what questions does a business plan answer

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50 Questions Your Business Plan Should Answer

what questions does a business plan answer

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 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.

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6 Critical Questions Your Business Plan Must Answer If you want to lay the groundwork for a stable business and attract investors, make sure you're hitting these points.

By Larry Alton • Mar 18, 2015

Opinions expressed by Entrepreneur contributors are their own.

Never underestimate the importance of your business plan . It is the backbone of your company, a foundational pillar from which your enterprise will be built. It's going to serve as the first impression for countless potential partners and investors, and it's going to serve as a roadmap for your whole business -- at least for the first several years.

In some ways, writing a business plan is easy -- there are no rules or requirements for length, format, presentation, or even subject matter. But finding the right answers to the right questions is critical if you want to lay the groundwork for a stable business and attract sufficient attention from investors.

Related: 25 Common Characteristics of Successful Entrepreneurs

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, describing what products you make or what services you offer, but if you want a solid business plan you have to take it to the next level.

It's nice to imagine your business as providing something useful, and if you're excited about the idea, it's that much easier to think about people buying it. But you need to be logical and critical when you consider the driving force behind your customers' purchasing decisions: what fundamental customer need is your business addressing? You'll want to back this up with research that shows the need actually exists.

2. What makes you different?

It's a big world out there, and startups are constantly coming on and off the radar. Chances are, there are multiple businesses out there who are already serving the crucial need you outlined from question one. That doesn't mean you can't serve it better, or serve it in a different way, but therein lies the challenge—figuring out what makes you different.

First, you'll need to acknowledge all the major players in your space, and this is going to require some research. Acknowledge what they're doing right, what they're doing wrong, and how they're going about their business. Identify the differentiating factor that will allow you to stand out, and emphasize it.

Related: Struggling to Define Your Business Goals? Ask Yourself These Questions.

3. Who is your audience?

Here's a hint: the answer can't be "everybody." No matter how useful or practical your product or service is, there's no way you're going to be able to sell to everyone in the world. Think about factors like age, sex, education, geographic location, working status, marital status, and perform some preliminary market research to determine the best path forward.

Your key demographic may evolve over time, so don't stay too committed to one niche. Also remember, that it's easy to expand to other markets once you've established yourself in one, so if you have multiple key demographics, it may be wise to focus on one to start things off.

4. How is your business going to make money?

This seems like an obvious question to answer, but you'd be surprised how many entrepreneurs fail to elaborate on their plan. The brief answer to this question is "sell products/services," but how are you going to sell? Where are you going to sell? How much are you going to sell for?

The other side of the question is what are your operating expenses? Who are you going to pay? What services or partners will you need to pay for? And ultimately, will the amount you sell be able to surpass the amount you owe? When will you break even?

5. How will you promote your business?

Promoting your business is just as important as creating it. Otherwise, people will never know who you are. Your marketing strategy should start off based on what similar businesses before you have done. Do they rely on traditional advertising or online marketing? Do they attend tradeshows and local events, or use technology to spread the word about their existence?

Related: The Ultimate Guide to Writing a Business Plan

6. What do you need to get started?

For many potential partners and investors, this is the bottom line. All businesses have to start somewhere, but that starting line varies dramatically from industry to industry and from entrepreneur to entrepreneur. Do you need any advanced equipment? Who will you need to hire? How much will you need for an initial run? These questions should give you an idea exactly how much capital and what resources you need initially.

It may seem counterintuitive, but answering these questions isn't a one-time process. Your business plan should be a living, changing document that evolves along with your company. Throughout your course of entrepreneurship, you're going to encounter new challenges, new opportunities, and hundreds of factors you never considered as significant to your business when you were writing the initial plan. To survive, you're going to have to revise your answers to these questions and update your business plan accordingly.

Related: The Essential Ingredients to Startup Success

Freelance Writer & Former Entrepreneur

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135 Business Plan Questions

Embarking on the business journey of your dreams begins with a robust business plan. This plan is not just a document—it’s the roadmap to your success, painting a clear picture of where you’re headed and how you plan to get there.

Whether you’re a seasoned entrepreneur or a hopeful startup pioneer, the questions I’ve compiled are designed as your compass, guiding you through the intricate landscape of business strategy.

From your executive summary to the details of your financial projections, each question serves to dig deep into the essence of your vision, solidifying your plan with precision and care.

Table of Contents

Executive Summary

What is the core mission of your business?
How would you describe your company’s business model in simple terms?
What unique problem does your business solve for its customers?
What are the short-term and long-term goals of the company?
Who are the intended clients or customers of your business?
What is the vision statement for your business?
Who are the founders and key team members, and what are their roles?
How does your company set itself apart from the competition?
What are the main achievements or milestones of your business to date?
What key opportunities do you see in the market?
How much funding are you seeking, and how will it be used?
What are the main products or services your company offers?
What is the current stage of your business (concept, start-up, growth)?
How do you see your company evolving in the next five years?
Can you summarize the financial outlook and projections for your company?

Company Description Considerations

What is the legal structure of your business (e.g., sole proprietorship, LLC, corporation)?
How did the idea for the business originate, and how has it been developed?
Who are the target customers, and why will they choose your business?
What are the key elements of your business’s operations?
What are the specific advantages of your location or facilities, if any?
How does your company’s history and background set it up for success?
What business sector or industry does your company fall under?
How does your company contribute to the economy and community?
What partnerships or collaborations are essential to your business?
What are the core values and culture of your company?
How does your business respond to changes in the market?
What relevant certifications, licenses, or permits does your business hold?
What are the main risks and challenges your business faces?
What role does sustainability play in your company’s operations?
How does diversity and inclusion manifest in your company?

Market Analysis

Who is your primary target market, and what are their defining characteristics?
How large is the target market, and what is its projected growth?
What are the trends and themes currently shaping your target market?
Who are your top competitors, and what are their strengths and weaknesses?
What is your market share, or what market share do you project to capture?
How do your target customers make their purchasing decisions?
What factors influence the demand for your products or services?
What barriers to entry exist in your market, and how can they be overcome?
How does pricing play a role in your market position?
What is your value proposition to customers in comparison to competitors?
How might technology impact your market in the future?
What are the legal or regulatory factors affecting your market?
How have external factors like the economy affected your market historically?
How does geography affect your market and business model?
What are the risks associated with your target market?

Organization and Management Structure

Who comprises the leadership team, and what are their backgrounds?
What is the organizational structure of your business?
How will your management team help achieve the business’s goals?
What gaps exist in your current team, and how do you plan to fill them?
What are the roles and responsibilities of your management team members?
How does the management structure align with your business strategy?
How does your team make decisions and communicate internally?
What systems are in place for performance management and accountability?
What is your plan for recruiting and retaining skilled employees?
How do you approach leadership development and training?
How does the current team’s expertise align with the business goals?
What are the board of directors’ roles, if applicable?
How do you plan to create a productive company culture?
What external advisors or consultants does the business use, and why?
How have you planned for succession in key management roles?

Service or Product Line Inquiry

What are the main products or services your business offers?
How do these products or services fulfill customer needs?
What is unique about your products or services?
How does product/service quality compare to competitors?
What is the lifecycle of your products or services?
How is your product or service produced or delivered?
Are there any patents, copyrights, or trademarks involved?
What research and development activities are you pursuing?
How do you plan to expand your product or service range?
What customer feedback have you received about your product or service?
How does your product or service adapt to changes in the market?
What is the pricing strategy for your products or services?
How does your product or service contribute to your brand image?
What are the future plans for developing your product or service?
How do warranty or guarantee terms play into your offering?

Marketing and Sales Strategies

What marketing channels will you use to reach your target audience?
How will you position your company within the market?
What promotional strategies will you utilize to attract customers?
What is your sales forecast for the first year and beyond?
How will you set sales targets and measure success?
What sales tactics will you employ to enhance customer acquisition?
How will your marketing and sales strategies evolve as the business grows?
What is your approach to online and social media marketing?
What customer relationship management processes will you put in place?
How do you plan to establish your brand identity?
What partnerships or sponsorships will you leverage to enhance marketing?
What are your strategies for repeat business and customer loyalty?
What is your process for tracking marketing ROI?
How do customer service and support fit into your sales strategy?
How does your marketing strategy cater to different customer segments?

Funding Request Fundamentals

How much total funding is required to reach your business objectives?
What specific purposes will the funding be used for?
What is your proposed timeline for the utilization of funds?
What types of funding (e.g., equity, loan) are you pursuing?
How will investors or lenders get a return on their investment?
What is the current financial position of the business?
How much equity are you willing to exchange for investment?
What are the key financial milestones that the funding will help achieve?
What are the terms you’re seeking for any loans?
How do you plan to manage cash flow and ensure financial stability?
What collateral, if any, are you offering to back up your funding request?
How does the funding impact your business’s financial projections?
What is the exit strategy for investors?
How will additional funding influence your strategic business decisions?
What contingencies do you have in place if you don’t secure the expected funding?

Financial Projections and Feasibility

What are your financial forecasts for the next three to five years?
How did you arrive at your revenue and expense estimates?
What are the key assumptions underlying your financial projections?
What are the projected cash flow statements for the next few years?
What is your break-even analysis showing?
What are your strategies for maintaining a healthy profit margin?
How do you plan to monitor and manage financial risks?
What is your approach to pricing and cost control?
How will you balance reinvestment in the business with profitability?
What financial metrics will you use to gauge business performance?
How will you handle unexpected financial shortfalls or emergencies?
What is your strategy for financial record-keeping and accounting?
How do customer payment terms and cycles affect your cash flow?
What financial software or tools do you use for projections?
How will financial trends and economic conditions potentially impact your projections?

Appendix and Supporting Documents

What supporting documents will you include in the appendix?
How will these documents reinforce your business plan’s credibility?
What resumes or biographies of your team members will you present?
What legal documents are relevant to include (e.g., licenses, permits)?
How can we access extensive market studies mentioned in the plan?
What are your key technical product specifications or service descriptions?
How do your financial statements and accounting documents get audited?
What testimonials or case studies from customers can you showcase?
What press coverage or media mentions has your business received?
Can you provide industry endorsements or expert opinions?
How will technology prototypes or demos be made available for review?
What are your policies and procedures manuals like?
How do your charts, graphs, and tables support your plan’s data?
What correspondence or contracts with suppliers/partners are appropriate to include?
How does your intellectual property documentation reflect on your business’s value?

Frequently Asked Questions

Can i write a business plan myself, or should i hire a professional.

Writing a business plan yourself is possible, especially with the aid of specific questions that cover all business aspects. However, hiring a professional can provide expertise and a polished result, particularly if you seek significant funding.

How often should I update my business plan?

Regular updates are crucial—annually at minimum or more often if your business is rapidly changing. This keeps your business plan relevant and useful as a dynamic, guiding document.

What’s the most critical part of a business plan?

While all sections are important, the Executive Summary is critical as it’s often the first (and sometimes only) part read by potential investors or partners. Clear and compelling financial projections are also vital for potential funders.

Final Thoughts

As your blueprint comes together, remember that the strength of your business plan lies in its details and its ability to represent the vision and practicalities of your enterprise honestly.

The questions outlined will challenge you to think critically, anticipate future hurdles, and prepare for success. With these comprehensive inquiries as your cornerstone, you can turn your business from a dream into an actionable, thriving reality.

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30+ Business Plan Questions & Step-By-Step Business Plan Guide

22 March 2024

Table Of Contents

30+ Business Plan Question s

8 Steps to Creating a Full-Proof Business Plan

SurveySparrow: The Best Business Plan Tool

Whether in business, marketing, or sales, you know how crucial a solid business plan is to your success. It’s not just about getting started—it’s about setting a clear direction for growth and innovation. This blog is your first step toward clarity and strategy.

Creating a comprehensive business plan is critical for entrepreneurs and business owners. It serves as a roadmap for your business and helps secure funding from investors and banks.

A well-crafted business plan should address key areas of your business, providing a detailed overview of its objectives, strategies, and financial projections.

Here’s a guide structured around crucial categories, each followed by pertinent business plan questions that will help in developing a robust business plan

30 Critical Business Plan Questions to Ask

Whether you’re steering a startup toward uncharted territories, aiming to elevate an established brand, or driving relentless sales growth, your business plan is the compass that guides your strategy, operations, and financial foresight.

Understanding this, we’ve compiled 30 questions designed to ignite your planning process and refine your business strategy.

Here we go.

Executive Summary

What is your business’s mission statement?
What products or services does your business offer?
Who are the founders, and what is their background?
What is the current stage of the business (concept, start-up, expansion)?
What are the key financial highlights?

Market Analysis

6. Who is your target market, and how large is it? 7. What are the current trends and growth in your industry? 8. Who are your competitors, and what are their strengths and weaknesses? 9. How does your business fit into the market? 10. What is your unique value proposition?

Wait, wouldn’t you need a survey to run these questions and gather feedback? What if I told you that you can do that easily with Surveysparrow .

If you’re ready to chart your business path, grab our Free Business Plan Questionnaire Template . Begin your journey to success now.

Marketing and Sales Strategy

11. How will you reach your target market (marketing channels)? 12. What is your pricing strategy? 13. How do you plan to sell your product or service? 14. What is your sales forecast for the first year? 15. How will you measure the success of your marketing efforts?

Operations Plan

16. What is the location of your business, and why? 17. What facilities and equipment do you need? 18. Who are your suppliers, and what are your supply chain logistics? 19. What is the production process? 20. How will you ensure quality control and customer service?

Management and Organization

21. Who makes up the management team, and what are their roles? 22. How does your organizational structure look? 23. What are the backgrounds of your team members? 24. What gaps in expertise or knowledge exist in your team? 25. How will you fill these gaps (hiring, advisors, etc.)?

Financial Plan

26. What are your startup costs? 27. What is your break-even analysis? 28. What are your projected profit and loss statements for the first 1-3 years? 29. What are your cash flow projections? 30. What are the assumptions underlying your financial projections?

By carefully answering these questions, you can construct a thorough business plan that addresses all the critical components needed for your business’s success. Remember, a business plan is not a static document; it should evolve as your business grows and adapts to market changes.

A Journey Begins: Identifying the Problem
The Voyage of Discovery: Defining Your Customers
The Battle Plan: Reaching Your Customers
Understanding the Landscape: Identifying Your Competitors
The Strategy Map: Outlining Your Operational Plan
Charting the Course: Defining Your Business Structure
The Guardian of Your Venture: Creating a Risk Management Plan
Calculating the Costs: Budgeting and Financial Projections

1. Identify the Problem

Just as any memorable journey starts with a step, every successful business starts with identifying a problem.

The burning question to answer here is: what problem is your business attempting to solve? Remember, the more specific the issue, the better your chances of designing a unique solution that customers will flock to.

2. Define Your Customers

Identifying your target customer is crucial in the business planning process. This involves understanding and defining your potential customers’ specific demographics, psychographics, behaviors, and needs.

By doing this, you can tailor your products, services, and marketing strategies to meet their specific needs. The more precisely you can define your target audience , the more effectively you can serve them and set your business up for success.

3. Reach Your Customers

Now that You’ve discovered your target customers. Now comes the next challenge: How do you reach them?

Consider all possible marketing channels. Will it be social media? Email newsletters? Influencer partnerships? The choice is yours, but ensure it aligns with where your customers spend their time. After all, there’s no point in sending smoke signals if your customers are tuned into the radio.

4. Identify Your Competitors

Now you have your bearings; it’s time to study the lay of the land. This means understanding your competition. The question is: Who are they, and how do they solve the same problem?

Understanding your competitors will help you differentiate your business and position it uniquely in the market. After all, in the quest for customer loyalty, your unique selling proposition (USP) is your Excalibur.

5. Outline Your Operational Plan

So, you’ve identified the problem, defined your customers, planned your marketing, and sized up the competition. You’re almost ready to set sail. But first, there’s another significant piece of the business puzzle to put in place: your operational plan.

Your operational plan should include a detailed plan for sourcing deals. Using the Grata data deal sourcing platform can further help streamline this process and ensure you have access to the most relevant and up-to-date information.

How will your business function day-to-day? What resources will you need? Answering these business plan questions will help you create a clear blueprint of your business operations, ensuring your venture runs as smoothly as a well-oiled machine.

6. Define Your Business Structure

One question that’s often overlooked in the excitement of crafting business plans is this: What is your business structure? Sole proprietorship, partnership, corporation, or LLC ?

Your business structure will significantly affect taxation, liability, and other legalities. It’s like choosing the right ship for your journey – you need one that will safely weather the storms of your entrepreneurial voyage.

7. Create a Risk Management Plan

In the entrepreneurship journey, bumps and detours are part of the course. Having a risk management plan is essential. The business plan question is: What potential obstacles might you face, and how will you mitigate them?

A well-thought-out risk management plan ensures you’re prepared for the challenges ahead.

8. Create Budget and Financial Projections

Now, onto the numbers. What will be the cost of starting and running your business? How soon before you break even? Financial forecasts might seem as daunting as navigating uncharted waters, but they’re vital in answering the essential business-related question : Will your venture be financially viable?

How Can SurveySparrow Help You in Critical Business Planning

With SurveySparrow by your side, you’re never alone in your business planning journey. Its extensive suite of customer and employee experience tools offers invaluable insights to help answer all these key questions in your business plan.

Use SurveySparrow to conduct comprehensive market research, understand customer behavior, and even keep tabs on employee satisfaction. With this trusty tool, you’re well-equipped to answer all your business plan questions, ensuring your entrepreneurial journey is successful.

Here’s how you can do it.

Market Research : SurveySparrow allows you to design and distribute surveys to gather insights about your market. You can explore potential customer needs, preferences, and pain points and evaluate market trends and size, all of which are critical inputs for your business plan.

Customer Segmentation and Profiling : Using SurveySparrow, you can categorize your potential customers based on their preferences, behavior, demographics, and more. This can help you define your target market, tailor your offerings, and devise effective marketing strategies.

Competitor Analysis : By surveying consumers, you can gain insights about your competitors – their strengths, weaknesses, and what customers think of them. This data can be vital in positioning your business uniquely in the market.

Pricing Strategy : You can use surveys to understand what customers are willing to pay for your product or service, helping you devise a suitable pricing strategy.

Risk Assessment : Use surveys to gather feedback about potential risks or barriers to your business. Understanding these risks in advance can help you form strategies to mitigate them.

Employee Engagement : If you plan to have employees, understanding their needs and expectations is crucial for crafting your operations plan and culture. SurveySparrow can assist with gathering employee feedback and gauging engagement .

Product Testing : Before launching, you can use SurveySparrow to get feedback on your product or service. This can help you fine-tune it according to your target market’s needs and preferences.

Financial Projections : The data you gather from customer and market surveys can help inform your sales forecasts and financial projections, key business plan components .

In short, SurveySparrow can offer a wealth of information, helping you answer the critical questions in your business plan. You’re better equipped to create a robust, data-driven business plan by leveraging these tools.

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That’s All of It.

Remember, every successful business starts with a comprehensive business plan. And every comprehensive business plan starts with answering the right questions. So, go ahead and take the plunge. Your entrepreneurial journey awaits, and with SurveySparrow as your co-pilot, you’re set for an exciting voyage.

After all, the sky’s the limit regarding what you can achieve in the business world. Onwards and upwards, future tycoons!

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Entrepreneurship

Remember, a well-crafted business plan can attract investors, partners, and customers. It can also help you anticipate challenges and make informed decisions. So, take the time to answer these questions thoroughly and honestly.

Finally, keep in mind that a business plan is not a static document. It should be continually updated as your business evolves and grows. By regularly reviewing and revising your plan, you can stay on track and ensure that your business is always headed in the right direction. With a solid business plan in place, you can confidently pursue your entrepreneurial dreams and achieve success.

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6 Questions Every Business Plan Should Answer

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.

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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

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

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

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?

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Customer analysis questions.

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

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

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!

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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.

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.

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

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.

Original text

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.

10 Questions Every Business Plan Must Answer

Writing a business plan is not a make-work project for your business. It’s an essential tool you need to seek investors and gain financial support to help you grow your business faster. When done right, your business plan will guide you on your path to growing a scalable and profitable business.

Every successful business plan should answer these 10 questions:

1. What does your business do?

You may think you know what your business does, but you need to put it down in words. Think about the market need you’re solving or how you solve your customer’s pain points.

One of the best ways to do this is to write a vision and mission statement for your business. These will act as a guiding force to help you make decisions in your business. For example, if you decide to add a new product to your company, make sure it’s in alignment with these statements. If it doesn’t support your vision for the company or your larger mission, perhaps it’s not the product or service for your business right now.

2. How will you make money?

Do NOT forget about this part! It is a critical piece to ensure your business idea is solid and profitable. It’s also the section that banks and investors will be looking at very closely. If you want a profitable business, you need clearly defined revenue streams and projections.

This section will likely include product pricing structures, details of your income generating activities, remuneration summaries, financial statements to date, and financial projections for the future. Investors want this information so they can estimate when they will see a return on their investment in your company.

3. How will your business get started?

If this is the first version of your business plan you should detail everything you need to get your company launched. This may include things like:

research and development needs
market research and testing
plan for setting up your website and online presence
legal and regulatory requirements
licencing and inspections

Each of these items should be given a timeframe and budget where possible. Include a little financial cushioning in your start-up budget because there is likely to be unexpected surprises along the way.

If your business hasn’t launched yet, use this section to outline how and when that will happen and what launch costs you’re planning for.

4. What is your operating budget?

This is the section where you will detail your month-by-month expenses for your business. You should be estimating and budgeting for every expense so you know how much revenue you need every month to break even or be profitable.

In this section consider:

What equipment you need to buy vs lease or rent?
What staff will you hire full-time vs outsourcing to consultants or other businesses?
What are your fixed monthly expenses vs variable expenses?
What are your costs for licencing and regulatory requirements?
What professional services do you need to support you?

Be sure to consider all monthly or annual costs associated with running your business.

5. Who are you selling to?

Your business won’t last long if you don’t know that people need and want what you sell. In this section of your business plan, share what you’ve learned about your target market and client.

Get as in-depth as you can and include details like:

What are the demographics of your target customer?
How much are they likely to pay for your product?
Where will they buy your products?
What add-ons or up-sells are they likely to need/want?

If you’ve created any customer personas for your ideal clients, summarize them in your business plan. Depending on your business, you may have multiple customer types but try to focus on a core two-three maximum.

6. How will you market your business?

If people don’t know your business exists, how can they buy from you? You need to have a detailed plan for how you will reach your target customers. Most of your marketing is likely to be done online, so consult a marketing agency to get a robust online marketing plan outlined.

Here are some possible marketing activities you may include in your business plan as it makes sense for your business:

create a website
incorporate an e-commerce platform on your website
post and interact on social media channels
put ads in newspapers and magazines
participate in industry trade shows and events
host events or workshops

Every marketing activity is calculated to reach the right customers, on the right channels, at the right time. A marketing agency can provide some valuable insights on this for you, from a third-party perspective. You may also consider doing a survey of your target customers to learn more about them, including where they spend their time online or in-person. Use this information to target your marketing for a maximum return on your investment.

7. What is your USP?

Your Unique Selling Point (USP) is how you will stand out from your competitors. Competition in the market can be a good thing, as long as you have positioned yourself to offer something unique.

To find your USP, do some in-depth product and service research to learn more about other similar products or services on the market. When you find some look for this information about each one:

How are they the same?
How are they different?
What add-ons or upsells do they offer?
What’s their price point?
Does their company have any values that stand out (like environmental awareness or charity involvement)?
How do they sell?

Once you know what they sell, your job is to sell your product better than them. In your marketing, emphasize the benefits that relate to the uniqueness of your product.

8. How will you use your strengths and weaknesses to grow your business?

This is the question we dread in job interviews, but it’s imperative as an entrepreneur to answer this question in your business plan. In your plan, you’ll want to summarize the results of a SWOT analysis :

S – Strengths: How can you capitalize on your strengths to capture new business?
W – Weaknesses: Where is there room for growth?
O – Opportunity: How can you turn your weaknesses into opportunities?
T – Threats: What external factors threaten your business success and how can you circumvent them?

It’s ok to include your weaknesses in your business plan, as long as you can show that you’re working towards a future where your weaknesses turn into opportunities or new strengths.

9. What are your challenges?

No business is a straight path to profitability and success, but you can bend the path as straight as you can. In your business plan, do a deeper dive into the challenges you foresee in your business.

Challenges can come in many forms and may include:

What if you struggle to increase your slice of the market share?
What if you can’t consistently meet your monthly revenue goals?
What happens if someone infringes on your intellectual property?
How will you deal with potential bootleggers or forgers?
What if you don’t meet regulatory or licencing requirements?
What if you can’t find the right skilled staff you need?

For every challenge you foresee, create a contingency plan to minimize your business risk.

10. What are your goals?

What goals do you have for your business? To best measure your business success, create SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) goals so you see how far you’re progressing. These goals could relate to anything including business growth, revenue, customers and sales, marketing campaign results, and number of internal hires.

Make sure that any goals you set align with your vision and mission.

How to start your first business plan

Make sure that your next business plan can answer all these 10 questions. A well-written, honest business plan can help guide your business to profitability and attract investors to get you there faster.

To get started, contact our team today and we’ll be in touch to discuss the specifics of your business plan that will answer these 10 questions!

How can we help you?

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20 Questions for Your Q1 Business Plan Review

A real estate agent doing a quarterly business plan review.

The end of Q1 is the ideal time for a business plan review.

So how do you even review a business plan?

You’ve heard me say before that having a business plan is an absolutely essential part of getting to where you want to be in life. But no matter how good of a plan you make, at the end of the day, it’s still only a plan – which means it’s meant to be followed, not written and set aside. That’s what this business plan review is for.

It’s the role of a good coach to check in on your progress and keep you on pace, so that’s exactly what I’m hoping to accomplish here in this blog.

According to your business plan , the strategies you’ve put in place so far can either:

Launch you to where you want to be (if you refine them) or
Send you spiraling into a crash (if they’re left unchecked)

It’s probably fair to say you’d prefer the first one, right? In that case, I’m giving you one of my favorite simple business plan review techniques. All you have to do is get all your numbers ready, pull up your business plan, and answer 20 questions.

Got everything ready? Then let’s get started…

How often should a business plan be reviewed?

Your business plan should be reviewed at least once per year. In today’s fast-paced business world, it’s easy to get caught up in the day-to-day operations and lose sight of the bigger picture. That’s why it’s crucial to schedule regular business plan reviews. Updating your business plan annually helps ensure that your company stays competitive and on track to meet its long-term goals. With so much at stake, you can’t afford to wait until the last minute to sift through all the numbers and make necessary changes. By reviewing your business plan regularly, you’ll be able to identify areas of improvement and make strategic adjustments. Don’t let your business plan become a static document. Keep it alive and thriving by scheduling regular reviews.

Business Plan Review Questions to Ask Yourself

Question No. 1: What’s your WHY? This is something you should already have written in your business plan , but it’s a question worth repeatedly asking not just at the end of every quarter but every day. So look at what you wrote down in December and then ask the question again. Has your answer changed? It’s okay if it has but make the adjustment.

Question No. 2: What’s your role?

Define your job, because your job title defines how you approach both your work and your business plan review. Are you operating as a real estate agent or like the CEO of your company?

Question No. 3: Did you make enough money to achieve your WHY?

Before we dive into any of your actual numbers, let’s establish a monetary value for your WHY. Not everything in life has a price tag: love, peace, honesty… But most things do, or at least money plays a role in them. Maybe you want to pay for your kid’s college. Maybe you want to start investing in properties. So ask yourself if over the last three months you’re on the right track for these goals and what being on the right track would actually look like.

Goals vs. Reality

Question No. 4: Units Closed vs. Goal Units Closed?

Question No. 5: Volume vs. Goal Volume?

Question No. 6: GCI vs. Goal GCI?

Question No. 7: What’s your average price per listing?

Add up the sum total of what all your listings have sold for and divide by the number of listings taken.

Are You Following Your Plan?

Question No. 8: Are you using all the lead sources you said you would on your business plan?

Question No. 9: Which lead sources are you underutilizing?

Question No. 10: Have you put in place the systems you wanted to have by Q2?

Question No. 11: In what ways do you need to adjust your plan to catch up to where you want to be by Q3?

Question No. 12: Expenses vs. Income. Are you staying in the right range?

If not, how far off are you and where is that money going?

Finding Your Personal Metrics

Question No. 13: How many conversations did you have?

Then break this down to how many you had each day, week, and month. Create a daily average.

Question No. 14: How many appointments did you take?

Question No. 15: How many conversations does it take you to get an appointment?

It’s simple division that creates massive predictability for your business. You should know this number and “live it” every day. Remember: Appointments are the only currency that matters today.

Question No. 16: How many appointments does it take for you to convert a listing?

Important Questions to Have Framed in Your Office

Question No. 17: How much money do you make from each conversation you have?

Divide your GCI by the total number of conversations you had. Then take this number and put it somewhere that you and every person on your team can see every day. When you don’t feel like making your calls, just remind yourself that this is how much every call is worth to you.

Question No. 18: What went well for you in Q1 and how can you do more of it?

It’s important to not only focus on where you’ve fallen short, because you’re strengths are what you need to rely on here – which means it’s important to know what they are!

Question No. 19: What do you need to stop doing and leave behind in Q2?

It’s time to strip away all the baggage that’s slowing you down, whether that means it’s time to hire someone or maybe it’s a lifestyle habit that’s getting in the way of your success.

Question No. 20: Are you getting to support you need?

In my 35+ years in this business, I’ve never seen anyone figure everything out by themselves. Even for people who are thriving right now, imagine what you could do if you had professional support to guide you on your journey…

My guess is, you’d learn that you’re not setting your goals high enough. Because we don’t know what we’re capable of until we have a valued mentor bring it out of us, push us to new limits, and show us the blind spots we can’t see for ourselves. So, if you’re ready to take this next step and fully commit to becoming the best version of yourself in Q2 and beyond, self-schedule a free coaching consultation right here . It only takes about an hour and might just change your life.

And if you’re already a coaching member or Sphere subscriber , be sure to watch Kay Fairchild’s webinar on conducting a more detailed quarterly business plan review inside of illūm, where she takes you step-by-step through her own extremely valuable quarterly review process.

Need to create a business plan first?

With access to this on-demand business plan webinar , you’ll gain immediate access to our acclaimed seven-point business plan template, essential tips on fostering the right mindset to conquer today’s volatile market, engaging Q&A sessions, and more insights from Tom Ferry. Don’t miss this chance to arm yourself with the knowledge and tools to thrive. Unlock your access to the full video, business plan template, and more!

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50 Questions to Ask Before Starting a New Business

Starting a business is an inherently risky venture. Getting your business off the ground requires a plan, capital, and a whole lot of hard work. From coming up with a great business idea to creating the proper business structure to execute this idea; from raising the money to fund startup costs to conducting the market research to justify your company’s raison d’etre, there are tons of steps before you can even think about opening the doors (physical or virtual) to your customers.

If you’re looking for a quick pathway from idea to implementation, we strongly recommend jumping from here to our article highlighting the 10 Steps to Starting a Business.

On the other hand, if you’re still in the early planning stages, you’ve come to the right place. The best way to really get the ball rolling is to start by asking yourself all the tough questions first. While you may not have an exact answer for each of these questions, this collection of inquiries is a great way to get you thinking about everything–big and small–that goes into launching your own business.

50 Questions To Help You Start a Successful Business

There’s obviously a lot that goes into getting a business off the ground. So how can you be sure you’ve thought of everything first? Well, you can’t. Rule number one–be prepared for the unexpected as a business owner. That said, you can take every possible step to reduce the risk of the unexpected. We’ve devised 50 critical questions to help you do exactly that. Because there’s a lot here, we’ve divided these questions into specific areas. Read on to find out which questions you should be asking about your Business Idea and Structure, the Competition and Customers shaping the marketplace, the Financial and Organizational components you’ll need to address to build your business, and finally, the Brand that you’ll be working to establish.

The Business Idea

1. What problem are you solving?

This is the very first question you need to ask yourself, because it will ultimately tell you whether or not there’s an actual need for the product or service you plan to market. Where did your business idea come from? Have you observed an unsatisfied demand for a certain product or service, or the need for innovation or improvement in the way a product or service is delivered? Perhaps you’ve found a way to offer quality with greater affordability, or a faster delivery system, or simply with a more customer friendly approach than the industry standard. Whatever it is that roots your business idea, be sure it’s something that addresses an actual problem with a viable solution. Moreover, be sure that the solution you’re offering is also profitable. Indeed, your goal here is to identify the need for your idea as well as the ability of this idea to generate profit.

2. Do you have a business plan?

Of course, it’s one thing to say that you have a great idea that can render a profit. It’s another thing to show it. That’s what your business plan is for. This is your chance to explain your idea in its entirety–to conduct a SWOT (Strengths; Weaknesses; Opportunities; Threats) analysis; to elaborate on the key features of the broader marketplace including the competition and the customers; to present financial forecasts that demonstrate the idea’s profitability; and more. That said, there aren’t necessarily any formal rules on what must be in a business plan. As an article from the Small Business Administration (SBA) notes, “A business plan is a written tool about your business that projects 3-5 years ahead and outlines the path your business intends to take to make money and grow revenue. Think of it as a living project for your business, and not as a one-time document. Break it down into mini-plans – one for sales and marketing, one for pricing, one for operations, and so on.” Ultimately, this will be a valuable document for securing bank loans, investor funding, or just for giving yourself a set of meaningful benchmarks to pursue. Developed properly, your business plan should give you the chance to think objectively about the various moving pieces that must ultimately come together to transform your idea into a reality.

3. What is your Unique Selling Proposition (USP)?

What is the value that you will offer your customers? Is there really a demand for this value, and can you actually deliver it? And can you deliver that value in a way that betters the current offerings in the marketplace? The key behind a great idea is that it will likely resonate with prospective customers either because it provides something heretofore unseen in the marketplace, because it significantly improves upon something in the marketplace, because it improves the accessibility of something in the marketplace for which there is great demand, or because it otherwise represents a distinct value to the customer that cannot be obtained elsewhere. Make sure you fully understand what makes your product or service offering unique, and just as importantly, why these unique properties represent a chance for profitability.

4. Is there a proof of concept for your idea?

So you’ve established the unique value proposition implied by your idea. But how can you be sure that it’s something people will actually pay for? That’s where proof of concept comes in. According to the definition provided by the Gartner Glossary of business terms, a proof of concept “is a demonstration of a product, service or solution in a sales context. A POC should demonstrate that the product or concept will fulfill customer requirements while also providing a compelling business case for adoption.” In other words, is there some precedent to prove that people will pay for what you’re offering? While your offering may be a unique proposition, is there a track record of success for similar product or service offerings? Have you yourself experienced even anecdotal success selling others on your product or service? And is that anecdotal success compelling enough to justify the launching of an entire business? In short, you’re looking to find the perfect balance between something that is at once novel and proven–a unique value spin on a product or service with a proven track record.

5. Have you thought of a good business name?

Believe it or not, this is one of the toughest parts of the process. Coming up with the perfect name can be genuinely challenging. And that makes sense. After all, a lot rests on a business name. The right name effectively describes what your business does, conveys the identity of your business, and gives your target customers something memorable to latch onto. While an imperfect name may not doom your business idea to failure, the perfect name could be a real game changer in your pursuit of success. Don’t rush this stage. Take the time to brainstorm ideas, run them by people you know and trust, and don’t settle for something that doesn’t feel right. Once you come up with the right business name, you can move on to the clerical steps like registration, licensing, and tax filing.

6. Can you explain your business idea in just a few words?

There’s an old adage that says, “if you can’t explain it simply, you don’t understand it well enough.” The quote is sometimes attributed to Albert Einstein, though historians have generally disputed this, especially in light of the actual complexity of his scientific theories. To wit, it may well have been coined by an unknown business magnate, because it applies brilliantly to the notion of a business startup. You need to be able to explain your business idea in as little as 30 seconds–the length of the so-called elevator pitch. This is important, because that’s about how long the attention span is of the average person. The attention span may be even shorter for the average venture capitalist. If you’re looking to excite others about your idea, perhaps even enough to net a few worthy investors, you need to be able to convey your business idea in a way that is at once compelling, clear and concise.

The Business Structure

7. What will be the legal structure of your business?

Now is the time to determine the best legal structure for your business based on the scale of your operation, the legal liabilities specific to your sector, and the nature of your product or service. Will your business be a sole proprietorship, a limited liability company, a partnership, or a corporation? Is your business intended as a non-profit entity, a religious organization seeking tax exempt status, or a traditional brick and mortar business in the retail space? Each of these entity types will come with its own specific rules for registration, licensing, tax status, operational regulations, and more. It’s up to you to determine which of these models makes the most sense for your product or service. If you’re not sure, this is a great time to consult a business attorney. You’ll want to be sure you get this step right as so many subsequent steps will hinge on making the right call here.

8. Do you need to register your business?

The answer to this question may be different for every aspiring business owner and will depend on factors like your locality, the nature of your business, and the intended scale of your operation. In most cases, registration will be pretty straightforward, but it may not always be necessary. As an article from the Small Business Administration (SBA) notes, “For most small businesses, registering your business is as simple as registering your business name with state and local governments. In some cases, you don’t need to register at all. If you conduct business as yourself using your legal name, you won’t need to register anywhere. But remember, if you don’t register your business, you could miss out on personal liability protection, legal benefits, and tax benefits.” As long as you’re speaking with a lawyer about the structure of your business, you’ll probably want to inquire about these protections and benefits. Determine whether or not it makes sense to register your business. But bear in mind that you’ll probably need to register your business in order to respond in the affirmative to the next question.

9. Do you have an Employer Identification Number (EIN)?

This is important because you’ll need this number for just about everything else that comes with starting a business. Your EIN is kind of like a social security number, but for your business. This is what the U.S. government uses to identify your business as an official taxpaying entity. As an article from the Small Business Administration notes, “Your Employer Identification Number (EIN) is your federal tax ID. You need it to pay federal taxes, hire employees, open a bank account, and apply for business licenses and permits. It’s free to apply for an EIN, and you should do it right after you register your business.” The SBA explains that you’ll need an EIN to do everything from operating as a corporation to establishing a partnership; from paying employees to filing tax returns for employment; from withholding income tax from employees to overseeing certain tax-deferred pension plans. In other words, getting an EIN should be among your first steps. The good news is that it’s pretty easy to get an EIN directly through the IRS EIN assistance portal .

10. Do you have a general business license? No matter what kind of business you plan to operate, you are required to have a business license. In the vast majority of cases, a General Business License will suffice, and this will usually be issued by your locality. According to an article from Investopedia, “ Any business, including home-based businesses, must obtain a local city or county business license. This is a basic license that allows the holder to engage in business activities within the local jurisdiction. If your city or county doesn’t have a specific business licensing department, you can obtain information on obtaining a basic business license at your local tax office.”

11. Does your business model require a special sales tax license?

Depending on where you plan to operate, this license may already be included as part of the general business license. But this is not always the case. And where it isn’t the case, you are legally liable for ensuring that you do carry this additional licensing. According to the article from Investopedia “A sales tax license may be part of the general business license in some areas. But a separate sales tax license is required in other areas in addition to a local business license. Not sure if you need a separate tax license? The local department from which you obtain a business license can tell you if you must obtain a separate sales tax license and where to get it at either the state or local level. Make sure that you have this covered before you open your business.” Indeed, failure to do so could actually make you criminally liable.

12. Do you require special permits to conduct your business?

However you slice it, you will need to get this license. However, there is also specialized permitting that you may need to get. This will largely depend on the nature of your business. Permits, as per their name, give you permission to engage in specific business activities within your locality, and will usually be granted by a professional association specific to your sector. For instance, say the article from Investopedia, “ Environmental licenses or health department permits are less common for home-based businesses. These documents are most generally required for businesses that engage in the wholesale or retail sale of food and beverage products. In any event, it’s easy enough to check with state environmental protection agencies or local health departments to find out if your business requires any type of environmental inspection or permit.”

13. Do you need specialized insurance?

The answer to this question will depend on the nature of your business, as well as the organization, resources, and personnel involved in this business. If you are a sole proprietorship selling a creative service like web design or digital marketing, you won’t likely require any special insurance coverage to operate out of your home office space. On the other hand, if you plan to rent or purchase property for the operation of your business, you plan to hire employees, you expect to operate vehicles or machinery in the production or delivery of your products or services, or you are manufacturing a retail item that will find its way into the homes of consumers, you may need to carry certain specialized insurance policies. This may include commercial property insurance, professional liability insurance, or general liability insurance. Some small business owners will choose to carry a generalized business insurance simply in order to mitigate unforeseen risks and legal entanglements. If you’re not sure which types of insurance are recommended or required in your sector, consult a business attorney.

14. Are there zoning requirements you need to be aware of?

Before you start a business in your locality, make sure you’re aware of any practical legal limitations on what you can and can’t do. If you’re planning to rent or purchase a property, be sure you understand all the zoning rules in your municipality and county. Will your business objectives be in compliance with these rules? Are there additional steps you’ll need to take, and expenses you’ll need to sustain, in order to achieve compliance? You may need to ask these same questions if you plan to run your business out of your own home. Be sure that you are aware of any rules or regulations imposed by your township or country regarding the operation of certain business types from spaces that are zoned as residential properties.

15. Does your Home Owners Association (HOA) have any rules about operating a home business?`

Speaking of operating a business out of your own home, many communities and developments are overseen by organizations called Home Owners Associations (HOA). HOAs often have pretty far reaching rules about how you can and can’t use your residential space. Some may even have restrictions on operating a business out of your home. This is something you’ll want to be aware of before you attempt to launch a business from your home office or backyard workshop. If your HOA forbids this type of commercial activity, you may be required to rent or purchase an alternative space for the operation of your business. Naturally, this means you’ll need to factor this cost into your operating expenses.

The Competition

16. Who are the leading competitors in the space you’re entering?

Find out everything you can about the businesses that are leading in your space. Which companies are dominating in sales and market share? Which companies have succeeded in establishing a sturdy reputation in the space, and which entrants have made the biggest splash as innovators? In addition to finding out who these competitors are, you should know how each one has built a successful business in the space you plan to enter. An article from Business News Daily advises exploring all aspects of your competitors’ business to achieve a comprehensive understanding of what has allowed them to succeed. According to Business News Daily, “these aspects could be pricing, distribution and delivery strategies, market share, new products or services coming to market, who their long-standing, highest-spending customers are, the quality of after-sales support, and which sales and marketing channels they use.”

17. Is there room for a new entrant?

Now that you understand a bit more about the competition, you should be in a better position to honestly assess this question. How much space is there in the market for a new entrant? Are you facing down a field in which the competition is endowed with billions of dollars in operating capital? Is the field saturated with other startup businesses looking to build their own reputations as trailblazers? (Cryptocurrency industry–I’m looking in your direction.) As you prepare to make your own splash in a selected marketplace, do some honest soul searching about how much space there really is for your idea in this sector. If you find a marketplace that is deeply tilted toward just a few monopolistic entities, or one that is absolutely teeming with would-be innovators, you may want to turn your attention elsewhere.

18. Are you looking to innovate in your field?

Speaking of innovators, are you among them? This ties directly into the question of your Unique Sales Proposition (USP). Are you preparing to offer a product that significantly enhances what has previously been available in the marketplace? Is your service offering a meaningful step forward from previous service offerings in the same space? If you are offering customers something that is truly a distinctive, first-of-its-kind purchasing opportunity, you may be in a position to transform the marketplace, and place yourself at the forefront of this transformation. Before you enter the field, determine whether you plan to work within the parameters already established by those who came before you or whether you plan to disrupt the industry with exciting new innovations.

19. How will you differentiate your business offering from the competition?

Of course, innovation isn’t the only way to differentiate your offering from others in the marketplace. You can find ways to make your products and services more affordable, more accessible, more efficient, or more functional. Even incremental improvements in what’s available could set your company apart. An article from Business News Daily asks, “Could you improve the quality of your products or services by adding or amending a feature, lowering the price to be more affordable or improving after-sales support? Could you achieve a better ROI on your marketing budget by investing in a more capable CRM for better lead management?” Determine how you will set yourself apart, both from those who have established themselves as leaders in the space, and from those who are going head to head with you at the startup tier.

20. Is there anybody else who can do what you plan to do?

Do you have an ace in the hole–something that your business will do or offer that nobody else can replicate? Have you invented an exciting proprietary technology, or created an unparalleled synergy with another business partner, or is your team simply loaded with the type of intellect and talent that other companies can’t match? Identify the greatest strengths that your business has to offer, whether these are features embodied in your personnel, your products, your structure, or all of the above. Once you know what these strengths are, do everything you can to magnify them. These strengths will be your greatest selling point when it comes to beating the competition.

21. How has this industry or space changed in the last several years? Where is it going in the future?

Beyond just studying the current players in your business, you should have a strong sense of the history of your space. What are the trends and innovations that have helped to shape your area of the market? Are there technological or conceptual developments that have been inflection points in this field? And how has the field evolved since these inflection points? Try to gain a full understanding of the leading trends in the marketplace, as well as the path that led to this point. The better you understand what came before, the more readily you will be able to anticipate future developments in your field. Naturally, this anticipation could be the key to tremendous success.

22. What do the success stories in your industry look like?

Speaking of success, it’s not a bad idea to get a firsthand glimpse at exactly what this looks like. You’ve already identified the leading competitors in the field. Now find out what got them to where they are today? What was the unique value proposition that each of these successful businesses offered? What innovations did these businesses bring to the market? In short, what were the keys to their success? Whether you hope to replicate, build on, or surpass that success, the first step is to fully understand how your competitors achieved it. Every company has a story. Explore these stories and think about how they can inform your success.

23. What do the failures in your industry look like?

Not to be negative, but you can also learn a lot from the failures in your midst. Just as the sector you plan to enter is populated with winners, the world of business must also have losers. Find out more about the also-rans, the companies that tried, failed, and folded. These are cautionary tales with tremendous value to you, as a new entrant into the field. What were the causes of their failure–a failure to differentiate themselves, a lack of capital, poor organization, or just bad luck? All are possibilities, and more. Before you launch your business, use these stories of disappointment and poor fortune to identify, anticipate and sidestep your own pitfalls.

The Customers

24. Who are your customers?

Now that you know the competition, it’s absolutely critical that you also identity your customer base. Which demographics do you expect to serve, and more importantly, how well do you know the real people who make up these demographics. You need to understand your target if you are to effectively market to these populations. One helpful exercise here is to actually create target customer personas as hypothetical use cases for your products or services. To clarify, we mean that you should literally write out 300 word descriptions of imaginary customers–who they are, what their needs are, and why they are likely to find your product or service offering to be the ideal solution to that need. Beyond identifying customers by what you perceive to be key demographics, this exercise should allow you to hone in on individual customer types. Create characters around these customers and do your best to put yourself in their shoes. The better you understand exactly who your customers are, the easier it will be for you to identify their needs and provide products and services that effectively meet these needs.

25. Is there a large enough market for your product or service to fuel a profitable business?

Identifying your target customers should naturally lend an answer to this subsequent question. Does the customer base that you’ve identified constitute a large enough population to support your product or service? In the section below, we’ll discuss some of the financial components of starting a business. These will make it a bit easier to address a question like this. But on its own, the purpose of this question is to determine whether there is realistically a large enough market for your offering to fuel a profitable business. Without enough prospective buyers, it won’t matter how innovative your idea is. It will still be unlikely to generate a profit.

26. How will you market yourself to your target customers?

Now that you know who your customers are, and how many of them are out there, you have to figure out how you’ll reach them. This means determining where your prospective customers hang out. Are they online, browsing store aisles, or doing a bit of both? Are they reading print ads, clicking onto products from various social media accounts, or making their purchasing decisions based on word of mouth? This offers further motivation for getting to know your intended target market on a deeper and more personal level. As an article from The Score explains, “Knowing your target audience will also help you know how to market your business. For example, younger audiences may be attracted to social media channels, such as Snapchat or Instagram, while B2B audiences may respond better to webinars and white papers. Do you want to focus on SEO and content marketing or do you want to spend time gaining reviews and word-of-mouth referrals? Before you start a business, it’s important to understand where and how you are going to market that company. The best brands in the world have figured out how to communicate their value proposition effectively.” You need to be able to draw the triangulating lines that connect your marketing strategy, your value proposition, and your customer.

27. What is your marketing budget?

On the one hand, there’s the strategy you plan to implement in order to reach your prospective customer base. On the other hand, there’s the actual amount of money that you have with which to do so. Again, we’ll address some of the financial components of your startup business in the section below. But the purpose of the question in this section is to incline you to think realistically about what it costs to reach your targets through the various channels where you are most likely to find them. Will you be budgeted for a robust marketing campaign right out of the gate, or will you opt for a soft launch while you raise additional funding? The latter option may even be preferable if you are still in the process of working out the kinks in your product or process. In other words, you’ll want to develop an initial marketing budget based both on your available resources and your readiness for an influx of new customers.

28. Are your customers local, online or both?

Speaking of new customers, where are you expecting to find them, and where are you most likely to complete transactions with these customers? Is your business a strictly online business with a national or even global customer demographic? Is your business a strictly local operation like a landscaping business, a wedding cake baker, or a dentist? If it’s the latter, your strategy for reaching customers will likely be quite different from the strategy of those in the former category. Geography matters when marketing to your customer base for a variety of reasons, including its impact on the channels you will use to reach them, the language and tone you will use to engage them, and the nature of the products and services you will make available to them. Make sure your product or service offerings, and your marketing strategy, match the practical geographical expectations of your target.

29. Are there underserved groups in this space, or gaps in the marketplace?

Have you identified a unique subset of your chosen marketplace that is not currently being reached by your anticipated competitors? This could represent the opportunity to fill a need in your space. Remember those target personas that you developed? Now let’s think of some personas that are not having their needs met in the current marketplace. Are there prospective customers who are being priced out by the cost of products and services in your industry? Are there customers who require a more specialized type of service that simply isn’t available? Is there a geographic or cultural enclave that isn’t being reached by the messaging and marketing of current competitors? Try to find gaps in the way the marketplace is being served. These gaps could represent a substantial opportunity both to address unmet customer needs and to facilitate the growth of your business. Depending on the nature of your business, carving out a specialized niche could be just as profitable as taking a lead position in the industry, writ large.

The Financial Components

30. What are the startup costs for your business idea?

Once you’re certain that there is both space for your ideas in the industry and customers to help make your idea marketable, it’s time to get down to dollars and cents. How much money do you need to get your ideas off the ground? Startup costs will usually include a variety of administrative fees for licensing, registration, permitting, zoning, etc. These costs will also include property rental or purchase, any necessary insurance coverage, contract labor, employment costs, production costs, marketing costs and more. Clearly, there’s a lot of expense that comes with the start of a new business. Make sure you have a full sense of what those costs are. Refer back to your business plan for specifics. Hopefully, those specifics will also help you pin down sources for funding, whether these startup costs come from angel investors, venture capitalists, bank lenders, or from your own pocket.

31. What does it cost to make your products or deliver your services?

In addition to start up costs, you’ll need to know the operational costs of your business before you start paying the bills. If you’re manufacturing a product, you’ll need to calculate the costs of materials, labor, and delivery on the supply chain. If you’re delivering a service, you’ll need to calculate the costs of personnel, transportation, and actual labor. Do some research on your competitors to find out what they’re spending on these line items. Before you can determine what to charge for your goods and services, you need to know what it will cost you to deliver them.

32. Are there commodities that you’ll require that come with fluctuating costs?

Of course, that is easier said than done. That’s because many of the key commodities that businesses rely upon for production or for the delivery of services can fluctuate dramatically in price. The most obvious example is gas. Countless factors can impact the price of gas from inflation and supply chain disruption to natural disasters and political unrest. Of course, these occurrences can be highly difficult to predict, which means the price of this essential commodity can be difficult to anticipate. This directly impacts businesses that rely upon gas-powered vehicles for delivery or gas powered machinery for manufacturing. And of course, this is just one example. Shifts in the cost of lumber can have rippling effects on costs for builders and contractors. Changes in the availability of corn, rice, wheat, or soy can impact prices across the food distribution and service industries. These pricing fluctuations can impact profit margins and ultimately shape the price that you pass along to consumers. These fluctuations can be quite unpredictable. As you initiate your business, take into consideration your reliance on commodities that tend to fluctuate in value. To the extent that is possible, you’ll want to prepare for these possibilities in both your budgeting and pricing structure.

33. How will you price your products or services?

Speaking of pricing structure, it’s important to establish a price point for your products and services that makes sense within the scope of your industry and the broader economy. An article from Forbes notes that pricing is a delicate balance. Forbes points out that “You don’t want to over priced, but you don’t want to price your products too low. This is where research comes in handy as you want to look at what your competitors’ price their products at. Are your items the same, more luxurious or more simple? You also want to take into consideration the packaging and postage costing as well as maintaining the business overall. Where do you fit in the market for your target consumers?” Make sure you establish a price that consumers are likely to accept, but one that also ensures the profitability of your business regardless of your operational costs and potential fluctuations in the cost of commodities.

34. What is the product life-cycle for the goods or services you plan to deliver?

Obviously, you want to provide high quality products and services. This is a great way to ensure customer loyalty. On the other hand, nothing lasts forever. Do your products have a relative expiration date? Does the impact of your services have a diminishing benefit over time? In other words, will your customers ultimately need to update or upgrade the products they’ve purchased from you? Will they need regular service visits to ensure the continued effectiveness of the services rendered? This is important to know, because the timeline from initial purchase to subsequent purchase or service visit may tell you a great deal about your company’s profitability. If the goods and services you offer do indeed have a finite lifespan, be sure you have positioned your company to provide the appropriate replacements or repairs when the time is right.

35. How will you define financial success?

We recognize that this is a fairly broad question, but it is worthwhile to identify some financial benchmarks by which to log your own successes. Before you launch your business, you should have a clear sense of the milestones that you will use to mark your progress. Will you be targeting a specific amount of annual revenue; a break even point based on your initial investment; or a certain degree of profitability? What financial achievements will you use to track your company’s progress? Identify these measures in advance so that you have some concrete financial goals to shoot for.

36. Will you be opening a separate business bank account?

This is a good idea even if you operate as a sole proprietorship. A designated business account can make it a great deal easier to conduct effective accounting, to keep your personal finances separate, and to process customer payments. Indeed, you can set your business account to feed inputs into your accounting software, to accept credit card payments, to make payments on your business credit card, and more. In the simplest terms, you really should have a separate business bank account even for the smallest and most independent of operations. It helps to keep things clear and organized while reducing your personal financial risk.

The Organization

37. What skills do you bring to the table? What skills will you need to source from others?

You’ve decided to launch your own business, so obviously you are enterprising and ambitious. But what other virtues do you bring to the table? Are you good at delegating responsibilities and communicating ideas to others? Or are you better at wheeling and dealing with other business leaders? Do you have a gift for understanding and connecting with clients or are your skill sets more technical? It’s important to identify the talents you bring to the table for a few reasons. First and foremost, you’ll want to channel your greatest strengths into helping get this company off the ground. But secondly, and just as importantly, you’ll want to identify the areas where you may not be as strong. These are areas where you might want to enlist engagement from others. If you excel at business planning but are less skilled at engaging personnel, you may wish to partner with somebody who has managerial skills. If you bring a ton of technical expertise to the table but you don’t really know how to crunch the numbers in order to turn a profit, bring in somebody with financial management experience. In short, identify the areas where you excel, and partner with those who excel in areas where you don’t.

38. Are you still planning to work your day job?

This is worth asking if only because it underscores just how much time you’ll be able to invest in launching your own company. It’s understandable that you wish (or need) to retain your paying income even as you work to get a new company off the ground. But if this is the case, you simply need to be realistic about how much time you have to invest in your new venture. Divided attention may delay or even stand in the way of establishing a successful business. Taking the leap from full time work into full startup mode can be scary, but it may also be the only way to make it really work. If you have a day job with flexibility, you may be able to do both. But if your daily work responsibilities are standing in the way of your ability to launch a new company, you may want to think very seriously about taking the full leap into your new venture, and if possible, paying yourself a salary from the startup funding or revenue generated by this business.

39. How many employees will be needed to make this business work?

Speaking of taking a salary, you may not be the only one that your new company must pay. If you are a sole proprietorship, this probably isn’t a concern for you. But most business enterprises require other people to succeed. How many people you need to succeed will depend entirely on the initial scale of your organization. To the point, an article from Forbes notes the importance of anticipating the startup scale of your organization. Realistically speaking, what are the labor requirements for making your idea into a reality? Forbes notes that you may be “starting this business solo or with a business partner, but you also want to consider how many employees you will need as the time goes on. This is important to consider if you are beginning a business with the idea that it will scale up in the future, and require a team for growth.”

40. Is your business idea scalable? Can your company grow, and if so, what will that mean?

Speaking of growth, what do you envision for the future of your company? Are you providing a product that can be manufactured and distributed en masse? Are you offering a service that can be made widely accessible? How realistic is it that your company could expand regionally, nationally, or even globally? And if it did, what would that mean for your overhead costs, the size of your labor pool, and the potential for profitability? While all of these ambitions may be well in the future, you’ll want to anticipate these possibilities even now, at the outset of your business venture. Are these ambitions possible? Does your business model allow for this level of growth? And if not, what must you do to make this type of growth possible? Take steps now to analyze and recognize the potential scalability of your business model. This consideration may prevent you from suddenly realizing at some future date that you’ve reached the limits of your company’s ability to grow.

41. What logistical challenges will you have to address?

While there is a lot that you can control as a business entrepreneur, you must also rely on the competence of others to carry out your work. This may include mail sorters, parcel delivery services, truck driving fleets, port workers and countless others in the supply chain who will contribute to the timeliness of your shipments. Whether you’re waiting for incoming supplies or banking on the expedient shipment of outgoing products, there are logistical factors that will contribute directly to your costs of operation and your organizational efficiency. Make sure you have a full understanding of these logistical factors, and that you’re prepared to manage the challenges that these factors can sometimes impose on your ability to serve customers effectively.

42. Are there political externalities to consider?

In addition to logistical concerns, there are some businesses that are directly at the mercy of external political factors. Are you entering into the type of business that relies on government funding, that requires the efforts of lobbyists, or that touches upon an area that is considered divisive in American politics? Some products and services may even fluctuate in popularity based on their political and cultural appeal. Does your business idea depend on the political dominance of one party or another? Is your business model vulnerable to fluctuations in prevailing political ideals? If this is the case, you should be aware of the potential ebbs and flows this could create in your company’s popularity and relevance. These factors could consequently cause ongoing volatility in your company’s bottom line.

43. Will it be possible to delegate leadership responsibilities to others?

What role do you see for yourself in this company? Will you be a hands-on, day-to-day business manager? Or are you more likely to delegate responsibilities and take a hands off approach? The answer to this question should depend on your skill sets. Some business managers prefer to oversee every detail of their company’s operations. But speaking with candor, the most successful business owners are those that can effectively hand business leadership responsibilities over to trusted employees. In an ideal world, you would be able to delegate most daily management tasks to trusted personnel in your organization.

44. Do you plan to exit your business at any time?

This may seem like kind of a funny question to ask when you’re literally at the very start of running your own business. But it may be valuable to consider this question before you get your business off the ground. Do you envision this as a family company, one that you will ultimately pass on to the next generation? Or is it merely a profitable idea that you would ultimately sell to the highest bidder? In short, do you see yourself running this company for the rest of your working life, or would you be just as happy (if not happier) to create a valuable enterprise that ultimately sells to a bigger company for a big price tag? If you chose the latter, we can’t say we blame you.

45. What is your company’s identity, and how does this connect to your target market?

Your brand refers to the way you present yourself. So how do you intend to present your company? This should be a function of your target market. If you’re pursuing a younger demographic, you’ll want to establish an identity that is at once informal and authentic. If you’re pursuing a demographic of business professionals, you’ll want to establish an identity that is polished and articulate. Such is to say that your intended audience will play a big role in defining your brand. Make sure you establish an identity–in your imagery, marketing material, and personnel–that reflects the desires of your target demographic.

46. What are your company values?

Your brand is more than just an abstract vibe. It’s also the foundation underlying your company’s values–the things that your organization stands for. Identify those values from the start and it can help you to better understand your own brand. Is your company focused on affordability, accessibility and inclusion? Do your values emphasize activism in the face of global climate change? Or are your company’s values simply focused on creating profits for your shareholders? Whatever demographics and priorities you serve, take time to articulate your company values now. This may help to create a brand that truly resonates with your target audience over the long haul.

47. Does your company have a mission and vision?

Your values are an indication of what your company stands for. By contrast, your mission and vision speak to what your company actually intends to do. What do you hope to accomplish as an organization? Is it innovation, equality, environmental justice, social progress, or technological advancement, just to name a few of the infinite possible answers to that question? Part of establishing your brand is articulating the mission that your company will actively pursue and the vision that your company will hold as its grandest ambition.

48. How will you convey this brand?

Now that you’ve pinned down your brand, how can you be sure that others will perceive the image that you’re putting out there? Do you have plans to build a website that captures your company’s identity, tone and vibe? Do you have a way to source a logo, color palette, and iconography that match your organization’s culture, energy, and intent? In most cases, these are tasks that you will want to outsource to qualified third-party providers. But you’ll need to establish your own clear sense of these things first. Take time to think about the aesthetic that you believe will best convey your company’s identity and find artists, copywriters and web designers who will work closely with you to capture this aesthetic

49. Do you need any special patents or trademark copyrights?

In addition to working with artists and web designers to create your company’s iconography, you’ll want to work with lawyers to ensure that this ephemera is protected from intellectual property theft. That’s why, according to our own Ultimate Guide to Starting a Business, “Many companies apply for trademarks to protect the unique components of their company. Trademarks can cover a specific brand, a logo, a catchphrase, or product design. Or anything else that sets your business apart from your competitors.” Make sure you apply for these protections in the early going. When your company achieves massive success, you’ll be glad that you secured your images and icons against misuse.

50. Does your company have a story to tell?

Part of your brand identity is your personal history, the history of your idea, and the history of the organization you’ve built to deliver that idea to your customers. Find a compelling way to tell this story in your company’s literature, on your website, and through your marketing materials. Your company’s story can help to personalize the purchasing experience for your customers, to make your brand more relatable, and to ultimately help you establish an identity with lasting commercial impact.

Looking for even more detail on how to succeed at business? Our Ultimate Guide to Starting a Business includes step by step details on how to create a business plan, a rundown of special business permits and licenses, and tons of other actionable tips on getting your business venture off the ground.

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
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Subject Guide

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

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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:

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* 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.

25 Business Planner Interview Questions and Answers

Learn what skills and qualities interviewers are looking for from a business planner, what questions you can expect, and how you should go about answering them.

Business planning is a process that helps you to think about your business, research your market and customers, and decide on the best way to achieve your goals. It involves setting out your business goals, researching your market and customers, and coming up with a plan to achieve these goals.

If you’re applying for a job as a business planner, you’ll need to be able to demonstrate your skills and experience in this area. During your job interview, you’ll be asked a range of business planning questions, from general questions about your experience to specific questions about your knowledge of business planning tools and techniques.

To help you prepare for your interview, we’ve compiled a list of sample business planning questions and answers.

1. Are you familiar with the latest trends in business planning?

Employers ask this question to see if you are up-to-date with the latest trends in business planning. They want to know that you can use your knowledge and skills to help them achieve their goals. In your answer, share two or three of the most recent trends in business planning. Explain how these trends might benefit the company you’re interviewing for.

Example: “Absolutely. I’m passionate about staying up to date with the latest trends in business planning, and I make it a priority to stay informed on industry news and best practices. I have experience creating comprehensive business plans that incorporate current trends and strategies, such as leveraging technology for improved efficiency and using data-driven insights to inform decisions. I also understand the importance of developing long-term goals and objectives that are aligned with an organization’s mission and vision.”

2. What are some of the most important elements of a business plan?

This question is a great way to show your knowledge of the business planning process. It’s important to highlight the most important elements of a business plan and how they can help you achieve success in this role.

Example: “When creating a business plan, there are several key elements that must be included in order to ensure its success. The first element is the executive summary, which provides an overview of the entire plan and highlights the most important points. This should include a description of the company’s mission and goals, as well as any competitive advantages it may have.

The second element is the market analysis, which looks at the industry and customer base to determine potential opportunities for growth. It also includes research on competitors, pricing strategies, and other factors that could affect the success of the business.

Thirdly, a financial analysis should be included in the business plan. This section will outline the expected costs associated with launching the business, such as start-up capital, operating expenses, and projected profits. Finally, a risk management strategy should be outlined to identify potential risks and how they can be mitigated.”

3. How do you develop a plan that will motivate and inspire employees?

This question can help the interviewer understand how you plan to motivate and inspire employees. Use examples from your experience that show how you can create a vision for an organization’s future and use strategies to encourage team members to work toward achieving goals.

Example: “When developing a plan to motivate and inspire employees, I believe it is important to start by understanding the needs of the team. This includes getting to know their individual strengths and weaknesses, as well as any personal goals they may have. Once this information is gathered, I create an actionable plan that takes into account these factors while also setting achievable objectives for the team.

I then ensure that the plan is communicated clearly to all members of the team so that everyone understands what is expected of them. To further motivate and inspire employees, I like to provide incentives such as rewards or recognition when goals are met. Finally, I make sure to check in regularly with each member of the team to provide support and guidance throughout the process.”

4. What is your process for identifying and prioritizing potential risks for the company?

Interviewers may ask this question to assess your risk management skills. They want to know how you identify potential risks and the steps you take to mitigate them. Use examples from past projects to explain your process for identifying, analyzing and prioritizing risks.

Example: “When it comes to identifying and prioritizing potential risks for a company, my process is quite comprehensive. First, I like to gain an understanding of the company’s current operations and objectives. This means researching their industry, competitors, customers, and any other relevant information that can provide insight into how the business operates.

Once I have a good understanding of the company, I then move on to assessing potential risks. To do this, I use a combination of qualitative and quantitative methods such as SWOT analysis and risk mapping. These tools help me identify areas where the company may be vulnerable and prioritize them based on their likelihood and impact.

From there, I develop strategies to mitigate or reduce these risks. This includes creating contingency plans, implementing policies and procedures, and introducing new technologies or processes. Finally, I monitor the progress of these strategies and make adjustments as needed.”

5. Provide an example of a time when you had to adapt a plan due to unforeseen circumstances.

This question can help interviewers understand how you react to change and whether you’re able to adapt your plans. When answering this question, it can be helpful to provide an example of a time when you had to make changes to a plan but still managed to achieve the desired results.

Example: “I recently had to adapt a plan due to unforeseen circumstances while working on a project for a client. The original plan was to launch the product in two months, but the client suddenly needed it done in one month instead. I quickly assessed the situation and realized that this would require us to make some adjustments to our timeline.

To accommodate the new deadline, I worked with my team to prioritize tasks and adjust our strategy accordingly. We identified which tasks were most important and delegated them to different members of the team. We also made sure to communicate regularly with the client to keep them updated on our progress. In the end, we successfully launched the product within the revised timeframe.

This experience taught me the importance of being flexible and adapting plans when necessary. It also reinforced my ability to work under pressure and manage tight deadlines.”

6. If hired, what would be your priorities during your first few months on the job?

This question helps the interviewer determine how you plan to make an impact in your new role. Prioritizing tasks is a skill that all employers want their employees to have, so they can get important work done as efficiently as possible. In your answer, explain what you would do first and why it’s important to start there.

Example: “If hired, my top priority would be to gain an understanding of the company’s current business plan and objectives. I believe it is important to understand the goals and strategies that are already in place before making any changes or developing new plans.

My second priority would be to assess the resources available to me and identify areas where I can make a positive impact. This includes getting to know the team members who will be working with me on projects, as well as familiarizing myself with the tools and technology used by the company.

Thirdly, I would work closely with stakeholders to develop a comprehensive business plan that meets their needs. I have experience creating detailed plans that include financial projections, market analysis, competitive research, and risk management strategies. My goal is to create a plan that is tailored to the specific needs of the company and its stakeholders.”

7. What would you do if you noticed two employees were consistently butting heads on projects?

This question can help interviewers understand how you might handle interpersonal conflicts in the workplace. Use your answer to highlight your problem-solving and conflict-resolution skills, as well as your ability to work with others.

Example: “If I noticed two employees were consistently butting heads on projects, my first step would be to have a conversation with each of them separately. I believe it is important to understand the individual perspectives and motivations behind their conflict before attempting to resolve it.

Once I had an understanding of both sides, I would then bring the two together in a constructive way. This could involve setting up a meeting where they can discuss their differences in a productive manner, or providing guidance and support for working through the issues collaboratively. My goal would be to help them reach a resolution that works for everyone involved.

I also think it’s important to provide ongoing support after any initial conversations. This could include regular check-ins to ensure the issue has been resolved, as well as offering resources such as team building activities to help foster better communication and collaboration between the two individuals.”

8. How well do you work under pressure?

This question can help the interviewer determine how well you perform in a fast-paced environment. Since business planning often requires working under tight deadlines, employers may want to know that you can handle pressure and still complete your work on time. In your answer, try to explain that you are able to manage stress and prioritize tasks effectively when faced with a deadline.

Example: “I believe I work very well under pressure. In my current role as a Business Planner, I have had to manage multiple projects at once and meet tight deadlines. I am able to stay organized and prioritize tasks in order to ensure that everything is completed on time. I also remain calm and focused when faced with challenging situations or difficult decisions. My ability to think quickly and act decisively has enabled me to successfully navigate through any situation while maintaining a high level of quality.”

9. Do you have any experience using financial modeling tools?

This question can help the interviewer determine your experience with financial modeling tools and how you apply them to business planning. Use examples from previous work experiences to highlight your skills using these tools, such as Microsoft Excel or Access.

Example: “Yes, I have extensive experience using financial modeling tools. In my current role as a Business Planner, I use various financial modeling software to create detailed business plans that include market analysis, competitive research, and financial projections. I am also proficient in creating complex spreadsheet models for forecasting cash flow and budgeting purposes. Furthermore, I have experience with data visualization tools such as Tableau which allow me to present the results of my analyses in an easy-to-understand format.”

10. When planning for the future of the company, what is your vision?

This question can help the interviewer determine how you plan for success and growth. Your answer should include your personal goals as well as those of the company, and it should show that you have a strong understanding of what is needed to achieve both.

Example: “My vision when planning for the future of a company is to create a plan that will ensure long-term success. I believe in taking a holistic approach, looking at all aspects of the business and how they interact with each other. This means considering both short-term and long-term goals, understanding the current market trends, and assessing the potential risks and opportunities associated with the company’s operations.

I also think it’s important to be proactive in creating plans for the future. By anticipating changes in the market or industry, companies can stay ahead of their competitors and better prepare for any challenges that may arise. Finally, I believe in involving stakeholders throughout the process so that everyone has a clear understanding of the objectives and strategies being implemented.”

11. We want to increase our social media presence. What would you do to achieve this goal?

Social media is a great way to connect with customers and potential clients. Employers ask this question to make sure you understand the importance of social media in business today. In your answer, explain how you would use social media to increase brand awareness and attract new customers.

Example: “I understand the importance of increasing a company’s social media presence, and I have experience in developing successful strategies to do so. My approach would be to first analyze the current state of the company’s social media channels. This includes examining the type of content that is being posted, how often it is posted, and what kind of engagement the posts are receiving. Once I have this information, I can create an action plan for improving the company’s social media presence.

This plan could include creating more engaging content, optimizing post timing, and utilizing targeted ads to reach new audiences. I would also suggest experimenting with different types of content such as videos, infographics, or live streams to see which resonates best with the target audience. Finally, I would recommend setting up analytics tools to track progress and measure success. With these steps in place, I am confident that I can help your company increase its social media presence.”

12. Describe your process for conducting market research.

Market research is an important part of business planning. Employers ask this question to make sure you have the skills necessary to conduct market research and use that information to create a successful business plan. In your answer, explain how you would complete market research for a client. Explain what steps you would take to gather data about the target audience and their needs.

Example: “My process for conducting market research begins with gathering data and analyzing the industry trends. I start by researching current competitors, their products and services, pricing, customer feedback, and any other relevant information. This helps me to understand the current state of the market and identify potential opportunities.

Next, I conduct surveys and interviews with customers and stakeholders to gain a better understanding of their needs and preferences. Through this process, I can determine what features or benefits are most important to them and how they perceive my client’s product or service in comparison to others.

Lastly, I use various tools such as analytics software and social media monitoring to track consumer behavior and sentiment. This allows me to analyze customer interactions and identify areas where my client could improve their offering. By combining all of these methods, I am able to create an accurate picture of the target market and develop effective strategies to meet their needs.”

13. What makes you qualified for this position?

Employers ask this question to learn more about your background and how it relates to the job you’re applying for. They want to know what experiences make you a good fit for their company, so they may ask you this question to see if you have any relevant experience or education. When answering this question, think of two or three things that make you qualified for this position. Try to focus on skills rather than credentials, as these are usually more important in business planning.

Example: “I believe I am the ideal candidate for this position because of my extensive experience in business planning. With over five years of experience, I have developed a comprehensive understanding of the strategies and processes involved in creating successful business plans. My expertise includes financial forecasting, market analysis, competitive research, and risk management.

Furthermore, I possess strong communication skills that enable me to effectively collaborate with colleagues and clients alike. I have worked on numerous projects involving complex data sets and have successfully presented results to senior executives. My ability to think critically and analytically has enabled me to identify potential areas of improvement within organizations and develop solutions to address them.”

14. Which business planning software are you most comfortable using?

This question can help the interviewer determine if you have experience using the software they use in their company. It can also show them that you are willing to learn new programs and adapt to different work environments. When answering this question, try to mention a program you’ve used before or one you’re familiar with.

Example: “I am most comfortable using a variety of business planning software, depending on the needs of the organization. I have extensive experience with Microsoft Office Suite and its various applications such as Word, Excel, PowerPoint, and Access. I also have some familiarity with QuickBooks for financial management and forecasting. Finally, I have experience with project management tools like Trello and Asana to help keep track of tasks and deadlines.”

15. What do you think is the most important aspect of communication in business planning?

This question is an opportunity to show your communication skills and how you can use them in a business planning role. Your answer should include examples of how you used effective communication techniques in the past, such as active listening, speaking clearly and concisely and using appropriate body language.

Example: “I believe that the most important aspect of communication in business planning is clarity. Clear communication helps to ensure that all stakeholders involved have a shared understanding of the goals and objectives of the plan, as well as any potential risks or obstacles that may arise during the process. It also allows for more efficient decision-making by providing everyone with a clear picture of the project’s timeline, budget, and other key elements.

In addition, effective communication can help to build trust between team members and create an environment where collaboration and innovation are encouraged. By keeping lines of communication open, it becomes easier to identify issues before they become major problems, allowing for quick resolution and minimizing disruption to the overall plan. Finally, clear communication ensures that everyone is on the same page when it comes to expectations and deadlines, helping to keep projects running smoothly and efficiently.”

16. How often do you recommend updating business plans?

This question can help interviewers understand your approach to planning and how you might fit into their organization. Your answer should show that you are flexible in your approach, but also have a process for updating plans as needed.

Example: “I believe that business plans should be reviewed and updated on a regular basis. Depending on the size and scope of the organization, this could range from quarterly to annually. For larger organizations with multiple departments or divisions, I recommend reviewing and updating each division’s plan every six months. This allows for timely adjustments to account for changes in the market, customer needs, and other external factors.

When it comes to developing new strategies, I think it is important to review existing plans first before making any major decisions. This helps ensure that all stakeholders are aligned and that any proposed changes are well thought out and supported by data. It also provides an opportunity to identify areas where improvements can be made and to adjust goals accordingly. Finally, having up-to-date plans ensures that everyone involved has access to the most current information and resources needed to make informed decisions.”

17. There is a new industry trend that could benefit the company if adopted. What would you do to implement this change?

This question is a great way to test your ability to adapt and implement change. It also shows the interviewer how you would handle new challenges in the workplace. When answering this question, it can be helpful to give an example of a time when you introduced a new process or procedure that benefited your company.

Example: “If I were given the opportunity to implement a new industry trend, my first step would be to conduct thorough research and analysis of the potential benefits. This includes understanding the market landscape, identifying customer needs, and analyzing competitor strategies. Once I have gathered all the necessary information, I can then create a comprehensive business plan that outlines how this change could benefit the company.

I would also take into consideration any risks associated with implementing this change, such as financial or operational implications. By doing so, I can ensure that the implementation process is well-thought out and executed in an efficient manner. Finally, I would work closely with stakeholders to develop a timeline for implementation and provide regular updates on progress. Ultimately, my goal is to make sure that the new industry trend is implemented successfully and yields positive results for the company.”

18. How have you collaborated with other departments in the past to create successful business plans?

Business planners often work with other departments to create successful business plans. Employers ask this question to learn more about your collaboration skills and how you’ve worked with others in the past. Use your answer to explain what steps you take to collaborate with others on projects. Explain that you enjoy working with a team of professionals who all have unique skill sets.

Example: “I have extensive experience collaborating with other departments to create successful business plans. I understand that creating a comprehensive plan requires input from multiple stakeholders, and I am adept at working collaboratively with different teams.

For example, when I was developing a business plan for a large retail chain, I worked closely with the marketing team to ensure that our strategies were aligned with their goals. We discussed how best to reach potential customers, and I incorporated their insights into the plan. In addition, I consulted with the finance department to make sure that our budget projections were realistic and achievable.”

19. What strategies do you use to ensure that a plan is on track and meeting deadlines?

This question can help the interviewer understand your organizational skills and how you plan to manage a project’s timeline. Use examples from past experience where you’ve successfully managed multiple projects at once or helped others do so.

Example: “When creating a business plan, I always make sure to set realistic goals and deadlines that are achievable. This helps keep the project on track and ensures that everyone involved is working towards the same goal. To ensure that these goals and deadlines are met, I use a variety of strategies.

I start by breaking down the entire plan into smaller tasks and assigning each task to an individual or team. This allows me to monitor progress more easily and identify any areas where additional resources may be needed. I also communicate regularly with all stakeholders throughout the process to ensure that everyone is aware of their responsibilities and timelines. Finally, I create detailed reports that provide updates on the progress of the plan and highlight any potential risks or issues that need to be addressed.”

20. Do you have experience developing long-term strategic plans?

This question can help interviewers understand your experience with developing plans that span multiple years. Use examples from past projects to explain how you developed a long-term plan and the steps you took to create it.

Example: “Yes, I have extensive experience developing long-term strategic plans. In my current role as a Business Planner, I am responsible for creating and implementing strategies that align with the company’s overall goals. This includes researching industry trends, analyzing financial data, and forecasting future opportunities. I also collaborate with other departments to ensure our plans are cohesive and effective.

I have a proven track record of success in this area. For example, I recently developed a five-year plan that resulted in increased sales by 20%. My ability to think strategically and develop innovative solutions has been instrumental in helping the organization reach its objectives.”

21. Describe your approach for effectively monitoring progress of a project.

This question can help the interviewer assess your ability to manage projects and monitor their progress. Use examples from past experiences where you monitored a project’s success, including how you communicated with team members about any challenges or changes in schedule.

Example: “My approach to effectively monitoring progress of a project is centered around clear communication and collaboration. I believe that it’s important to set expectations for the team at the outset, so everyone understands what needs to be accomplished and by when. From there, I like to establish regular check-ins with all stakeholders involved in the project. This allows us to review our progress, identify any areas where we may need additional support or resources, and make adjustments as needed.

I also think it’s important to track key performance indicators (KPIs) throughout the duration of the project. This helps me to quickly assess how well the project is progressing and if any changes are necessary. Finally, I’m an advocate for utilizing technology whenever possible. By leveraging tools such as project management software, I can easily monitor progress, assign tasks, and stay on top of deadlines.”

22. Have you ever had to present a business plan to potential investors or partners?

Interviewers may ask this question to see if you have experience presenting your ideas and plans to others. They want to know that you can confidently speak in front of a group, as well as communicate clearly with investors or partners. In your answer, try to explain how you feel about public speaking and what strategies you use to make it less stressful.

Example: “Yes, I have had the opportunity to present a business plan to potential investors and partners. My experience in this area has been extensive. In my current role, I am responsible for developing comprehensive business plans that outline our company’s objectives and strategies. I also work with our finance team to ensure that all financial projections are accurate and up-to-date.

When presenting a business plan to potential investors or partners, I take great care to explain each component of the plan clearly and succinctly. I strive to make sure everyone involved understands the goals and strategies outlined in the plan. I also emphasize the importance of staying on track and meeting deadlines.”

23. Are there any areas where you feel you could improve as a business planner?

Interviewers may ask this question to gauge your self-awareness and willingness to improve. They want to know that you’re aware of any areas where you could use improvement, but also that you have a plan for how you’ll do so. In your answer, try to be honest about what you feel you need to work on while also showing that you have a plan in place to address those weaknesses.

Example: “Yes, I believe there are always areas where I can improve as a business planner. I am constantly looking for ways to enhance my skills and stay up-to-date with the latest trends in the industry. For example, I recently completed an online course on financial forecasting and analysis which has helped me better understand how to create accurate projections for businesses. I also have experience working with various software programs that help streamline the planning process, such as Microsoft Excel and QuickBooks. Finally, I am actively involved in professional development activities, such as attending workshops and seminars, to ensure I remain knowledgeable about best practices in the field.”

24. How do you stay up-to-date with industry changes and advancements?

Employers want to know that you’re committed to your career and are always looking for ways to improve yourself. Show them how you stay on top of industry news, trends and advancements by mentioning the resources you use or the people you talk to about what’s new in business planning.

Example: “Staying up-to-date with industry changes and advancements is an important part of my job as a Business Planner. I make sure to stay informed by reading relevant publications, attending conferences and seminars, and networking with other professionals in the field. I also take advantage of online resources such as webinars, podcasts, and blogs that provide valuable insights into current trends and developments. Finally, I am constantly looking for ways to improve my skillset and knowledge base so that I can remain competitive in this ever-evolving industry.”

25. What techniques do you use to motivate team members during difficult times?

When working on a business plan, you may encounter challenges that require your team to work together and motivate each other. Employers ask this question to learn more about how you can help their employees succeed in the role. In your answer, explain what motivates you and what techniques you use to encourage others. Share an example of when you motivated your team members during a challenging time.

Example: “I believe that motivation is key to success in any team environment. When times get tough, I like to focus on the positive and help my team members stay focused on their goals. To do this, I use a variety of techniques such as setting clear expectations, providing regular feedback, celebrating successes, and recognizing individual contributions.

I also strive to create an atmosphere of trust and respect within the team so that everyone feels comfortable speaking up and sharing ideas. This helps to foster collaboration and encourages team members to take ownership of their work. Finally, I make sure to provide resources and support when needed, so that team members feel empowered to tackle difficult tasks.”

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20 Business Plan Quiz Questions and Answers

A business plan is a comprehensive document that outlines the goals, strategies, and financial projections of a business venture. It serves as a roadmap for entrepreneurs and stakeholders to understand the direction and viability of the business. Here’s an overview of the key components typically included in a business plan:

Executive Summary: This section provides a concise overview of the entire business plan. It highlights the company’s mission, vision, key objectives, and a summary of the proposed business model.

Company Description: Here, you’ll provide a detailed explanation of your business concept. Include the type of business, its legal structure, location, target market, and any unique selling propositions that set your business apart.

Market Analysis: Conduct thorough market research to understand your industry, target market, and competitors. Identify trends, potential opportunities, and challenges. Explain how your product or service will meet the needs of your target audience better than existing solutions.

Organization and Management: Describe the organizational structure of your business, including key team members, their roles, and relevant experience. Investors want to know that you have a capable team driving the venture.

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Part 1: 30 business plan quiz questions & answers.

1. Question: What is the primary purpose of a business plan? a) Secure funding b) Improve employee morale c) Enhance customer service d) Increase market competition Answer: a) Secure funding

2. Question: Which section of a business plan outlines the company’s mission and vision? a) Marketing strategy b) Financial projections c) Executive summary d) Company overview Answer: d) Company overview

3. Question: Which of the following is NOT a common business plan component? a) Competitive analysis b) SWOT analysis c) Cash flow statement d) Social media strategy Answer: d) Social media strategy

4. Question: What is the purpose of conducting a market analysis in a business plan? a) Determine the company’s competitors b) Develop financial projections c) Define the company’s mission d) Set employee goals Answer: a) Determine the company’s competitors

5. Question: Which section of a business plan highlights the company’s unique selling proposition (USP)? a) Marketing strategy b) Company description c) Competitive analysis d) Financial projections Answer: a) Marketing strategy

6. Question: What financial document shows a company’s revenues and expenses over a specific period? a) Balance sheet b) Cash flow statement c) Income statement d) Profit and loss statement Answer: c) Income statement

7. Question: In a business plan, what does ROI stand for? a) Return on Investment b) Revenue on Investment c) Risk of Inflation d) Rate of Interest Answer: a) Return on Investment

8. Question: Which business plan section outlines the marketing tactics to promote a product or service? a) Financial projections b) Market analysis c) Marketing strategy d) Company overview Answer: c) Marketing strategy

9. Question: What is a break-even analysis used for in a business plan? a) Identifying potential customers b) Calculating potential profits c) Determining the point of profitability d) Analyzing competitor strategies Answer: c) Determining the point of profitability

10. Question: In a business plan, what does the term “SWOT” stand for? a) Strengths, Weaknesses, Opportunities, Threats b) Sales, Workforce, Objectives, Technology c) Strategies, Workflow, Operations, Targets d) Success, Wealth, Objectives, Tactics Answer: a) Strengths, Weaknesses, Opportunities, Threats

11. Question: What is the purpose of an executive summary in a business plan? a) Provide an overview of the company’s history b) Detail the company’s long-term objectives c) Summarize the key points of the entire plan d) Highlight the company’s competitive advantages Answer: c) Summarize the key points of the entire plan

12. Question: Which financing option involves giving up ownership shares of a company in exchange for capital? a) Debt financing b) Equity financing c) Venture capital d) Angel investing Answer: b) Equity financing

13. Question: What does the term “KPI” mean in a business context? a) Key Performance Indicator b) Key Profit Increment c) Key Planning and Implementation d) Key Personnel Improvement Answer: a) Key Performance Indicator

14. Question: What section of a business plan should discuss the company’s organizational structure and management team? a) Market analysis b) Financial projections c) Company overview d) Marketing strategy Answer: c) Company overview

15. Question: What type of business plan primarily targets internal decision-making and planning? a) Startup business plan b) Strategic business plan c) Operational business plan d) Feasibility business plan Answer: c) Operational business plan

Part 2: Download business plan questions & answers for free

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16. Question: What external factor analysis tool helps identify the political, economic, social, and technological influences on a business? a) PEST analysis b) SWOT analysis c) BCG matrix d) Porter’s Five Forces Answer: a) PEST analysis

17. Question: Which statement best describes a vision statement in a business plan? a) Outlines the short-term goals of the company b) Identifies potential risks and challenges c) Describes the company’s future aspirations d) Analyzes the company’s target market Answer: c) Describes the company’s future aspirations

18. Question: What is the purpose of conducting a competitive analysis in a business plan? a) Identify potential partners b) Analyze customer feedback c) Evaluate strengths and weaknesses of competitors d) Forecast financial performance Answer: c) Evaluate strengths and weaknesses of competitors

19. Question: Which financing option involves borrowing money that must be repaid with interest over time? a) Debt financing b) Equity financing c) Venture capital d) Angel investing Answer: a) Debt financing

20. Question: What does the term “ROI” stand for in the context of financial analysis? a) Revenue on Investment b) Return on Innovation c) Risk of Inflation d) Return on Investment Answer: d) Return on Investment

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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

I worked at Disney World for over 3 years. Here are answers to 8 questions guests are too embarrassed to ask.

As a former Disney World employee , I'm used to answering tourists' questions about the parks.
There is a difference between Genie+ and Lightning Lanes , but it isn't too tricky to learn.
Adults are allowed to take photos with characters, and there's more to do than just rides.

I worked at Disney World for three years at some of the merchandise locations and attractions across the property .

Disney is constantly changing and expanding — heck, the company is currently investing $60 billion in its global theme parks and cruise lines, including a major Magic Kingdom expansion. It can be hard to keep up, so it's common for guests to have questions, even if they're not first-time visitors.

Here are my answers to some of the questions I think guests are too scared or embarrassed to ask.

Do you have any tips for visiting Universal Studios?

A lot of people think that because Universal Studios is Disney's "competition," they can't ask park employees about it.

Although I probably wouldn't know how to answer very specific questions about the nearby theme parks, there's no harm in asking things like, "What's the best way to get there?"

Believe it or not, many Disney employees frequently visit Universal Studios — some even work for both companies — so don't be afraid to ask them for recommendations if they're up for it.

When I worked at Coronado Springs Resort , I often asked guests about their days when I saw them return to the hotel with Universal Studios bags. As a big "Harry Potter" fan, I enjoy talking about those parks as much as Disney.

Is this ride worth the wait?

I worked at Remy's Ratatouille Adventure in Epcot , and since the ride only opened in 2021, it's one of the most popular attractions in the park.

This means it often had very long wait times throughout the day.

Sometimes guests would ask me if it was worth the wait, and I was more than happy to give them some context about the long wait times and share my thoughts. As long as you're nice and respectful about the question, most employees are probably willing to give their honest opinions.

I think it's best to prioritize other activities and rides if the wait time is over an hour — unless someone in the group is a "Ratatouille" superfan.

What's the difference between Genie+ and Lightning Lane?

A lot has changed since the Disney World parks reopened after the 2020 COVID-19 closure. One of the biggest changes was switching from the old free FastPass system to a paid Genie+ service.

The service, which typically starts around $25 per person a day, allows guests to make Lightning Lane (expedited line) reservations at several attractions, among other vacation-planning services .

Understanding Genie+ can seem daunting. For example, some popular rides don't appear on the service but can still be booked by purchasing a separate Individual Lightning Lane fee.

Feel free to ask park employees any questions you have. They'll walk you through the whole process — and even help you book reservations if needed.

How do I get a special button?

When you visit the parks, you'll likely see some guests wearing celebration buttons announcing things like first visits, birthdays, anniversaries, or family reunions.

If you and your friends or family are celebrating a special occasion , just ask an employee for a corresponding button so everyone in the parks knows it. Workers, characters, and sometimes even other guests may congratulate you throughout your trip.

They're free and typically available at any merchandise location, hotel front desk, and guest services.

Can adults take pictures with characters?

Walt Disney created the parks with people of all ages in mind.

Although certain attractions are targeted toward younger audiences, adults interacting and taking pictures with characters is certainly allowed — and even encouraged. Just be respectful and don't ruin the magic for any kids nearby.

When I visit the parks, I never skip meet and greets. They're some of my favorite experiences, especially when I play along with the characters' antics.

What else can I do at the parks if I don’t like roller coasters?

Disney World is an immersive experience, no matter what you end up doing in the parks.

If you don't like roller coasters or thrill rides, t here are dozens of milder rides the entire family can enjoy, like the Haunted Mansion or Frozen Ever After.

Parades, cavalcades, character meet and greets, and shows are also fun. And make sure not to miss any of the parks' nighttime spectaculars, like "Happily Ever After" and "Fantasmic."

What do I do if I lose something?

If you lose something on a ride , in the parks, or at a resort, know that you're certainly not the only one. Hundreds of missing items are collected every day.

You might not be able to get something back right away if it fell out on a ride, especially if employees have to stop the whole attraction to retrieve it for you. But just let someone near the front know, and they should be able to help.

Regardless of where you lost something, employees are trained to gather any lost items they find and drop them off at guest relations. Stopping by that office, typically near the park entrance, is going to be your best bet.

If they haven't found your item yet, you can fill out a request form with all your information so they can contact you if and when they do. I left my autograph book in a store once, and a couple of days later, Disney contacted me and told me where I could pick it up.

Do you have any recommendations?

Squeezing every activity, restaurant, ride, and show into your Disney World vacation is nearly impossible, so don't be scared to ask for help.

If you're looking for the best recommendations, the employees know the area very well, and they'll likely have lots of tips for you.

One of my favorite recommendations is to grab a meal at Satu'li Canteen in Animal Kingdom . The quick-service spot in the Pandora area of the park is open for lunch and dinner, and I love the bowls.

My favorite is the smoked chimichurri-braised beef with noodles.

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For those needing last-minute help, taxpayers will find filing information for individuals as well as businesses and self-employed on IRS.gov. For last-minute filers looking for free resources, IRS Direct File remains an option as does IRS Free File . Anyone can use IRS Free File to submit an extension of time to file regardless of their income.

IRS.gov is an important resource that can help in a number of areas:

For answers to tax law questions, taxpayers will find tools like the Interactive Tax Assistant or they can use the Frequently Asked Questions tool to find answers to dozens of topics.
To see federal tax information, taxpayers can use the Online Account . They'll find information such as a payoff amount, a balance owed, their payment history and key information from their current year tax return as originally filed. They can also get tax return transcripts.
Use the Get Transcript tool to view, print or download their tax transcripts after the IRS has processed a return.
Current and prior year forms , instructions and tax publications can be downloaded and printed anytime.
Special information is available about tax credits and deductions , some of which can be overlooked. Available to individuals and businesses, credits can reduce the amount of tax due while deductions can reduce the amount of taxable income.
Get the most up-to-date information about tax refunds using the Where's My Refund? tool and on the official IRS mobile app, IRS2Go .
For payment information, Direct Pay is free and allows people to securely pay their taxes directly from their checking or savings account without any fees or registration. They can schedule payments up to 365 days in advance. After submitting a payment through Direct Pay, they’ll receive immediate confirmation. For more payment options, visit IRS.gov/payments .

Go paperless

The IRS encourages all taxpayers to file electronically and choose direct deposit to avoid refund delays. Filing on paper can significantly delay a refund. Tax software helps individuals steer clear of mistakes by doing the math. It also guides people through each section of their tax return using a question-and-answer format.

Some taxpayers get automatic extensions

Special rules offer some taxpayers more time without having to request an extension:

U.S. citizens and resident aliens who live and work outside of the United States and Puerto Rico get an automatic two-month extension, until June 15, to file their tax returns. However, tax payments are still due April 15 or interest will accrue on the unpaid tax.
Members of the military on duty outside the United States and Puerto Rico also receive an automatic two-month extension to file. Those serving in combat zones have up to 180 days after they leave the combat zone to file returns and pay any taxes due. Details are available in Publication 3, Armed Forces' Tax Guide .
When the U.S. president makes a disaster area declaration, the IRS can postpone certain tax deadlines for taxpayers in affected areas. Taxpayers in qualified disaster areas do not need to submit an extension electronically or on paper. Information on the most recent tax relief for disaster situations can be found on the Extension of time to file your tax return page.

Find information on free local tax prep

The IRS' Volunteer Income Tax Assistance (VITA) program offers free basic tax return preparation to qualified individuals, including:

People who generally make $64,000 or less.
People with disabilities.
Limited English-speaking taxpayers.

The Tax Counseling for the Elderly (TCE) program also offers free tax help for taxpayers, particularly those age 60 and older.

The VITA/TCE Site Locator can help eligible taxpayers find the nearest community-based site staffed by IRS-trained and certified volunteers. Demand is high for this service, so taxpayers may experience longer wait times for appointments. Taxpayers can use the locator tool to find an available site near them. It’s updated throughout the tax season, so individuals should check back or increase the distance from their location in their search if they don't see a nearby site listed.

MilTax , Military OneSource’s tax service, offers online software for eligible military members, veterans and their families to electronically file a federal return and up to three state returns for free.

Assistive technology options

At the online Alternative Media Center , taxpayers will find a variety of accessible products like screen reading software, refreshable Braille displays and screen magnifying software. These products include tax forms, instructions and publications. Many can be downloaded or viewed online as Section 508 compliant PDF, HTML, eBraille, text and large print.

Having trouble paying? IRS has options to help

For those who owe a payment with their tax return, the IRS has a number of payment options .

For taxpayers that are unable to pay in full by the tax deadline, the IRS recommends they should file their tax return and pay what they can, and apply for an online payment plan . By filing by the deadline, taxpayers will avoid failure to file penalties and interest – even if they’re unable to pay. Taxpayers can explore various payments options; they can receive an immediate response of payment plan acceptance or denial without calling or writing to the IRS. Online payment plan options include:

Short-term payment plan – The total balance owed is less than $100,000 in combined tax, penalties and interest. Additional time of up to 180 days to pay the balance in full.
Long-term payment plan – The total balance owed is less than $50,000 in combined tax, penalties and interest. Pay in monthly payments for up to 72 months. Payments may be set up using direct debit (automatic bank withdraw) which eliminates the need to send in a payment each month, saving postage costs and reducing the chance of default. For balances between $25,000 and $50,000, direct debit is required.

Though interest and late-payment penalties continue to accrue on any unpaid taxes after April 15, the failure to pay penalty is cut in half while an installment agreement is in effect. Find more information about the costs of payment plans on the IRS’ Additional information on payment plans webpage.

Adjust withholding to prevent tax "surprises"

Tax filing season is an excellent time for taxpayers to check their withholding to avoid a tax surprise when filing in 2025. Life events like marriage, divorce, having a child or an income change can all impact taxes.

The Tax Withholding Estimator helps people bring the tax they pay closer to what is owed. Employees can assess their income tax, credits, adjustments and deductions, and determine whether they need to change their withholding by submitting a new Form W-4, Employee's Withholding Allowance Certificate to their employer, not the IRS.

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Judge in Trump’s hush money case allows prosecutors to discuss 'Access Hollywood' tape and affairs as watershed trial begins

Donald Trump made history Monday as the first former president to stand trial on criminal charges — and the official start of jury selection quickly highlighted his polarizing impact on the public.

After the first 96 prospective jurors were brought into a New York courtroom, Judge Juan Merchan asked whether any of those assembled could not be "fair and impartial." More than half raised their hands and were excused from serving on the jury.

The watershed moment for American politics, the presidential election and Trump himself comes as Trump is the presumptive Republican nominee for president. He has pleaded not guilty to 34 counts of falsifying business records, a low-level felony punishable by up to four years in prison.

“The name of this case is the People of the State of New York versus Donald Trump,” Merchan told the initial pool of jurors in the afternoon. Trump stood and turned around when he was introduced as the defendant and gave the prospective jurors — some of whom were staring at him intently — a little tight-lipped smirk.

Trump had his eyes closed for a period of time as the judge was reading the potential jurors his instructions, and his eyes looked red and bloodshot when he opened them and peered at the judge.

After the court day concluded, Trump told reporters in a hallway the case is "a scam. It’s a political witch hunt. It continues, and it continues forever, and we’re not going to be given a fair job. It’s a very, very sad thing."

The jury selection process started slowly — the pool wasn't brought in until the afternoon, and after the initial group of those who said they couldn't be fair were excused, another nine were excused after saying they couldn't serve for other reasons. By the end of the day, nine other jurors had answered preliminary questions — although one wound up being excused — and were scheduled to face follow-up questions on Tuesday morning.

The process also got off to a slow start because lawyers from both sides argued over some of the more sensational evidence that prosecutors from Manhattan District Attorney Alvin Bragg's office hope to use to show why Trump was eager to bury negative stories about him during the 2016 presidential election.

Prosecutors allege then-candidate Trump took part in a scheme with his then-lawyer Michael Cohen and the publisher of the National Enquirer to suppress scandalous stories about him in the run-up to Election Day.

One of those stories involved porn star Stormy Daniels , who alleged she had a sexual encounter with Trump in 2006. Trump has denied the claim, and Cohen paid Daniels $130,000 in October 2016 to keep quiet about the allegation. After he was elected, Trump repaid Cohen in payments recorded as legal fees at his company —documents the DA alleges were falsified to keep the hush money payments secret.

The trial is an opportunity for the former president to face off with Merchan, whom Trump has frequently attacked publicly in the run-up to the trial. The judge addressed Trump directly at one point, issuing him standard court warnings that were made more dramatic by Trump's status as a former president, his frequent public attacks on the judge and his many disruptions in his civil trials last year. "If you disrupt the proceedings we can proceed with the trial in your absence. … Do you understand?" the judge asked. "I do," Trump replied.

Merchan also warned Trump that if he fails to show up in court without any explanation, a warrant would be issued for his arrest.

The back and forth came after Merchan had heard arguments about the alleged “catch and kill” scheme, the infamous “Access Hollywood” tape and the allegations of sexual assault from various women that came out during the campaign — all while Trump sat at counsel table with little visible reaction.

Merchan greenlighted a request from prosecutor Joshua Steinglass to show jurors during the trial some headlines from the Enquirer from the 2016 Republican presidential primary campaign that they contend were part of the overall scheme to boost Trump, including stories trashing then-Trump rivals Ben Carson and Sens. Marco Rubio, of Florida, and Ted Cruz, of Texas.

Former President Donald Trump departs Trump Tower for Manhattan Criminal Court on April 15, 2024.

The prosecutor said he also hoped to elicit information about the timing of Trump's alleged affair with another woman whom the Enquirer paid to keep quiet ahead of the election, former Playboy model Karen McDougal . Steinglass said they didn't plan to elicit "salacious details," but did want to note that the timing of the alleged affair was while Melania Trump was pregnant with Trump's child and the baby was a newborn. He said the information was relevant because it showed why Trump wanted to suppress it ahead of the election.

The judge said he'd allow testimony about the alleged affair, but not the information about Melania Trump.

Steinglass also asked Merchan to reconsider his earlier ruling that the jury not hear the notorious " Access Hollywood " tape, on which Trump was caught on a hot mic saying he can grope women without their consent because "when you’re a star, they let you do it. You can do anything."

Audio from the 2005 hot mic moment became public in October 2016, and prosecutors contend that's why Trump was eager to silence Daniels. Steinglass also asked the judge to allow in a snippet from Trump's deposition in writer E. Jean Carroll's defamation case against him, where he defended the comment, saying, "Historically, that's true with stars."

Merchan said he still believes the tape itself is "prejudicial" and "should not come in" to evidence, but he said he would allow prosecutors to use a transcript of the tape. “The testimony from the E. Jean Carroll deposition should not come in either,” the judge added.

The judge also shot down prosecutors' suggestion that they may try to mention other women who came forward after the "Access Hollywood" tape became public to accuse Trump of assault, calling it "complete hearsay."

Later, prosecutors asked the judge to sanction Trump for posts they said violated a gag order barring him from publicly attacking witnesses. Prosecutor Christopher Conroy argued Trump should be fined $3,000 for three social media posts that were critical of Cohen and Daniels. “Not included is another post from this morning,” Conroy said, asking the judge to “remind” Trump that “he is a criminal defendant, and like all criminal defendants he is subject to court supervision.”

Blanche argued that the posts did not violate the gag order, and said Trump was “responding to salacious, repeated, vehement attacks by these witnesses.”

The judge did not immediately issue a ruling, and said he’d hear arguments on the issue on April 23.

Cohen told NBC News in a statement afterward that the proposed penalty was not severe enough. “Donald knows the damage his posts inflict on targeted individuals. A $1,000 per post fine will do nothing to curtail future violations,” he said.

In a ruling later in the day, the judge sided with the prosecution by giving Trump's lawyers 24 hours to produce the exhibits and evidence they plan to use at trial. “You have 24 hours. Whatever you don’t identify in the next 24 hours, you will be precluded from using,” the judge told Blanche.

Trump maintains the DA's case is part of a Democratic conspiracy against him, a claim he has used to galvanize his supporters and rake in millions of dollars in fundraising for his campaign. Bragg, the Manhattan DA, is a Democrat, and Trump has falsely claimed that he's doing the bidding of President Joe Biden.

The criminal case was the f irst o f fo ur brought against Trump in four different jurisdictions and is the only case definitively set to go to trial before the election.

Because Trump is required to be in court four days a week (the trial does not take place on Wednesdays), his ability to campaign in person is limited to times the court is not in session.

The jury selection process is expected to take one to two weeks. Two sources with direct knowledge of the situation told NBC News that 6,000 jurors have been called to the Manhattan criminal courts this week — 2,000 more than in a typical week.

During jury selection, eighteen jurors are put in the jury box at a time, and each one in succession reads out loud his or her answers to a series of 42 questions. The questions include inquiries about what news sources they follow, whether they’ve ever attended any Trump rallies or anti-Trump protests and whether they’ve ever supported the QAnon movement or antifa.

The form does not ask about party affiliation, political contributions or voting history, but the judge said answers to those questions “may easily be gleaned from the responses to other questions.” After the 42 questions are answered, prosecutors can ask the jurors a series of follow-up questions, and then Trump’s attorneys can ask their own follow-ups.

In court Monday, the judge told both sides the list of questions is “by far the most exhaustive questionnaire this court has ever used.”

“There will be no doubt how a prospective juror feels about Mr. Trump, the district attorney or the court” when the jurors are done answering, he added.

The trial will have an anonymous jury , meaning the jurors’ identities and addresses will not be made public. The judge said the move was necessary because of “a likelihood of bribery, jury tampering, or of physical injury or harassment of juror(s).”

While the trial is the first criminal trial involving a former president, it’s the fourth trial in New York involving Trump as a defendant since he left office. He was sued twice by writer E. Jean Carroll for sexual abuse and defamation and he and his company were accused of fraud in a civil case brought by New York Attorney General Letitia James. The verdicts against him in the three cases — all of which he is appealing — total about $550 million.

Adam Reiss is a reporter and producer for NBC and MSNBC.

Dareh Gregorian is a politics reporter for NBC News.

Lisa Rubin is an MSNBC legal correspondent and a former litigator.

These Are the 42 Questions Prospective Trump Jurors Are Being Asked

Once they are chosen, jurors will be asked to decide whether Donald J. Trump falsified business records to cover up a sex scandal. But first they must answer these questions.

Share full article

By Jonah E. Bromwich

Published April 16, 2024 Updated April 17, 2024

Jury selection is often a lengthy process, but in the first criminal trial of a former American president , currently taking place in a Manhattan criminal courthouse, it’s going more slowly than normal.

In part, that is because of the nature of the case: Jurors, once seated, will be asked to decide whether Donald J. Trump committed a crime. Prosecutors have charged him with 34 felonies, accusing him of falsifying business records to cover up a sex scandal that could have hurt his first presidential run.

But the process has been particularly drawn-out because, once would-be jurors say they can be fair and impartial, they are being asked a series of 42 questions . After that, they face additional scrutiny from lawyers for the prosecution and the defense.

Here are the 42 questions:

1. Without telling us your address, in what neighborhood do you live? For example, Upper East Side, Lower East Side, Inwood, etc. How long have you lived there? Are you a native New Yorker? If not, where did you live previously?

2. What do you do for a living? How long have you been doing that? If you are retired, please tell us what you did before you retired.

3. Who is your current employer? How large is your current employer? Are you self-employed or own your own business? Who was your prior employer?

4. What is your educational background? For example, high school diploma, college degree, graduate degree, etc.

5. Are you married? Have you ever been married? Do you have children?

6. If you are married, or living with another adult, what does that person do for a living? If you have adult children, what do they do?

7. What do you like to do in your spare time? Do you have any interests or hobbies?

8. Do you participate in any organizations or advocacy groups? Which ones?

9. Have you ever served on a jury before? If you did, please tell us how long ago that was and whether that was in Criminal Court, Civil Court or Grand Jury. Without telling us the verdict, please tell us whether the jury reached a verdict.

10. Which of the following print publications, cable and/or network programs, or online media such as websites, blogs, or social media platforms do you visit, read, or watch? (The New York Times, USA Today, New York Daily News, Huffington Post, CNN, MSNBC, Google, Facebook, X, TikTok, The Wall Street Journal, The New York Post, Newsday, The Washington Post, Fox News, Newsmax, MSN, Yahoo, Truth Social).

11. Do you listen to or watch podcasts? If so, which ones?

12. Do you listen to talk radio? If so, which programs?

13. Have you, a relative, or a close friend ever been the victim of a crime? If so, please briefly tell us what happened.

14. Have you, a relative, or a close friend ever been employed by a law enforcement agency? For example, the police, FBI, District Attorney’s Office, Department of Correction, Etc.

15. Have you, a relative, or a close friend ever been employed by a federal, state, or any local government, including but not limited to the State of New York?

16. Have you, a relative, or a close friend ever been employed in the accounting or finance field?

17. Have you, a relative, or a close friend ever had any education, training, or work experience in the legal field, including but not limited to practicing criminal or civil law?

18. Have you, a relative, or a close friend had any experience or interaction with the criminal justice system, including a police officer or other type of law enforcement agent, which caused you to form an opinion, whether positive or negative, about the police or our criminal justice system? If so, what was the experience? Would that experience prevent you from being a fair and impartial juror in this case?

19. Have you, a relative, or a close friend ever been accused or convicted of committing a crime?

20. Do you, a relative, or a close friend have a pending criminal case?

21. Do you have any political, moral, intellectual or religious beliefs or opinions which might prevent you from following the Court’s instructions on the law or which might slant your approach to this case? Do you have any political, moral, intellectual or religious beliefs or opinions that would interfere with your ability to render a verdict in this criminal case?

22. Do you have a health condition that might interfere with your ability to be here on the appointed days and times or otherwise prevent you from serving as a juror?

23. Without telling us the name(s), do you take any medication that would prevent you from being able to concentrate or pay attention during the proceedings or during the deliberations?

24. Court proceedings normally end around 4:30 in the afternoon though on rare occasions, we might work beyond that. Would your schedule and responsibilities permit you to work later if it were absolutely necessary to complete that day’s work?

25. Do you practice a religion that would prevent you from sitting as a juror on any particular weekday or weeknight?

26. Can you give us an assurance that you will be fair and impartial and not base your decision in this case upon a bias or prejudice in favor of or against a person who may appear in this trial, on account of that person’s race, color, national origin, ancestry, gender, gender identity or expression, religion, religious practice, age, disability, sexual orientation or political views?

27. Can you promise to guard against allowing stereotypes or attitudes about individuals or about groups of people, referred to as an implicit bias, influence your decision?

28. Have you, a relative, or a close friend ever worked for any Company or organization that is owned or run by Donald Trump or anyone in his family?

29. Have you, a relative, or a close friend ever worked or volunteered for a Trump presidential campaign, the Trump presidential administration, or any other political entity affiliated with Mr. Trump? Have you ever attended a rally or campaign event for Donald Trump? Are you signed up for or have you ever been signed up for, subscribed to, or followed any newsletter or email lists run by or on behalf of Mr. Trump or the Trump Organization? Do you currently follow Donald Trump on any social media site or have you done so in the past? Have you, a relative, or a close friend ever worked or volunteered for any anti-Trump group or organization? Have you ever attended a rally or campaign event for any anti-Trump group or organization? Are you signed up for or have you ever been signed up for, subscribed to, or followed any newsletter or email lists run by or on behalf of any anti-Trump group or organization? Do you currently follow any anti-Trump group or organization on any social media site, or have you done so in the past?

30. Have you ever considered yourself a supporter of or belonged to any of the following: (the QAnon movement, Proud Boys, Oath Keepers, Three Percenters, Boogaloo Boys, Antifa)

31. Do you have any strong opinions or firmly held beliefs about whether a former president may be criminally charged in state court?

32. Do you have any feelings or opinions about how Mr. Trump is being treated in this case?

33. Can you give us your assurance that you will decide this case solely on the evidence you see and hear in this courtroom and the law as the judge gives it?

34. Do you have any strong opinions or firmly held beliefs about former President Donald Trump, or the fact that he is a current candidate for president that would interfere with your ability to be a fair and impartial juror?

35. Have you read (or listened to audio) of any of the following books or podcasts by Michael Cohen or Mark Pomerantz? If so, please let us know if what you have heard or read affects your ability to be a fair and impartial juror in this case (“Disloyal: A Memoir,” “Revenge,” “Mea Culpa,” “People Vs. Donald Trump”)

36. The defendant in this case has written a number of books. Have you read (or listened to audio) of any one or more of those books? If so, which ones?

37. Do you have any opinions about the legal limits governing political contributions?

38. Can you promise to set aside anything you may have heard or read about this case and render your verdict based solely on the evidence presented in this courtroom and the law as given to you by the judge?

39. Can you give us your absolute assurance that you will refrain from discussing this case with anyone in any manner and from watching, reading, or listening to any accounts of this case during the pendency of the trial?

40. Can you assure us that you will follow the judge’s instructions on the law, including instructions on the definition of reasonable doubt and the presumption of innocence?

41. The United States Constitution provides that a defendant has no burden to introduce any evidence or to testify in a criminal case. If Mr. Trump chooses not to testify, or to introduce any evidence, can you give us your assurance that you will not hold that against him?

42. Is there any reason, whether it be a bias or something else, that would prevent you from being fair and impartial if you are selected as a juror for this case?

Jonah E. Bromwich covers criminal justice in New York, with a focus on the Manhattan district attorney’s office and state criminal courts in Manhattan. More about Jonah E. Bromwich

Our Coverage of the Trump Hush-Money Trial

News and Analysis

Donald Trump’s criminal trial in Manhattan took a startling turn when two jurors were abruptly excused , demonstrating the challenge of picking citizens to determine the fate of a former president.

Prosecutors argued in court that with a steady stream of social media posts, Trump had violated the gag order imposed on him seven times, urging the judge overseeing the trial to hold him in contempt.

Our reporter joined “The Daily” to explain what happened during the opening days of the trial against Donald Trump.

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50 Questions Your Business Plan Should Answer

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6 Critical Questions Your Business Plan Must Answer If you want to lay the groundwork for a stable business and attract investors, make sure you're hitting these points.

1. What need are you addressing?

2. What makes you different?

3. Who is your audience?

4. How is your business going to make money?

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135 Business Plan Questions

Executive Summary

Company Description Considerations

Market Analysis

Organization and Management Structure

Service or Product Line Inquiry

Marketing and Sales Strategies

Funding Request Fundamentals

Financial Projections and Feasibility

Appendix and Supporting Documents

Frequently Asked Questions

How often should I update my business plan?

What’s the most critical part of a business plan?

Final Thoughts

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30+ Business Plan Questions & Step-By-Step Business Plan Guide

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30 Critical Business Plan Questions to Ask

Executive Summary

Market Analysis

Marketing and Sales Strategy

Operations Plan

Management and Organization

Financial Plan

1. Identify the Problem

2. Define Your Customers

3. Reach Your Customers

4. Identify Your Competitors

5. Outline Your Operational Plan

6. Define Your Business Structure

7. Create a Risk Management Plan

8. Create Budget and Financial Projections

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6 Questions Every Business Plan Should Answer

Table of Contents

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

What should a business plan include?

Questions every business plan should answer

1. What is the competitive advantage?

2. Is the business in a growth market?

3. Will customers pay for it?

4. How will the business be staffed?

5. Is the product innovative?

6. Are the plans and goals realistic?