Business Planning A: The Business Planning Model
According to the Business Planning Model, a business plan should build on and refine the operational plan.
False
Assessing the current state of business is the most significant advantage of strategic business planning.
False
You are in the process of completing a business plan for the golf shop. Initial forecasts of sales, expenses, and profit have been made. Past data has been analyzed and important inside and outside factors have been identified. What is the next step to be taken towards completing the business plan?
Make assumptions about how inside and outside factors will affect the business
Golf Operation Stakeholders should provide direction for creating the business plan at a golf operation.
True
Helping establish a starting point for goals, objectives, and related strategies is an appropriate use of the SWOT analysis.
True
Define the business; assess the current state of business; develop goals, objectives, and strategies; develop financial forecasts and budgets; and monitor performance are the five (5) phases of the PGA Business Planning Model?
True
Typically, a written set of core values is developed in the Defining the Business phase of the business planning process.
True
What is the usual business destination for long-range planning?
3-5 years
What time frame would be the LEAST effective for monitoring the progress and performance of a business plan?
Annually
A well thought out business plan will typically focus on achieving financial goals.
False
Business goals are typically developed in the Defining the Business phase of the business planning process.
False
Clarification of job responsibilities is one of the added values provided by the strategic planning process?
False
Financial forecasts should be based on historical data derived from a linear trend analysis.
False
A golf professional is purchasing a golf course. The business plan she presented to her banker included her history of successfully operating similar facilities, budget projections for the first five years under her management, and objectives and strategies for reaching her goals. The banker rejected her loan application because of missing information. What important element is missing from the business plan?
Proposed Mission Statement
What is the most significant benefit of strategic business planning?
Provides long-term vision and destination
Proactive planning is one of the anticipated outcomes of strategic business planning.
True
Staff should be involved in effective business planning to create a sense of ownership.
True
The Process for developing a business plan starts before you establish the goals you would like to achieve for the shop's coming year.
True