to address identified risks. Responsible: Chief Information Security Officer (CISO), IT department
  • Implement strong authentication and authorization: Control who has access to sensitive information and systems.
  • Grant least privilege: Users should only have access to necessary information and systems.
  • Monitor and audit access activity: Regularly monitor access logs and investigate suspicious activity. Responsible: CISO, IT department, department managers
  • Encrypt sensitive data: Encrypt data at rest and in transit to protect it from unauthorized access.
  • Implement DLP controls: Prevent sensitive data from being accidentally or maliciously leaked.
  • Regularly back up data: Have a robust backup and disaster recovery plan in place. Responsible: CISO, IT department
  • Have a plan for responding to security incidents: Outline how to identify, contain, and remediate security incidents.
  • Regularly test the incident response plan: Conduct drills and exercises to ensure readiness.
  • Communicate effectively during incidents: Communicate clearly with affected individuals, authorities, and the public. Responsible: CISO, IT department, legal team, public relations team
  • Educate employees on security policies and procedures: Regular training helps employees identify and avoid security risks.
  • Phishing and social engineering awareness training: Train employees to recognize and avoid phishing attacks and social engineering scams.
  • Security awareness campaigns: Promote a culture of security within the organization. Responsible: CISO, HR department, IT department

References:

  • https://www.reuters.com/article/idUSKBN2842W5/
  • https://www.linkedin.com/pulse/importance-information-security-management-case-prem-chand-kevin

To create the response about Home Depot's IA plan, I followed these steps:

  • Analyzed the prompt: I identified the key questions about the need for an IA plan and the elements it should include.
  • Researched relevant information: I used the references  on Home Depot's data breach, legal consequences, and best practices for IA plans.
  • Synthesized the information: I combined the facts and insights from the research into a clear and concise explanation.
  • Structured the response: I organized the information logically, with separate sections for legal requirements, ethical responsibilities, and key IA plan elements.
  • Assigned responsibilities: I identified which teams or individuals would be responsible for implementing each IA element.

If you have any questions, please don't hesitate to ask.

Related Q&A

  • Q Use the discussion questions to strengthen your understanding of: -Why OH&amp;S is a concern for everyone -Why historica... Answered over 90d ago
  • Q If you have successfully addressed all the relevant validity issues pertaining to the qualitative and quantitative aspec... Answered over 90d ago
  • Q  . Question 1 25 pts Compare and contrast the four approaches to explaining criminal behavior. Be sure to address the ca... Answered over 90d ago
  • Q QUESTION 3     Match each of the following experiments to their design: completely randomized design/randomized block/ma... Answered over 90d ago
  • Q Question 2: G and S are married and file jointly. Neither is blind or over 65. They have the following: Exclusions $ 6,0... Answered over 90d ago
  • Q Readings   Lecture ppts for Weeks 2 and 3 Colvin ch 21 Sentencing in Either Criminal Law of Fiji (2 ed)  Or Criminal Law... Answered over 90d ago
  • Q Briefly describe the Cybersecurity needs as they transitioned from the 1980's and 1990's to the Cybersecurity needs of t... Answered over 90d ago
  • Q Health Literacy Overview List 3 ways you can assess for health literacy with Doris Describe a technique you could use to... Answered over 90d ago
  • Q     CHCEDS036|CHCEDS046|CHCEDS047: AT1 QUESTIONING         Unit code and title CHCEDS036 Support the development of lite... Answered over 90d ago
  • Q Session 2: Building a Forensic Workstation (Required/Graded) When choosing the components for a forensic workstation the... Answered over 90d ago
  • Q Starting at the bottom of page 197 ... and in the diagram on page 198 (which I copied below) ... this idea is carried fu... Answered over 90d ago
  • Q What is the greatest cybercrime threat in the U.S. today? How can it be prevented? Do you agree or disagree with the pen... Answered over 90d ago
  • Q A little kid has been given directions on how to get to school from his house. Unfortunately he lost the paper that tell... Answered 33d ago
  • Q  . 1. How do you personally contribute to environmental pollution? How can you specifically change your habits to protec... Answered over 90d ago
  • Q Describe the three stages of the JuMpS leadership approach and identify essential knowledge , skills , and abilities  ne... Answered over 90d ago
  • Q After reading the chapter, submit a brief summary of the key points you want to remember - a minimum of 3 points in a bu... Answered over 90d ago
  • Find a Branch
  • Schwab Brokerage 800-435-4000
  • Schwab Password Reset 800-780-2755
  • Schwab Bank 888-403-9000
  • Schwab Intelligent Portfolios® 855-694-5208
  • Schwab Trading Services 888-245-6864
  • Workplace Retirement Plans 800-724-7526

... More ways to contact Schwab

  • Schwab International
  • Schwab Advisor Services™
  • Schwab Intelligent Portfolios®
  • Schwab Alliance
  • Schwab Charitable™
  • Retirement Plan Center
  • Equity Awards Center®
  • Learning Quest® 529
  • Mortgage & HELOC
  • Charles Schwab Investment Management (CSIM)
  • Portfolio Management Services
  • Open an Account

How Do 401(k)s Work? Frequently Asked Questions

what questions need to be answered in a business plan

If you're like most Americans, when you think ''retirement planning,'' you first turn to the 401(k) plan offered by your employer. After all, it's the most common type of retirement plan out there. However, 401(k) plans can be complex, and it's not always easy to understand exactly how these plans work. 

So, what are some important things to know about a 401(k)? We've got answers to many common 401(k) questions.

How does a 401(k) work?

A 401(k) is a tax-advantaged retirement plan that is set up and managed by an employer. Basically, you put money into the 401(k) where it can be invested and potentially grow tax free over time. In most cases, you choose how much money you want to contribute to your 401(k) based on a percentage of your income. Your employer automatically withholds a portion of each paycheck and puts it into the account.

With a traditional tax-deferred 401(k) , this money is taken out of your paycheck before federal income taxes are figured, providing you the chance to reduce your taxes today. You pay ordinary income taxes on the pre-tax contributions and growth when you make a withdrawal in retirement. Note: You must be older than 59 1/2 (age 55 if you separate from your current employer) to avoid penalties on withdrawals .

Some employers offer a Roth 401(k) . Contributions to these plans are made with after-tax money, which means you don't get a tax deduction. Instead, your money can potentially grow tax free and be withdrawn in retirement without any taxes. Note: To avoid penalties and/or taxes on withdrawals, you must hold the account for at least five years and be older than 59 1/2 (age 55 if you separate from your current employer).

In both types of plans, you typically have a separate account in the 401(k) registered in your name, and you'll get regular statements. Generally, you can choose from a range of investments to fit your risk tolerance and time to retirement. Each 401(k) plan tends to offer different investments, as well as whether you must pick your own investments or choose to have your account managed for you.

How much can I contribute to my 401(k)?

Your contribution to a 401(k) depends on the limits set by the IRS each year. The IRS looks at inflation to determine the annual contribution limits. For 2024, the employee deferral limit is $23,000. For those 50 or older, the IRS allows ''catch-up'' contributions of up to $7,500, for a total contribution of $30,500. 

It's a good idea to review the contributions you set up on your account annually, to ensure you’re putting away as much as possible.

How does 401(k) matching work?

One of the most important aspects of a 401(k) is the matching contributions your employer can make to your account. It’s basically a "free" contribution.

Typically, employer matching contributions are based on a percentage of the contribution you make and a percentage of your wages. For example, let's say you earn $6,000 per month, and your employer matches 50% of your contributions up to 6% of your wages. If you wanted to get the full match, you'd need to contribute at least $360 per month (6% of your monthly wages) to your account, and your employer would kick in an additional $180 (50% of $360) to match your contribution. As a result, your retirement account would see a combined contribution of $540 per month.

A common 401(k) question about employer matching is whether employer match counts toward your annual contribution limit. The good news is that it doesn't. However, there's a separate limit that affects overall contributions to your 401(k). For 2024, the combined contributions you and your employer can make to the account is $69,000 ($76,500 if you're 50 and older and making catch-up contributions). Of course, the maximum contribution can never exceed 100% of your compensation from the employer.

What is 401(k) vesting?

One of the most important things to understand is how 401(k) vesting works. Vesting is a term that describes how much of the money in your account is actually yours if you were to leave the company or take a distribution.

The contributions you make yourself are immediately vested and considered yours. However, in some companies, matching or other employer contributions aren't considered yours until you've remained with the company for a set period of time. So, if the company has a vesting schedule, you might not be able to keep all the money your employer invests on your behalf until after you've stayed at the company for the required time frame.

What happens if I make a 401(k) early withdrawal?

Generally, if you take money from your account before you reach age 59 ½, you'll have to pay taxes on the amount, plus pay a 10% penalty to the IRS. But there are some exceptions to the early withdrawal penalty.

One exception is known as the Rule of 55—if you lose (or leave) your job at age 55 or older and take distributions from the 401(k) associated with your most recent job, you won't have to pay the 10% penalty. Some other circumstances that might allow you to avoid the 10% penalty include:

  • Certain qualified birth or adoption expenses
  • A series of substantially equal payments
  • Permanent disability

You might have to provide documentation to avoid penalty in these cases, so make sure you're prepared to do so. To learn more about the exemptions to the 10%, see the IRS website .

Can I contribute to an IRA and 401(k)?

Yes, it's possible to contribute to both a traditional individual retirement account (IRA) and a 401(k). However, if you’re eligible to contribute to a 401(k), then your IRA tax deduction may be limited, but your IRA contribution will not. Whether you actually contribute to the 401(k) is irrelevant—merely being eligible for a 401(k) means you'll have to review your modified adjusted gross income to determine if your IRA contribution is eligible for a tax deduction. But the IRA contributions you make won’t affect your 401(k) contributions. Check out IRS Publication 590-A for an explanation of the IRA deduction rules.

How much should I contribute to my 401(k)?

How much you should contribute to your 401(k) depends on your retirement goals and how much you hope to amass in your nest egg by the time you retire. While you don't have to contribute the maximum allowed by the IRS, it's worth noting that the more you invest now, the more of a head start you'll likely have toward a comfortable retirement.

If you have more questions, be sure to ask a tax professional or financial advisor for more information about using a 401(k) to your advantage.

How much will you need to retire?

More from charles schwab.

what questions need to be answered in a business plan

What to Know About Catch-Up Contributions

what questions need to be answered in a business plan

401(k) Tax 'Deduction:' What You Need to Know

what questions need to be answered in a business plan

Understanding 457(b) vs. 403(b) Retirement Plans

Related topics.

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. 

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. 

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.

Investing involves risk, including loss of principal.

The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information.

Supporting documentation for any claims or statistical information is available upon request.

ScreenRant

10 Burning Questions The Witcher Season 4 Needs To Answer

  • The Witcher season 3's success is crucial as it faces challenges and the potential loss of viewers after Henry Cavill's departure.
  • Key unresolved questions for The Witcher season 4 include Emhyr's knowledge of a fake Ciri, the fate of mages after the coup, and Vilgefortz's plans with Emhyr.
  • The show must address Geralt's new appearance, Radovid's character development, what happens to Cahir, and Francesca's revenge in season 4.

The Witcher season 3 wrapped up with a bang, sending its star, Henry Cavill, out with a flourish, but 10 burning questions remain ahead of season 4. The Witcher is dealing with a lot of turmoil as its attempts to expand the franchise have mostly flopped, and it has lost its leading actor due to creative differences. With those things in mind, the next season of The Witcher is more important than ever, and it could decide the fate of this once-exciting Netflix original series.

The Witcher has not lost all hope; it still garners millions of viewers every season, but it runs the risk of losing viewers after the news of Cavill's departure. Even so, Liam Hemsworth can win Witcher fans over , and perhaps save the series, but The Witcher season 4 will need to be one of the show's best. In order to make The Witcher season 4 into what it must become and repair its relationship with fans, the show must address a number of loose ends and mysteries left over from season 3.

Related: The Witcher: 10 Book Moments That Season 3 Actually Nailed

Does Emhyr Know His Ciri Is Fake?

One of the most critical questions going into The Witcher season 4 is whether Emhyr realizes that he has been given a fake Ciri. Considering she is his daughter, he probably should know, but Emhyr was not around for much of Ciri's childhood as everyone thought he was dead. Emhyr receiving Ciri in his court in Nilfgaard is one of T he Witcher moments that are better in the books because it's told from Emhyr's perspective, and he instantly recognizes her as a fake. It's possible he sees this in the show as well, but nothing is certain until The Witcher season 4 comes out.

How Many Mages Are Left After The Thanned Coup?

Another thing The Witcher season 4 needs to explore is what remains of the once robust population of mages after so many were killed in the coup on Thanned. It appears Yennefer and a few other sorceresses will be forming the Lodge of Sorceresses as they do in the books, but what remains of the rest of the continent's mages is a mystery. Many were killed in the fighting on Thanned, but there should be a fair number remaining. The Witcher season 4 needs to go into detail on the effects of the coup, and what remains after it.

What Are Vilgefortz's Plans With Emhyr?

After The Witcher season 3 revealed Vilgefortz as the series' main antagonist, it must now explain what his plans are for, or with, Emhyr. Both of them want Ciri, so it's hard to imagine they will work together any longer, but since Vilgefortz bothered to bring Emhyr a fake Ciri in the first place, he must have some further use for the Emperor. Otherwise, it would have been easy enough for Vilgefortz to simply disappear and go into hiding. It could be that Vilgefortz simply doesn't want to make an enemy of Nilfgaard, but that remains unconfirmed for now.

Will The Witcher Offer An Explanation For Geralt's New Appearance?

One of the most intriguing questions ahead of The Witcher season 4 is whether the show will offer an in-universe explanation for Geralt's suddenly new face. Replacing Cavill with Hemsworth is no easy task, but coming up with a weak explanation for his face changing completely might only serve to exaggerate the problem. It might be best for the show to simply insert Hemsworth into the show and ignore the change of actors.

Who does Radovid Blame For His Brother's Death?

After Phillipa ordered the assassination of King Vizimir of Redania in The Witcher season 3, Vizimir's brother, Radovid, became king. It will be interesting to see if Radovid is willing to buy into whatever story Phillipa tells him about his brother's murder. It's likely Phillipa will get more than she bargained for as Radovid is actually much smarter than his brother, but whether he guesses at her involvement in killing King Radovid is anyone's guess. If he does not figure it out, someone else may get the blame.

Related: 10 Massive Fights To Look Forward To In The Witcher Season 4

How Will Radovid Become The Tyrant He's Destined To Be?

The Witcher 's Radovid has been confirmed to be the same Radovid from the famous Witcher video games, which begs the question: How will he turn into the abusive tyrant he is in the games? There would be no point in including this character if the plan wasn't to make him into a dictator, but the Radovid presented in The Witcher season 3 is a far cry from his video game counterpart. With that in mind, The Witcher seemingly has a long way to go with Radovid's character development, and it will be fascinating to see how it's handled.

What Happened To Cahir After Thanned?

In a shocking twist for show-only fans of The Witcher , Cahir betrayed his country and helped Ciri escape in The Witcher season 3. In the books, Cahir ends up joining Geralt's company as they search the continent for Ciri's whereabouts, and that now seems likely to happen in the show as well, however; The Witcher will first have to explain what happened to Cahir after the Thanned coup. He is taken prisoner in the books and inadvertently rescued by Geralt on his way to Nilfgaard, so this might be the easiest route to go.

How Will Francesca And The Elves Seek Vengeance?

In The Witcher season 3 finale, Francesca finds out that Emhyr orchestrated the murder of her infant son, prompting her to swear revenge on him and all of Nilfgaard. This means the elves and Nilfgaard are likely to be at odds in The Witcher season 4, but it's hard to imagine them doing much damage to the Empire. Francesca can be brutal when the situation calls for it, which could lead to a swift and merciless retaliation in season 4.

What Is Ciri's Plan After Joining The Rats?\

After being stranded in the Korath Desert and having visions of Falka, a rebellious half-elf who committed atrocities many years before the events in The Witcher , Ciri seems to be broken and lost. She is rescued by a young gang known as The Rats, and she is poised to join their group as she does in the books, but it's hard to say if Ciri has a plan of any sort right now. Considering her recent trauma, the plan is probably to simply stay alive, but as Ciri recovers and becomes more like herself, her intentions may change.

When Will Leo Bonhart Arrive?

One of the most highly anticipated characters for The Witcher season 4 is Leo Bonhart. Bonhart is an absolutely terrifying villain whose skill with a sword makes him one of the most formidable opponents in the series. In the books, he kills the entire gang of Rats by himself, capturing Ciri and tormenting her as he tries to decide who will give him the most money for her. For now, the timing of Bonhart's live-action debut is open to speculation.

10 Burning Questions The Witcher Season 4 Needs To Answer

IMAGES

  1. 10 Questions to Answer in Your Business Plan

    what questions need to be answered in a business plan

  2. 5 Frequently Asked Business Plan Questions Answered

    what questions need to be answered in a business plan

  3. Core Questions for Building a Business Plan Guide

    what questions need to be answered in a business plan

  4. Top 10 questions every business plan should answer by Plan9 Incubator

    what questions need to be answered in a business plan

  5. How to Write a Business Plan

    what questions need to be answered in a business plan

  6. 5 Important Questions to Answer Before Writing A Business Plan

    what questions need to be answered in a business plan

COMMENTS

  1. 6 Critical Questions Your Business Plan Must Answer

    1. What need are you addressing? This is an important question because it extends beyond the simple "What does your business do?" It's one thing to outline your business in general,...

  2. Top 10 Questions Every Business Plan Should Answer

    1) What is the need that your business exists to satisfy? Every business exists because of some noticeable opportunity that you have discovered within the market. So you must clearly define...

  3. PDF 75 Basic Questions Behind a Business Plan

    The following questions are presented to serve as a guide to the main topics that need to be addressed in your business plan. Not all of these questions will apply to every business and answering all of the questions may not adequately describe some businesses.

  4. Ten Questions Every Business Plan Must Answer

    Here are the ten critical questions to answer: What's the problem? First, you need to explain what problem you solve. If you aren't solving a problem that people are willing to pay you to alleviate, then you probably won't see much demand for your product or service. The more acute the problem, the more attractive the market.

  5. A Business Plan Checklist: Key Questions to Answer

    1. EXECUTIVE SUMMARY • Why will the business succeed?• What do you want to start (or change)?• How much money is required?• What is the return on the investment?• Why is the venture a good risk? 2. BUSINESS DESCRIPTION • What type of business are you planning?• What products or services will you sell?•

  6. Four Questions Every Effective Business Plan Should Answer

    Four Questions Every Effective Business Plan Should Answer By U.S. Small Business Administration Published on December 7, 2021 Every successful business starts with a solid business plan. A business plan is a foundational document that lays out who you are as a company and where you are headed.

  7. What to Include in Your Business Plan

    Entrepreneurs and small business owners must ensure their business plans address six primary questions. Thinking through these questions and developing potential solutions helps set up your...

  8. How To Write A Business Plan (2024 Guide)

    Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...

  9. Business Plan Questions: How To Set Yourself up for Success

    What are the four basic business questions your business plan should answer? They are: What do you do? What gap in the market do you fill? How will you make a profit? Who is your target customer?

  10. The 5 Questions Every Business Plan Should Tackle

    Every business plan should include the following elements: Problem being solved, addressable market size, team, marketing strategy, CAC (customer acquisition cost) if known, competition, financial slide (projections), Protectability/why your solution is better, the ask (what you are offering in exchange for investment).

  11. 10 Questions Your Business Plan Should Answer

    10 Questions Your Business Plan Should Answer By: Steven D. Peterson and Peter E. Jaret and Barbara Findlay Schenck Updated: 03-26-2016 Business Plans Kit For Dummies Explore Book Buy On Amazon One reason people are sometimes intimidated by the prospect of writing a business plan is simple: They don't have a clue what a plan should contain.

  12. Business Plan Questionnaire + Free PDF Download [Updated 2024]

    Ask yourself the following: What is your business' mission? What is your history? What are some of your past achievements? What is your business' legal structure? Where is your business located? Why did you start the business? How do you measure your business success? Industry Analysis Questions

  13. 50 Questions Your Business Plan Should Answer

    1. What is the price of your product or service and why? 2. How much capital is required to execute your business plan? 3. How much is the company is worth? 4. What existing products/services...

  14. Five Critical Questions Your Business Plan Should Answer

    1. Is my price right? There are two essential components of pricing that should be included in your business planning: Consider whether your price is in line with your message. If you say you...

  15. Questions Your Bussiness Plan Should Answer

    Library sources for business plans, entrepreneurship, venture capital, census market research Small Business News & Information Sources Questions Your Bussiness Plan Should Answer

  16. 5 Critical Questions Your Business Plan Must Answer

    Some of those critical questions are: 1. What needs are you going to address? Every business caters different needs of customers. Some are intended for food lover people, some are for student's ...

  17. Do I need a business plan? Your questions answered

    The business plan is absolutely necessary. Not only will it allow you to get a glimpse as to what the future holds for your business, but you will also have an idea of how profitable it could be. No business plan means no lenders or investors. You need a concrete document in order to grab their attention. No business plan also means that you ...

  18. 6 Questions to Ask Before Starting a Business

    To find out if your idea is an opportunity, first come up with a hypothesis. For instance, "I hypothesize that businesses would be willing to pay $150 per transparent cubicle partition.". Next, test your hypothesis by conducting market research.

  19. Five Critical Questions Your Business Plan Should Answer

    Here are five key questions and how your business plan should help you answer them: 1. Is my price right? There are two essential components of pricing that should be included in your business ...

  20. Six Key Questions in Strategic Planning

    2. How did you get to where you are today? What were the factors and decisions that led to your current situation? Be your own management consultant. Be prepared to face "the brutal truth," as Jim Collins calls it, about how you got to where you are today.

  21. 11 Strategic Planning Questions Asked By Leaders

    11 Common Strategic Planning Questions. 1. What time frame should our strategic plan cover? Your strategic plan should look as far into the future as you're comfortable looking. But keep in mind, you need to be confident that your company's environment will be stable during the period of time you choose.

  22. 17 Questions You Should Ask Yourself Before Starting A Business

    1. Why do I want to start a business? This may seem obvious, but sometimes we want to start a business without even thinking about the why. What sparked your business idea and is it something...

  23. 5 Key Questions for Business Success

    No one is an expert in everything, so questions are an essential part of running any business. When it comes to business challenges, being willing to ask questions is often the answer you need to ...

  24. The Top Questions Your Business Plan Should Answer

    The Top Questions Your Business Plan Should Answer CONTRIBUTE­D BY KELLY MASSON, BUSINESS ADVISOR AT WeBC 2024-02-23 - The process of writing a business plan can seem overwhelmi­ng for some, but it doesn't need to be. As a Business Advisor, I've reviewed hundreds of loan applicatio­ns and business plans.

  25. 7 Questions Your Marketing Plan Must Answer

    Positioning is what you do in the mind of the prospect.". 4. Does the marketing plan address the five forces every organization faces? These forces are current competition, future competition ...

  26. [Solved] Summarize the need for an information assurance plan for Home

    To create the response about Home Depot's IA plan, I followed these steps: Analyzed the prompt: I identified the key questions about the need for an IA plan and the elements it should include. Researched relevant information: I used the references on Home Depot's data breach, legal consequences, and best practices for IA plans. Synthesized the information: I combined the facts and insights ...

  27. How Do 401(k)s Work? Frequently Asked Questions

    A 401(k) is a tax-advantaged retirement plan that is set up and managed by an employer. Basically, you put money into the 401(k) where it can be invested and potentially grow tax free over time. In most cases, you choose how much money you want to contribute to your 401(k) based on a percentage of your income.

  28. 10 Burning Questions The Witcher Season 4 Needs To Answer

    The Witcher season 3's success is crucial as it faces challenges and the potential loss of viewers after Henry Cavill's departure. Key unresolved questions for The Witcher season 4 include Emhyr's ...