Engage the entire organization in meeting customer needs

Determine the needs of the customer

Achieve company profit-making goals

Develop products to meet customer needs

Small business markets tend to be geographically large

Large businesses don't evaluate target markets in depth

Small businesses generally don't analyze sales potential from the target market

Identifying local market characteristics can help the business owner better reach the market

Discounting prices based on the season

Matching competitor's prices

Ensuring that there is a good fit between the quality and service of a product at a fair price

Determining costs by careful accumulation of product costs, including both variable and fixed components

It is the last section of the plan

It is an overview of the industry the company operates in

It is the first section of the plan

It is the least important section of the plan

Mission statement

Management

Funding

Marketing

Business projections do not need to match funding requests because investors expect inconsistencies.

It is not necessary to include historical balance sheets or cash flow

statements in this section. Only current information is needed

Only plans for the coming year are needed to secure financing

Creditors may be interested in any collateral you have that may be used toward your loan

The break-even point does not affect whether a small business will make an investment decision

Both large and small businesses are equally concerned with how long it takes to reach the break-even point

Small businesses typically ignore break-even analysis because it is too complex and not practical for everyday decisions

A small business will likely use the break-even point as the decision-making factor when investing

Limited Liability Corporation (LLC)

Sole proprietorship

Corporation

Partnership