Martin Nelson is thinking about launching a small business consulting company. To get advice on how to proceed, he stopped by his local Small Business Administration (SBA) office. The SBA advisor told Martin that one of the first things he needs to do is to sit down and write a 25 to 35 page narrative that describes what his new business plans to accomplish and how it plans to accomplish it. The SBA advisor is telling Martin to write a(n):
A) tactical plan
B) marketing plan
C) operations plan
D) business plan
E) feasibility analysis

Question

Quizplus · Accepted Answer

The SBA advisor is telling Martin to write a business plan, which typically includes a detailed description of the business, its goals, target market, competition, marketing strategies, operations, management structure, financial projections, and more. A business plan is a comprehensive document that outlines the roadmap for the business and helps the entrepreneur to clarify their vision, identify potential challenges and opportunities, and secure funding or partners. A tactical plan focuses on the specific actions and tasks needed to accomplish a specific goal or objective, while a marketing plan focuses on how to reach and engage with customers. An operations plan outlines the day-to-day processes and procedures of the business, while a feasibility analysis assesses the viability and potential success of the business idea.

Martin Nelson Is Thinking About Launching a Small Business Consulting