Question

Mark recently started a small consulting firm. He is drafting a detailed written statement that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and qualifications of the owner(s). Mark is writing a(n)

Answer 1

Mark recently started a small consulting firm. He is drafting a detailed written statement that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and qualifications of the owner(s). Mark is writing a business plan.

A business plan is a written document that describes in great depth the goals and objectives of a company. A business plan outlines a documented strategy for the company's operations, finances, and marketing. Business plans are used by both new and established businesses.

A business plan is a formal written document that outlines the objectives of the company, how they will be reached, and when they will be accomplished.

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Answer 2

Mark is writing a business plan.

What is Business Plan?

A business plan is a written document that describes in great depth the goals and objectives of a company. A business plan outlines a documented strategy for the company's operations, finances, and marketing. Business plans are used by both new and established businesses.

A business plan is a crucial document intended for both internal and external audiences of a company. For instance, before a business has built a solid track record, a business plan is utilized to entice investment. Securing financing from financial entities might also be beneficial.

KEY LESSONS

• A business plan is a document that outlines a company's primary business operations and how it intends to accomplish its objectives.
• Business plans are used by startup enterprises to gain traction and draw in outside investors.
• An executive team can utilize a business plan as an internal roadmap to maintain focus on and progress toward short- and long-term goals.
• Businesses may write a typical business plan that is longer or a lean startup plan that is shorter.
• An executive summary, sections on products and services, marketing strategy and analysis, financial planning, and a budget should all be included in good business plans.

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