planning questions for business plan

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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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.

Article overview

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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Top 10 questions every business plan should answer.

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Starting and building your own business can be overwhelming. And while many business owners cringe at the mere mention of drafting a business plan, it is a great exercise to get your business back on track and to plan for future growth. More specifically, it forces you to map out where you are now, where you need to go and most importantly how you plan to get there. If you are a first time business owner, or have never written a business plan, you may not know where to start. Our friends at Corporate Tax Network have helped thousands of business owners meet their goals through financial and business planning strategies. Below is their list of the Top 10 Questions Every Business Plan Should Answer.

1) What is the need that your business exists to satisfy?

Every business exists because of some noticeable opportunity that you have discovered within the market. So you must clearly define the need and/or problem you are solving with this business.

2) How will your business satisfy the need?

Introduce and describe the business itself. Consider including a mission or vision statement with objectives detailing how the business satisfies the need in the market.

3) How does your company differentiate itself?

Describe your business model and competitive advantage. This will help you to outline how the business will sustain its position within the market.

4) Who will be the key players in the business?

Name the management team, board and advisers to the business. Highlight their expertise and experiences.

5) How big is the market you are entering?

Only after understanding the industry you are entering – its size, attractiveness and profit potential – can you truly justify the opportunity.

6) Who will you be targeting as customers?

Narrowing down your target customer will help enhance and define your marketing strategy.

7) What will be your most effective marketing and promotional strategies?

Once you’ve identified your target client, you’ll need to develop and implement a strategy on how best to reach them (e.g. PPC, television, radio, social, etc). And this in large part will be influenced by where your target client consumes information.

8) What are the economics of your business?

Define your revenue streams including pricing structure, costs, margins and expenses.

9) How much money is required to get your business started and generating revenue?

Identify needed capital requirements by determining where your business stands today, and what is needed in order to move forward. Also, if you are in need of outside funding, what will be the sources and uses of funds requested.

10) What needs to happen to break-even?

Play around with financial projections and forecasts to determine the volume of sales needed to cover your expenses and to become profitable. Include monthly breakdowns for the first two years.

Whether your objective is to find an investor, get a business loan or just improve the way you run your business, your business plan must answer these key questions. Remember, there is no right or wrong answer, but addressing these questions will help you build a roadmap for your business. And, of course, the better the map, the greater the likelihood that you’ll reach your destination!

For more information on financial strategies, contact our partners at Corporate Tax Network today. They have a team of business consultants and tax advisors standing by to help you. You can also follow them on Twitter for daily business information.

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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 Edited by Dan Bova 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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11 Strategic Planning Questions Asked By Business Leaders [With Answers]

Get answers to the top 11 strategic planning questions asked by business leaders. This guide provides direction for effective strategic decision-making.

After years of helping organizations simplify their strategy and reporting processes, it has become clear that many organizations struggle with similar strategic planning questions. Because all these questions are important—and the answers tend to help organizations get a better grip on their strategy—we decided to share the ones we hear most frequently below.

ClearPoint Strategy is designed to simplify this process by providing a comprehensive platform that addresses these questions efficiently. With ClearPoint , leaders can automate data collection, customize reports, and gain valuable insights , ensuring their strategic plans are robust and adaptable.

See ClearPoint Strategy in action! Click here to watch a quick DEMO on the software

Here are the top strategic planning questions asked by leaders, along with our expert answers to help guide your strategic decision-making.

11 Common Strategic Planning Questions Asked By Business Leaders [With Answers]

1. what time frame should our strategic plan cover.

Your strategic plan should look as far into the future as you’re comfortable looking. But keep in mind, you need to be confident that your company’s environment will be stable during the period of time you choose.

In the 1980s, Japanese automotive companies were looking out 40 years into the future—but this probably isn’t realistic for your organization. Most companies feel comfortable with a three- to five-year strategic planning horizon so long as they review their plan on a regular basis.

2. Who should be part of the strategic planning process?

The strategic planner is typically the leader of this process. They will also need the help of a cross-functional team that includes members of the board or leadership, along with representatives from finance, human resources, operations, sales, and any other critical functions.

That said, we recommend not limiting the planning process to just senior management. If you want the plan to work, it must engage everyone to some degree. So while the leadership team may be more involved in final decisions, those decisions should be based on input gathered from managers and their teams.

What are their thoughts on the future of the business? What do they think your company is doing well, and where does it need improvement? What projects are people working on and how are those contributing to the big picture? Including this type of feedback in your deliberations is the best way to gain buy-in around the strategic plan.

Claim your FREE Strategic Plan Review eBook for better organizational direction

3. how often should we review progress on our strategic plan.

The frequency of plan review varies depending on the goal of the review:

Monthly , to check progress on key themes or goals.
Quarterly , to check progress for your entire strategic plan.
Annually , to ensure your strategic plan is still valid (see question #3).

We recommend setting up these meetings at the beginning of the year to ensure you hit these cadences. At the same time, determine the appropriate participants for each and send out invites.

Monthly meetings might include a director from each department; quarterly meetings require a smaller set of leaders; and annual strategic retreats are usually reserved for the highest levels of leadership. Getting these meetings on the calendar early not only reserves the times, but also sets an expectation for preparedness.

4. When should we change or update our strategic plan?

As mentioned in #2, an annual review of your strategic plan helps ensure the key elements in your plan are still valid. If there’s been a significant shift in the marketplace, for example, you may need to reevaluate your high-level goals and objectives.

Or, you may need to add new projects, change or update how you’re tracking KPIs , or change your KPI targets. Periodic strategy refreshes allow you to keep the elements of your plan that are valid and adjust the parts that are not.

Get your FREE 41-page Strategy Execution Toolkit for enhanced strategic performance

5. do we need a strategic planning office.

Not necessarily. All organizations—even those with only two employees—need to spend time on strategy. If your company fails to prioritize strategic planning, it could get left behind during times of environmental uncertainty or in a tumultuous business market.

So while your organization may not be large enough to have an entire strategic planning office or department, you do need to ensure that at least one person in your company has time on their calendar dedicated to your strategic plan.

6. Do we have to use a Balanced Scorecard?

No. That said, the Balanced Scorecard has proven to be a powerful and time-honored way to plan and execute strategy. Regardless of whether you stick to the Norton-Kaplan methodology or use a variation, understanding the basic principles of a BSC—having clear goals, linking your projects to those goals, and setting up leading and lagging indicators—could help your strategy immensely.

And for any strategic planning model to work, you need to have the right goals and the right way to measure and achieve them.

Claim your FREE eBook with Balance Scorecard strategy maps for better strategic visualization

7. where do we start when it comes to devising a strategy.

Many companies aren’t sure how to begin developing a strategy—how do you see the best way forward? Here are two important questions to ask during strategic planning, both of which will yield important information that can help you chart a path:

Where are we now and where do we want to be?

As you get started with strategic planning, take the time to understand where you are now—your current business. Know the sales trends in every product/service area, the relative profitability of each of your products and services, the amount of money you have and will have/need in the foreseeable future, and your position relative to your competition, among other things.

And because strategic planning is essentially a roadmap for the future, you also need to clearly describe the ideal desired outcome for your business.

Project forward five years—what do you want your business to look like? The greater clarity you have about where you want to be at a specific time in the future, the easier it will be for you to create a great business plan, or blueprint, that enables you to get from where you are today to where you want to go.

What obstacles lie in our path, and how do we go about removing them?

Every strategic plan will face risks and potential derailments. Some of these risks can be foreseen (for example, the internal weaknesses you discover as part of a SWOT analysis ), while others cannot.

This is one of the most difficult steps in developing a strategic plan, but the long-term success of the company is worth the temporary discomfort of having candid conversations. Management teams should outline the known risks along with financial impacts, and articulate the mitigation plans to prevent or curtail them.

Sometimes, just identifying and removing one critical obstacle can turn your company into a more profitable enterprise.

Companies with written strategic plans in place see a 30% faster growth rate Draft yours with ClearPoint’s expert tools. We make strategy planning simple and effective.

8. What is the difference between a strategic plan and an operational work plan?

A strategic plan is built off a long-term vision for your company’s future. It typically looks out three to five years, involves your key goals, and is broad-reaching across your organization.
An operational work plan tends to be an annual plan for a division or department. It is built with a budget in mind and lists the key activities you commit to executing in a particular year.

Linking your operational work plan to your strategic plan is the ideal scenario. That way, the issues your department or division is focused on for the year are in line with your strategic plan.

This approach also allows for each department to see how their efforts directly impact your strategic goals, which adds an invaluable motivational element.

9. How many measures should our strategic plan include?

At each level in your organization—the enterprise level, division level, and department level—we recommend having 20-30 measures. We’ve found that a number in this range helps each level stay focused on what’s important, and review key data in meetings without distraction or fatigue.

Of course, 20-30 measures in every division described above could leave your company with hundreds of measures, but don’t worry—the goal is never to review every single measure in the organization at the same time. You should plan on reviewing only the information critical to your strategy in your department or division every quarter.

That said, use common sense. If one of the measures at the division level above you or the team level below you is red, you might want to look at it before your review to make sure that it doesn’t impact your team.

10. How do we make our strategic plan flexible to allow for changes?

The best way to make your strategic plan flexible is to have a clear distinction between your goals, measures, and projects, as this enables you to make changes, additions, or deletions more easily.

Goals should be updated every one to five years, and measures should be updated every six to 24 months. Projects can be adjusted on a quarterly basis, with completed projects being rolled off and new ones added. At this time, you may also need to make changes to some aspect of a project, for example changing the end date or adjusting the budget.

11. How can we organize and track strategic planning information and data?

Your strategic plan should touch a variety of departments and divisions. Even if you’re extremely well-organized, keeping track of all the data coming from different individuals and in different formats is very difficult.

Some organizations attempt to use Excel or PowerPoint, but both of these tools fall short when it comes to strategy management. Excel was designed to track data, make tables, and run calculations, but it wasn’t designed to track progress over time, show qualitative analysis (comments), or link strategy elements together.

PowerPoint is great for creating presentations, but you have to build a new deck for every monthly meeting. If you plan to use either of these tools, you can count on putting in hundreds of hours per meeting doing manual calculations, formatting graphs, updating versions, etc.

Automating the process with software like ClearPoint helps tremendously and will, in the long run, save your company a great deal of time and energy. Tracking and reporting tasks that would otherwise take days, takes only minutes with ClearPoint .

Many of our clients have also found that managers are more inclined to stay on top of their metrics simply because the software is so easy to use. When you can produce more informative strategy reports in less time— and get people excited about metrics to boot—it’s a win all around.

What other key questions do you have about strategic planning? Contact us —we’d love to add your question to our FAQ list!

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What are strategic planning tools.

Strategic planning tools are methodologies and frameworks used to help organizations formulate and execute their strategic plans. Common tools include:

- SWOT Analysis: Identifies strengths, weaknesses, opportunities, and threats. - PEST Analysis: Examines political, economic, social, and technological factors. - Balanced Scorecard: T racks performance across multiple perspectives. - Porter’s Five Forces: Analyzes the competitive environment. - Growth-Share Matrix: Assesses the potential of different business units or products. ‍

What are strategic planning models?

Strategic planning models are structured approaches used to develop a strategic plan. Common models include:

- Balanced Scorecard: Aligns business activities to the vision and strategy of the organization. - OKR (Objectives and Key Results): Sets clear, measurable goals and tracks their outcomes. - VRIO Framework : Evaluates resources and capabilities to achieve sustained competitive advantage. - Blue Ocean Strategy: Identifies new market spaces with little or no competition. - Ansoff Matrix: Helps plan growth strategies by exploring market and product development options. ‍

How does strategic planning affect the productivity of a business?

Strategic planning affects the productivity of a business by:

- Providing Direction: Ensures all efforts are aligned with the organization’s goals. - Optimizing Resource Allocation: Allocates resources efficiently to priority areas. - Enhancing Focus: Helps employees focus on key tasks that drive success. - Improving Decision Making: Provides a framework for making informed, data-driven decisions. - Monitoring Progress: Regularly tracks performance to make necessary adjustments. ‍

Why is strategic planning important in healthcare?

Strategic planning is important in healthcare because it:

-Improves Patient Care: Ensures resources are directed towards enhancing patient outcomes. - Enhances Efficiency: Streamlines operations to reduce costs and improve service delivery. - Supports Compliance: Helps meet regulatory and accreditation requirements. - Guides Innovation: Encourages the adoption of new technologies and practices. - Ensures Sustainability: Plans for long-term growth and financial stability. ‍

What does strategic planning involve?

Strategic planning involves:

- Setting Objectives: Defining clear, achievable goals. - Environmental Scanning: Analyzing internal and external factors that impact the organization. - Strategy Formulation: Developing strategies to achieve the objectives. - Implementation: Executing the strategies through detailed action plans. - Monitoring and Evaluation: Tracking progress and making necessary adjustments to stay on course.

Ted Jackson

Ted is a Founder and Managing Partner of ClearPoint Strategy and leads the sales and marketing teams.

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10 Questions Your Business Plan Should Answer

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One reason people are sometimes intimidated by the prospect of writing a business plan is simple: They don't have a clue what a plan should contain. The good news is that there are no hard and fast rules. In fact, no two plans look exactly alike. For a sole proprietor, a business plan may run a couple of pages. A business plan for a large company plotting a turnaround can take up a hundred or more pages, with plenty of appendices. But to be useful and effective, all business plans should provide answers to these ten questions.

What business are you in?

The question sounds easy enough. But for some businesses, the answer isn't as straightforward as you may think. The best way to zero in on exactly what business you're in is by taking time to craft a mission and vision statement.

Consider Amazon. It began as an online bookstore. Then it morphed into a vast online discount retailer, selling everything from food to clothing. A few years ago Amazon turned into a publisher. Now, with the advent of cloud storage, it also provides a place for people to store their books and music.

Even small companies often have to give some thought to defining what their business is. Take the example of a garden maintenance company that found itself gaining a reputation for turning bland yards into showpieces. More and more people began to turn to the company not just to maintain their gardens but also to design them. The company began to realize that it could be much more successful — and charge a whole lot more — if it marketed itself as a garden design company.

How will the business make money?

You may think this would be the most elementary of all questions. But in reality, many start-up enterprises fail to formulate a business model — a fancy term that means how they'll make money. There was even a time, in the early days of the online world, when people dismissed the very notion of a business model as something from the old economy. If you build a website that's cool enough, the thinking went, success will follow. Well, it didn't always. A lot of clever websites found themselves scrambling for a way to pay the bills.

Even many conventional businesses need to think about their business model to ensure success. A hair salon may make some of its money from cutting, shampooing, and styling hair, for example, but it may also find that it can substantially boost the bottom line by selling hair care products. Thinking through all the different ways that your business can make money is crucial to success.

What does your business need to get off the ground?

Start-ups require a lot of enthusiasm and hard work, and often plenty of cold cash. One of the biggest blunders new companies make is not thinking ahead about how much money they'll need to get up and running. When the money runs out before the doors open, the best business idea in the world isn't going to spell success.

A good business plan must take into account everything that is required to start — and how much it's likely to cost. Building a little cushion into those estimates is always wise.

What is the operating budget?

The financial section of your business plan also must address how much it will cost you to run your business, month by month, and how much you need to earn to meet your expenses and make a profit. Chances are you'll need to make a bunch of decision up-front before you come up with a reliable number — decisions about where you'll do business, what kinds of equipment and staff you'll need, a marketing budget, and so on.

You'll then need to think about how much you'll charge for your product and service and how much you can expect to take in month by month. Needless to say, the more carefully you think through all these questions in advance, the better prepared you'll be.

Who are your customers?

Build a better mousetrap, the saying goes, and the world will beat a path to your door. Maybe. But to build a better mousetrap, you need to know what customers want and how much they're willing to spend.

The more you know about your prospective customers, the more successful you're likely to be. Take the time to look at what your customers like and don't like. The Internet has made it easier to understand customers. All you have to do is read through reviews on Amazon or Yelp to know what people are raving about and what they're dissing, covering a wide range of products and services. But old-fashioned tools are also effective, including customer surveys, focus groups, and simply observing customer behavior.

How will you reach your customers?

You can reach your customers these days in more ways than ever before, ranging from billboards, shop signs, newspaper ads, websites, e-newsletters, tweets, mass mailings, Facebook posts, and more. Your business plan should spell out how you intend to reach your customers and maintain an ongoing relationship with them.

Social media has created brand new ways to engage in two-way exchanges with your customers. Digital communications have greatly improved customer service for many businesses. But be advised that the Internet has also raised expectations about what great service should be. Customers are savvier than ever, and more demanding.

What sets you apart from the competition?

If you've invented something unlike anything the world has ever seen before, congratulations. You're in rare company. If you're like most businesses, you compete in a marketplace with other players. To succeed, you have to give customers good reasons to choose you over your competitors. An effective business plan should spell out those reasons and develop strategies to make the most of them.

To get started, find out all you can about your competitors and their strengths and weaknesses. Then consider how the business you're planning stacks up. Typically, businesses compete on the basis of price, quality, service, and features. But a company's image can also be part of its competitive advantage. For example, people buy Newman's Own foods not only because the quality is good and the price is right but also because of the company's image of doing good by donating a chunk of its profits to good causes. In a similar way, other companies attract customers by promoting their products or services on the basis of environmental protection.

What are your strengths and weaknesses?

This question may well be the most important one you ponder as you develop your business plan. Most people have a vague sense of what they do well and what they could do better. If you're part of an organization, you can recognize some of its strengths and weaknesses. But there's a lot that people don't face up to. The process of writing a business plan gives you an opportunity to be far more honest and thorough in your assessment. A formal SWOT analysis grid can allow you to measure your strengths and weaknesses against the opportunities and threats in your business environment.

This question is so important because business success really depends on leveraging your strengths and addressing your weaknesses. For instance, when an orthopedic institute in southern California noticed that its patient satisfaction scores were slipping, the doctors were puzzled. The institute's complication rates were very low. The length of time patients spent in the hospital was below the national average. The medical staff, it seemed, were doing a great job. But in surveys, many patients complained that the care felt impersonal and rushed. To remedy the situation, the institute hired social workers who met with patients when they were admitted and again before discharge to talk over their concerns. The institute also scheduled a follow-up call between surgeon and patient a month after discharge. A year later, patient satisfaction scores were back on top.

What are the biggest challenges you face?

Every business faces challenges, especially in competitive markets or with technological change. Your business plan should describe in detail the particular challenges you face and how you plan to overcome them. The challenges can be part of the business environment you compete in — a crowded field of competitors or regulatory uncertainties, for example. But some of the challenges you face are also likely to be related specifically to your company, such as hiring and holding on to skilled employees, for instance, or responding quickly to changes in the marketplace.

How will you measure success?

The simple answer to this question is money. Make enough money, and any business is a success. But in fact, for most enterprises, the answer is more complex. The most obvious example is a not-for-profit company. Consider a nonprofit community orchestra. Its success is measured in terms of filling seats for its concerts and providing local musicians a chance to play. Or consider a food bank. It spells success in terms of reaching as many people in need and giving them nutritious food as possible.

Your business plan should acknowledge all the ways you plan to measure your success. Your financial section will look at dollars and cents. Your goals and objectives will mark off specific mileposts that will help you chart your progress. Your mission and value statements will serve as a guide to the less tangible items that spell success for you.

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Business Plan Questions: How To Set Yourself up for Success

articles--table-of-contents#moveToHeadline" data-target="articles--table-of-contents.section">Why Having a Business Plan Is Critical
articles--table-of-contents#moveToHeadline" data-target="articles--table-of-contents.section">What Are the Four Basic Business Questions?
articles--table-of-contents#moveToHeadline" data-target="articles--table-of-contents.section">Additional Questions To Ask When Starting a Business Plan
articles--table-of-contents#moveToHeadline" data-target="articles--table-of-contents.section">Business Plan Questions Checklist Help You Turn Your Idea Into Reality

“Ideas are easy. Execution is everything.” This is Silicon Valley venture capitalist John Doerr’s advice to aspiring entrepreneurs and business school students. But between an idea and its execution is planning. That’s why it’s essential to have an effective business plan. How do you do that? With clear answers to business plan questions. Here we’ve put together an all-in-one roadmap to those planning questions.

Why Having a Business Plan Is Critical

Before we jump into questions a solid business plan should answer, let’s explain why you need business plans anyway.

Your business plan is your company’s foundation and backbone. It’s your business model and should inform every aspect of your company’s operations.
It’s your vision statement. Your business plan lays out your short and long-term objectives and guides you from one milestone to the next. It keeps you focused on what’s relevant, especially when establishing your presence in your industry.
It proves you mean serious business, pun intended. This is important not only if you’re looking for investors or funding but also when hiring the right people. A good business plan gives you credibility and inspires confidence in your ability to implement business success.
It helps you understand the competition. Crafting your business plan involves studying and understanding other players in the marketplace. This will put you in a better position within the competitive landscape.
Whether you own small businesses or large corporations, business planning questions and business plans identify your target market. It points your market analysis in the right direction to cater to your target customer.
It clarifies your financial needs. It lays out the complex numbers. How much capital do you need? How much does everything cost? When can you expect a return on your investment?
It determines your brand’s position in the market. A successful plan shows what niche your company can occupy and how.

What Are the Four Basic Business Questions?

What are the four basic business questions your business plan should answer? They are:

What do you do?
What gap in the market do you fill?
How will you make a profit?
Who is your target customer?

Keep scrolling and see how we dive deeper into each of these inquiries. If you can answer these four, your growing company has the competitive advantage to attract potential customers.

1. Business Plan Questions: What Do You Do?

“What does your business do?”

This is a simple enough question, right? Anyone who wants to start a company has a product or service they want to sell.

But if you want to own a successful business, you need to go further than that. It’s not enough to just know what you want to provide; you need details. For example, say you want to own a restaurant. What kind of restaurant? What food do you serve, what is your service style, and why?

The “why” behind what your business does is crucial. It has to motivate you when presenting to financing partners. It has to keep you going when you’re struggling to attract clients. It has to push you to have a competitive advantage over your neighbors.

Do you need some help getting the juices flowing? Grab a pen and paper and start writing all details about your business and what it does.

2. What Gap in the Market Are You Filling?

What is your niche? How does your brand-new company differ from your competitors? In short, what gap in the market do you fill?

However great your idea is, someone else probably thought of it too. In this fast-paced world, it takes time to develop a new way of delivering a unique product or service.

Successful business plans and models create new ways to solve old problems. You need to find which part of the market other folks overlook and figure out how to fill it. Do that, and you’ll increase your chances of getting more money and funding.

No matter your industry, you’ll face competition that’s been in the game longer than you. They’ll already have a loyal following. You need to offer something different, so customers take notice.

So how do you find your niche? Do tons of research — this time, on the competition. See what others do and identify how to set yourself apart from the crowd.

This could be by presenting your product/service differently or adding something small but special. Or mastering new technology and online marketing tools. Whatever you choose, create a distinct identity for your business and emphasize it from the get-go.

In your plan, describe what makes you different and how you will assert this advantage.

3. Business Plan Questions: How Will You Earn Money?

Money, finance, costs. These (sometimes scary) words are a big part of any effective business plan. That’s why one of the most crucial business plan questions you must answer is: how will you earn money?

And your answer needs to go further than “By selling this product/service, of course.” How your business makes money involves multiple approaches.

How are you going to sell your products/services? Where are you going to sell them? How much do your products and services cost? What unexpected expenses might you have to pay for? Do you need additional funding to cover these costs? How will you pay your workers?

Your business plan should answer all of these questions.

That way, you’ll know if your business is sustainable in terms of your financial projections. Plus, you’ll see how and where you can adjust to achieve your goals in a realistic period. Next, you’ll better understand the necessary financial risks to get your business off the ground.

Lastly, you’ll understand what funding you need to secure and what research you need to do to get there. That way, working out the maximum profitability of your venue or business won’t be such a mystery.

4. Who Is Your Target Customer?

Last on our list of the four essential business planning questions: who is your target customer?

We can talk about sales, financial projections, bright ideas, and marketing all day. But there’s only a point if you know who you’re selling to.

Apart from understanding your goal client’s purchasing decisions, you need to know as much as possible about their demographic. You need to identify their age, gender status, geographic location, education, employment status, marital status, etc.

First, identify your initial demographic. Start-up businesses and businesses that have been in the game for years have different audiences. In general, you want to begin with a specific demographic.

Get as detailed as you can. This way, you set your company up for success with folks who are the most interested in what you’re selling. As time passes, you can expand that radius to reach more people.

The best way to conduct this market analysis is through (you guessed it) research. For example, look at your competitors and see who shops at their establishment or buys their services.

Additional Questions To Ask When Starting a Business Plan

With those four business planning questions, you’ve got the start of a solid business plan. Of course, you can’t just leave it at that. Successful businesses know they must go above and beyond the bare minimum.

With that in mind, we’ve come up with more critical things to focus on if you want to succeed. Here are our top additional questions to ask when starting a business plan.

Business Planning Questions: What Is Your Marketing Strategy?

However tremendous or unique your business model, if you don’t know how to market it effectively, it will fail. Even if you add your business to Google Maps , you won’t rank high on local searches without solid marketing.

That’s why we recommend creating a firm marketing strategy outline addressing your goals and challenges. Base your strategy on your product or service, your niche, your budget, and what your competitors do.

Why do we emphasize competitor research so much? Because it shows you what works and what doesn’t.

Of course, you want to avoid copying whatever they do. (Honest business practices are the best practices.) But you should use them as inspiration for your objectives.

What Do You Need To Turn Your Dreams Into Action?

How do you turn your dreams into reality? In short, how do you go from brainstorming to doing? Say you’re a restaurateur. It’s one thing to figure out how to open a restaurant versus how to win a Michelin star .

Answering this fundamental question for a business plan should give your potential investors a clear picture of the bottom line. That way, they can decide if your business is feasible.

You need initial capital and resources to start. You should identify your starting line and understand that it varies from industry to industry. (For example, the profit that successful bars make is different than what a hotel makes.) Then, provide the details of what you need to spend from this starting line when you craft your business plan.

How much revolving capital will you need for the initial run of your business? Do you need to hire people or purchase/rent equipment? What’s the price of the equipment?

How many costs can you cover out of pocket, and which require additional support? How long will it take before you can circulate your initial capital? Include all these questions and answers in your business outline, and you’ll succeed.

What Are Your Short and Long-term Goals?

Last but not least, for our business plan questions, let’s talk about your goals. No matter your services or products, you need a timeline for short and long-term goals.

Short-term goals are ideally achieved within a startup’s first two years. Long-term goals go beyond the first two years after your business is finally experiencing its initial ROI. (Return on Investment.) Make you have realistic goals and timelines. Here are critical business goals you may want to manage:

Reduce business overhead
Increase productivity
Reach a specific number of followers on social media through organic growth.
Reach a specific number of social media followers through paid advertising
Develop a new product or services
Launch your new product
Open another store

Business Plan Questions Checklist Help You Turn Your Idea Into Reality

We hope this business plan questions checklist and article help you manage your company successfully.

With this, you can craft an impressive plan for potential investors and guide your business from point to point. Remember: your first business plan will evolve as you adapt to new opportunities, challenges, and trends.

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Common Strategic Planning Interview Questions

1. how do you align departmental strategies with overarching organizational goals.

Understanding how individual departmental actions contribute to the broader company vision is crucial. This question probes into a candidate’s ability to translate overarching goals into specific, actionable plans. It’s a test of their strategic alignment skills, showing how they can ensure that every team effort pushes the organization forward.

When responding, candidates should highlight their experience with strategic planning processes, such as SWOT analysis, to identify how departmental strengths can support organizational objectives. They should discuss their approach to communication, ensuring that their team understands the broader goals and how their work fits into the larger picture. Examples of past successes in aligning strategies and the outcomes achieved are powerful indicators of a candidate’s proficiency in this area.

Example: “ To align departmental strategies with organizational goals, I employ a collaborative approach that begins with a thorough understanding of the company’s vision and objectives. By conducting a comprehensive SWOT analysis, I identify the unique strengths, weaknesses, opportunities, and threats within the department that can impact our alignment with the broader organizational strategy. This analysis allows me to pinpoint areas where the department’s capabilities can be leveraged to advance company-wide goals, as well as areas where we need to improve or adapt to support the overall mission.

Communication plays a pivotal role in this process. I ensure that every team member is cognizant of how their individual roles contribute to the organization’s success. This is achieved through regular strategy meetings and clear, consistent messaging that connects daily activities to the larger objectives. In a previous strategic alignment initiative, for instance, I led a departmental realignment that directly supported the organization’s goal to increase market share. By aligning our department’s focus on innovation and customer service excellence, we not only met our KPIs but also played a critical role in achieving a 15% growth in market share within the fiscal year. This success was a testament to the power of aligning departmental strategies with the overarching organizational goals through strategic planning and effective communication.”

2. Describe a strategic plan you developed and how it impacted the company.

When discussing a strategic plan they’ve developed, candidates should highlight their long-term vision and alignment with company goals. They need to show an appreciation for market dynamics and internal capabilities, as well as the potential impact of their strategies.

To effectively respond to this question, one should outline the situation that necessitated the strategic plan, the objectives that were set, the process of creating the plan, and the actions taken to implement it. It’s important to detail the results achieved, quantifying them where possible, and reflect on what was learned from the experience. The candidate should also discuss the feedback from stakeholders and how the plan was adapted over time in response to any challenges encountered. This response will highlight their strategic acumen, adaptability, and impact on the company’s growth or efficiency.

Example: “ In response to emerging market trends and increased competition, a comprehensive strategic plan was developed to pivot our product line and penetrate new market segments. The primary objective was to increase market share by 15% within two years while maintaining profitability. The planning process involved a thorough market analysis, internal capability assessment, and stakeholder engagement to ensure alignment with the company’s long-term vision.

The plan included diversifying the product portfolio, restructuring the marketing approach to target new demographics, and investing in technology to streamline operations. Key performance indicators were established to measure progress, and a balanced scorecard approach was used to monitor multiple aspects of the implementation.

The impact was significant: within the first year, market share increased by 10%, and by the end of the second year, we exceeded our goal by reaching a 17% increase. Profit margins remained stable due to efficiency gains from the technological investments. The strategic plan’s success was attributed to its data-driven approach, clear communication of objectives, and the iterative process that incorporated feedback, allowing for real-time adjustments. This adaptability was crucial when unexpected industry shifts occurred, demonstrating the plan’s resilience and the team’s agility.”

3. What methods do you employ to forecast industry trends for long-term planning?

Forecasting industry trends requires a deep understanding of the business landscape, including technological, economic, and regulatory factors. Candidates should demonstrate their analytical prowess and their ability to think ahead, showcasing how they can prepare the organization for future scenarios.

When responding, it’s essential to outline a multifaceted approach. You might start by explaining how you stay abreast of industry news and research to identify patterns. Discuss your use of both qualitative and quantitative data, including market analysis, customer feedback, and competitive intelligence. Highlight your experience with tools such as SWOT analysis, scenario planning, or predictive modeling. It’s also helpful to mention how you stay flexible in your forecasts, regularly updating them as new information becomes available, and how you communicate these insights to stakeholders to inform strategic decisions.

Example: “ To forecast industry trends for long-term planning, I integrate a blend of qualitative and quantitative analysis. I stay current with industry news, scholarly research, and market studies to identify emerging patterns and shifts in consumer behavior. Leveraging tools like PESTLE analysis, I assess macro-environmental factors that could impact the industry, while also conducting competitive intelligence to understand rivals’ strategic moves.

I employ predictive modeling and scenario planning to quantify potential futures, using historical data and current market dynamics to inform the models. This approach allows me to create a range of plausible scenarios that help in anticipating disruptions and opportunities. I maintain agility in my forecasts by incorporating real-time data and adjusting assumptions as the market evolves. These insights are distilled into strategic recommendations, ensuring stakeholders are equipped with actionable intelligence to make informed decisions.”

4. Detail an instance when you adapted a strategy in response to changing market conditions.

Recounting a situation where they had to pivot strategy quickly can showcase a candidate’s analytical and innovative skills. It’s a testament to their ability to act decisively in the face of market disruptions and maintain a competitive edge.

When responding, it’s crucial to outline a specific scenario that illustrates your analytical process and the steps you took to adapt the strategy. Emphasize the data or signals from the market that triggered your decision, the options you considered, the stakeholders you involved, and the outcome of the adapted strategy. Be concise, yet detailed enough to show the depth of your strategic thinking and the positive impact your actions had on the organization.

Example: “ In the face of an emerging technology that threatened to disrupt our market, I led the strategic shift from a product-centric to a platform-centric approach. Recognizing the technology’s potential to render our flagship product obsolete, I conducted a comprehensive market analysis and competitive intelligence to assess the threat level and identify opportunities for differentiation. This analysis revealed a gap in the market for an integrated solution that could leverage the new technology while enhancing the value proposition of our existing products.

Engaging with key stakeholders, including product development, marketing, and sales teams, I facilitated a series of workshops to realign our product roadmap and marketing strategies with the new platform-centric vision. We prioritized the development of an API ecosystem that would enable third-party integrations, thereby increasing the stickiness and utility of our platform. By swiftly adapting our strategy, we not only neutralized the competitive threat but also captured a new customer segment, resulting in a 15% increase in market share and a 20% uplift in customer retention over the following fiscal year. This strategic pivot underscored the importance of agility and proactive market engagement in sustaining competitive advantage.”

5. How do you measure the success of a strategic initiative?

Candidates should be prepared to discuss how they measure the success of strategic initiatives beyond financial results. They need to articulate their understanding of strategy implementation and how they use various metrics to evaluate and refine their approaches.

When responding, candidates should discuss specific key performance indicators (KPIs) and metrics they have used in past initiatives, such as revenue growth, market share, customer lifetime value, or employee turnover rates. They should also highlight their approach to gathering qualitative feedback, their ability to adapt plans based on performance data, and how they ensure that strategic initiatives contribute to the overall mission and goals of the organization. It’s crucial to articulate a balanced approach that considers both quantitative and qualitative outcomes, demonstrating a comprehensive understanding of what it means for a strategy to succeed.

Example: “ Measuring the success of a strategic initiative requires a blend of quantitative and qualitative metrics tailored to the specific goals of the project. For instance, if the initiative aims to penetrate a new market, I would track the increase in market share, revenue growth within that market, and customer acquisition costs. These KPIs provide tangible evidence of the initiative’s impact on the organization’s market position.

In addition to hard metrics, it’s essential to evaluate the initiative’s alignment with the organization’s broader mission and values. This involves gathering qualitative feedback from stakeholders, customers, and employees to assess how well the initiative is received and whether it’s fostering the intended organizational culture and reputation. By continuously monitoring these metrics and adjusting the strategy as needed, we ensure the initiative remains agile and aligned with the organization’s long-term objectives.”

6. Outline your approach to risk assessment when formulating strategies.

Anticipating and mitigating risks is a key component of strategic planning. Candidates must demonstrate their ability to identify potential challenges and develop contingencies to protect the organization’s interests.

When responding to this question, first explain your method for identifying risks, which might include a thorough analysis of internal and external factors, market research, and consultations with key stakeholders. Discuss how you prioritize risks based on their potential impact and the likelihood of occurrence. Then, describe how you integrate risk mitigation strategies into the overall strategic plan, possibly including diversification, creating flexible strategies, or setting aside resources for unexpected challenges. It’s important to convey that you are proactive rather than reactive, and that you view risk assessment as an ongoing process integral to strategic planning.

Example: “ In approaching risk assessment for strategic planning, I first conduct a comprehensive analysis of both the internal and external environments. This involves evaluating market trends, competitive landscape, regulatory changes, and technological advancements, alongside internal capabilities and resources. I utilize tools like SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis and PESTLE (Political, Economic, Social, Technological, Legal, and Environmental) analysis to ensure a holistic view.

Once risks are identified, I prioritize them based on their potential impact on the organization’s objectives and the probability of their occurrence. This prioritization is critical in focusing efforts and resources on the most significant risks. To integrate risk mitigation into the strategic plan, I develop contingency plans and identify trigger points that would prompt action. This includes diversification of products or markets, investing in research and development for innovation, and maintaining financial reserves. By embedding flexibility into the strategic plan, the organization can adapt to risks as they materialize, ensuring resilience and the capacity to capitalize on unforeseen opportunities. Risk assessment is not a one-time task but an integral, continuous component of the strategic planning process, ensuring that strategies remain relevant and robust in the face of uncertainty.”

7. In what ways have you involved stakeholders during the strategic planning process?

Collaboration is at the heart of strategic planning. Candidates should explain how they engage with stakeholders to create comprehensive and actionable plans that align with the organization’s objectives.

When responding, candidates should highlight specific instances where they actively sought stakeholder engagement. They should discuss the methods they used to involve stakeholders, such as surveys, workshops, or regular update meetings. It’s crucial to demonstrate an understanding of who the stakeholders are, the value of their input, and how their involvement led to better strategic decisions. Candidates should show that they not only listen to but also effectively incorporate stakeholder feedback into the planning process to drive organizational success.

Example: “ Involving stakeholders in the strategic planning process is critical to ensure that the plan is comprehensive and enjoys broad support. I have utilized a variety of methods to engage stakeholders, tailoring the approach to the context and the stakeholders’ specific interests and influence. For instance, I’ve conducted targeted surveys to gather quantitative data on stakeholder priorities and preferences, which informed the development of strategic objectives.

Additionally, I’ve facilitated interactive workshops that brought together cross-functional teams, including key customers and supply chain partners, to brainstorm and provide feedback on strategic initiatives. These workshops not only harvested diverse perspectives but also fostered a sense of ownership among participants. Regular update meetings were then used to keep stakeholders informed of progress and to refine strategies based on ongoing input. This approach not only strengthened the strategic plan but also built trust and alignment, which was instrumental in the successful execution of the plan.”

8. Provide an example of a failed strategic plan and the lessons learned.

Learning from a failed strategic plan is as important as celebrating a successful one. Candidates should be ready to discuss their experiences with failure, showing their capacity for self-reflection and growth.

When responding to this question, it’s crucial to objectively dissect the strategy in question. Outline the initial goals, the approach taken, and where the disconnect occurred between planning and execution or outcome. Emphasize the specific insights gained, such as the importance of flexibility in strategic planning, better stakeholder engagement, or more rigorous market analysis. Conclude with how these lessons have informed your subsequent strategic approaches, showcasing your ability to turn setbacks into valuable learning opportunities that strengthen future plans.

Example: “ In one instance, a strategic plan to enter a new market failed to achieve its objectives due to an underestimation of the local competition and overestimation of our brand’s leverage without sufficient local adaptation. The plan was comprehensive, with a phased rollout of products and services, but it lacked a robust competitive analysis and cultural customization. The assumption was that a one-size-fits-all approach that had worked in other markets would be similarly effective, but this proved to be a critical oversight.

The lessons learned were multifaceted. Firstly, it highlighted the importance of thorough market research, including a granular understanding of local competitors, to inform strategic decisions. Secondly, it reinforced the need for adaptability in strategy execution, allowing for real-time adjustments based on market feedback. Lastly, it underscored the value of local stakeholder engagement to tailor the brand experience to regional preferences and nuances. These insights have since been integral to developing more resilient and responsive strategic plans, ensuring that local market dynamics and consumer behaviors are at the forefront of strategic initiatives.”

9. What is your process for prioritizing resources in a multi-project environment?

Prioritizing resources is a critical skill in strategic planning. Candidates must convey their ability to assess project urgencies and adapt resource allocation to meet changing priorities effectively.

When responding, candidates should outline a clear, structured approach that may include assessing project impact, considering deadlines, stakeholder expectations, and available resources. They could discuss how they use tools like the Eisenhower Matrix to classify tasks by urgency and importance, or the MoSCoW method for managing and communicating priorities. Candidates should also emphasize their ability to remain flexible and adapt to new information or organizational shifts, as well as their communication strategies for keeping all relevant parties informed about where resources are being directed and why.

Example: “ In a multi-project environment, prioritizing resources begins with a thorough assessment of each project’s strategic value and alignment with the organization’s goals. I employ a data-driven approach, evaluating the potential impact, ROI, and risk associated with each initiative. This is complemented by a consideration of deadlines and the urgency of deliverables, ensuring that time-sensitive projects receive the attention they require.

To effectively categorize and prioritize tasks, I often utilize the Eisenhower Matrix to distinguish between what is urgent and important, enabling me to allocate resources to projects that drive the most value. Meanwhile, the MoSCoW method assists in managing stakeholder expectations by clearly communicating the must-haves, should-haves, could-haves, and will-not-haves. This ensures that all parties are aligned on the priorities.

Flexibility is key; I maintain a dynamic prioritization framework that can adapt to new information or changes in organizational direction. Regularly reviewing project statuses and resource availability allows for timely adjustments. Communication is also critical—I ensure that stakeholders are kept informed about resource allocation decisions and the rationale behind them, fostering transparency and trust.”

10. How do you ensure cross-functional teams are aligned with strategic objectives?

Candidates should demonstrate their approach to aligning cross-functional teams, ensuring that all departments work cohesively towards shared strategic goals.

To respond, one should detail their approach to establishing and communicating clear, overarching objectives, and how they regularly involve team leads in strategic discussions to ensure every department understands how their work contributes to the bigger picture. One might also discuss methods for tracking progress, such as setting up shared metrics or KPIs, and holding cross-departmental meetings to review these metrics, thus ensuring all teams remain focused and accountable to the collective aims of the organization.

Example: “ To ensure cross-functional teams are aligned with strategic objectives, I initiate the process by articulating a coherent vision that encapsulates the strategic goals of the organization. This vision is then broken down into actionable objectives for each team, ensuring that the role they play in achieving the overall strategy is clear and measurable. Regular strategic alignment sessions are conducted, where team leads are engaged in dialogue to refine their understanding and contribution towards these goals.

Furthermore, I establish shared metrics and KPIs that are relevant to both the strategic objectives and the functions of the cross-functional teams. These KPIs serve as a common language and a focal point for performance tracking. Through a rhythm of business meetings, we review these metrics, fostering a culture of transparency and collective responsibility. This not only promotes alignment but also encourages teams to collaboratively troubleshoot and innovate to overcome challenges, thereby keeping the strategic plan dynamic and responsive to the evolving business landscape.”

11. Share techniques you use to communicate complex strategies to non-expert audiences.

Communicating complex strategies effectively is essential. Candidates need to show how they can make intricate plans understandable and actionable for teams with diverse backgrounds.

When responding, highlight your ability to translate strategic concepts into relatable, everyday language. Discuss specific methods you’ve employed, such as using analogies, storytelling, or visual aids to break down intricate ideas. Emphasize your active listening skills to gauge understanding and your iterative approach to refining communication based on feedback. Show that you’re not just a strategist, but also an educator and facilitator whose goal is to empower others to contribute meaningfully to the organization’s direction.

Example: “ To effectively communicate complex strategies to non-expert audiences, I employ a combination of analogies, storytelling, and visual aids to distill the essence of strategic concepts into relatable terms. For instance, likening a multi-phase strategic rollout to a well-known journey or using a familiar game to illustrate competitive dynamics makes the abstract tangible. This approach not only aids comprehension but also fosters a memorable connection with the strategy.

In parallel, I leverage visual storytelling through infographics, flowcharts, and dashboards that encapsulate key strategic elements in an accessible format. This visual context helps bridge the gap between high-level strategic thinking and practical understanding. I also prioritize active listening and encourage questions, which allows me to assess comprehension in real-time and adjust my explanations accordingly. By fostering an interactive dialogue, I ensure that the strategy is not only understood but also resonates with the audience, enabling them to engage with and contribute to the strategic vision effectively.”

12. Recall a time when you had to make a strategic decision without complete information.

Comfort with ambiguity and the ability to make decisions with incomplete data are important traits. Candidates should discuss how they assess risks and use available information to form solid strategies.

When responding, highlight your thought process during the situation, emphasizing how you weighed the potential risks against the possible benefits. Discuss the steps you took to gather as much relevant information as possible and any contingency plans you developed to mitigate unforeseen outcomes. It’s also valuable to reflect on what you learned from the experience and how it informed your approach to future strategic decisions.

Example: “ In a rapidly evolving market scenario, I was tasked with deciding on the expansion of our product line to cater to an emerging market segment. Despite the lack of complete market data, I conducted a swift yet thorough analysis using available industry reports, competitor positioning, and customer feedback to gauge the potential demand and acceptance of the new product. I recognized the inherent risks of entering a market with incomplete information, but also the opportunity cost of inaction.

Balancing these factors, I developed a flexible entry strategy that allowed us to scale operations based on real-time market feedback and performance metrics. This approach included a minimal viable product launch to test the waters, coupled with a strong feedback loop to quickly iterate and adapt the offering. The decision was further supported by a contingency plan that included exit strategies and resource reallocation in case the expansion did not meet predefined success criteria. The outcome was a successful product launch that captured first-mover advantage and provided valuable insights for future strategic initiatives. This experience reinforced the importance of agility and informed risk-taking in strategic decision-making, even when complete information is not available.”

13. What frameworks do you utilize for competitive analysis within strategic planning?

A deep understanding of the competitive landscape is critical. Candidates should be familiar with analytical tools and frameworks and be able to apply them to gain insights that inform strategic decisions.

When responding to this question, candidates should outline the frameworks they are most comfortable with and provide examples of how they have successfully used these tools in the past. It’s essential to articulate the thought process behind choosing a particular framework for a given situation, demonstrating an understanding of its strengths and limitations. Candidates should aim to convey a narrative that showcases their strategic acumen and their ability to turn analysis into a competitive advantage for the organization.

Example: “ In competitive analysis, I employ a combination of Porter’s Five Forces to assess industry attractiveness and the competitive landscape, and the SWOT analysis to align internal capabilities with external opportunities and threats. For instance, using Porter’s Five Forces, I’ve been able to identify the bargaining power of suppliers as a key lever in a previous project, which led to a strategic partnership that enhanced our supply chain resilience and market position.

Concurrently, I integrate the SWOT framework to ensure that the strategy capitalizes on internal strengths and addresses weaknesses, while also navigating the opportunities and threats identified by the Five Forces analysis. This dual-framework approach allowed me to spearhead a market entry strategy that turned a perceived threat into an opportunity, by aligning our company’s core competencies with emerging customer needs, resulting in a successful product launch that captured significant market share. These frameworks are not static; I adapt and combine them with other tools like PESTEL analysis or Value Chain analysis when the context demands a more nuanced understanding of the competitive environment.”

14. How do you integrate corporate social responsibility into strategic planning?

Integrating corporate social responsibility into strategic planning reflects a candidate’s understanding of the importance of ethical conduct and sustainable growth. They should be able to balance profit with purpose.

When responding to this question, outline specific methods for incorporating CSR into strategic objectives. Discuss how you assess potential CSR initiatives for alignment with the company’s mission, values, and business goals. Share examples of how you’ve previously measured the impact of CSR efforts, both qualitatively and quantitatively, to ensure they contribute to the company’s long-term objectives. Highlight your ability to engage with stakeholders and use their feedback to inform and improve CSR strategies. Your answer should convey that you view CSR as an integral component of a company’s identity and success, not just a peripheral or cosmetic addition to its business strategy.

Example: “ In integrating corporate social responsibility (CSR) into strategic planning, I approach it as a core dimension of the business model rather than an add-on. This begins with a thorough analysis of how CSR initiatives align with the company’s mission and values, ensuring that each effort reinforces the brand’s identity and contributes to sustainable growth. By embedding CSR into the company’s value proposition, it becomes a driver of innovation and competitive advantage.

I employ a strategic framework that includes setting clear CSR objectives that are SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) and directly linked to the company’s broader strategic goals. For instance, if a strategic objective is to enter a new market, I would evaluate how CSR initiatives could support market entry, such as through community engagement or environmental stewardship that resonates with local values. I measure the impact of CSR efforts both qualitatively, through stakeholder feedback and brand perception, and quantitatively, via metrics such as cost savings from sustainable practices or revenue generated from socially responsible products. This dual approach ensures that CSR initiatives are accountable and demonstrate tangible value to the business. Engaging with stakeholders is crucial; their insights not only refine CSR strategies but also foster a culture of transparency and trust, which is essential for long-term success.”

15. Describe how technology has shaped or changed your strategic planning processes.

Leveraging technology in strategic planning is a must in the modern business world. Candidates should discuss how they use digital tools to enhance planning and respond to changes in the business environment.

When responding to this question, focus on specific technologies you’ve utilized in the strategic planning process, such as data analysis tools, project management software, or communication platforms. Articulate clearly how these technologies have made your planning more data-driven, collaborative, and agile. Share concrete examples of how technology has allowed you to identify trends, forecast outcomes, improve decision-making, or measure the success of strategic initiatives. Demonstrate your continuous learning attitude by mentioning any recent tech trends you’re exploring or considering for future strategic plans.

Example: “ Technology has fundamentally transformed strategic planning by enhancing data analytics capabilities and enabling real-time collaboration. Utilizing sophisticated data analysis tools, I’ve been able to delve into large datasets to uncover actionable insights and forecast trends with greater accuracy. This data-driven approach has sharpened the decision-making process, ensuring that strategies are grounded in empirical evidence rather than intuition alone.

Project management software has also been pivotal in streamlining the execution of strategic initiatives. By leveraging these platforms, I’ve facilitated cross-functional collaboration, maintained tight project timelines, and ensured alignment with overarching strategic objectives. Moreover, communication technologies like video conferencing and collaborative workspaces have broken down geographical barriers, fostering a more inclusive and dynamic planning environment. This has allowed for a more agile response to market changes, as teams can convene and pivot strategies swiftly.

Staying abreast of emerging technologies, such as AI and machine learning, is currently shaping my approach to future strategic plans. These technologies hold the promise of even more sophisticated predictive analytics and automation, which can potentially redefine strategic planning paradigms by offering deeper insights and operational efficiencies.”

16. What steps do you take to maintain flexibility in long-term plans?

Adapting to evolving circumstances while pursuing long-term goals is a delicate balance. Candidates should articulate their approach to adjusting plans while maintaining focus on the company’s vision.

When responding, candidates should outline a systematic approach that includes regular plan reviews, environmental scanning for emerging trends, and stakeholder engagement to ensure plans remain relevant and achievable. They should emphasize their ability to incorporate new data, feedback, and technological advancements into their strategic framework. Showcasing examples of past adaptations that led to successful outcomes can also strengthen the response, proving the candidate’s ability to navigate uncertainty and change while remaining committed to the end goal.

Example: “ To maintain flexibility in long-term plans, I implement a dynamic strategic planning process that includes periodic reassessment of goals and progress. This involves setting specific intervals for reviewing the plan’s assumptions, performance metrics, and the external environment. By conducting regular environmental scans, I can identify emerging trends, shifts in consumer behavior, or technological advancements that may impact our strategic direction. This proactive approach allows for the timely incorporation of new data and insights into the strategic plan.

Engaging with stakeholders is another critical step in ensuring plan flexibility. I actively solicit feedback from a diverse group of internal and external stakeholders to gain different perspectives on the plan’s viability and relevance. This feedback loop helps in identifying potential roadblocks or opportunities that might not have been apparent at the outset. For example, in a previous strategic overhaul, stakeholder insights led to a pivot in our market approach that capitalized on an untapped segment, resulting in a significant competitive advantage. By staying attuned to feedback and maintaining open channels of communication, I can refine and adjust the strategic plan to remain aligned with our overarching objectives while being responsive to the changing landscape.”

17. How do you balance short-term tactical needs with long-term strategic goals?

Balancing short-term needs with long-term goals is a key aspect of strategic planning. Candidates must show their ability to address immediate challenges without compromising future objectives.

When responding, candidates should demonstrate their ability to identify and weigh the importance of various tasks and decisions in relation to the company’s long-term strategy. They should share specific examples of how they’ve managed to prioritize effectively in the past, possibly by delegating, postponing, or modifying short-term actions to serve long-term objectives. Articulating a clear method for assessing the impact of actions on strategic goals will show a thoughtful approach to balancing these often competing demands.

Example: “ Balancing short-term tactical needs with long-term strategic goals requires a disciplined approach to decision-making that consistently aligns with the overarching vision of the organization. In practice, this means establishing a clear set of criteria to evaluate the potential impact of immediate actions against strategic objectives. For instance, when faced with a tactical decision, I assess its urgency and importance, consider the resources it will consume, and determine how it will influence our strategic milestones. If a short-term action is misaligned with our long-term goals, I explore alternative solutions that can satisfy immediate needs without compromising our strategic direction.

A concrete example of this approach in action was when prioritizing product development initiatives in the face of pressing market demands. I implemented a scoring system that ranked projects based on their strategic contribution, market readiness, and revenue potential. This allowed us to make informed decisions about which projects to accelerate, which to maintain at a steady pace, and which to defer. By doing so, we were able to meet critical market needs without derailing our long-term innovation roadmap. The result was not only meeting our quarterly targets but also advancing our competitive position in the market, thus serving both our short-term and long-term objectives.”

18. Illustrate how you incorporate customer feedback into strategic development.

Leveraging customer feedback is crucial for aligning business strategies with market demands. Candidates should explain their process for incorporating customer insights into actionable plans.

When responding, outline a systematic approach that begins with collecting customer feedback through various channels such as surveys, focus groups, or social media. Explain how you analyze this data to identify patterns and key issues. Discuss how you prioritize feedback based on its potential impact on the business and how you integrate these insights into the strategic planning process. Share a specific example where customer feedback led to a strategic pivot or innovation, demonstrating your ability to drive change that aligns with both customer needs and business objectives.

Example: “ Incorporating customer feedback into strategic development begins with a robust data collection system that captures insights from diverse sources, ensuring a comprehensive understanding of customer experiences and expectations. This feedback is then subjected to rigorous analysis to distill actionable insights, identifying not only prevalent themes but also emerging trends that could signal opportunities for innovation or areas requiring immediate attention.

Prioritization of this feedback is critical; it is done based on the potential impact on strategic objectives and alignment with the company’s vision. For instance, a pattern of feedback highlighting a gap in product features would prompt a reassessment of the product development roadmap. In one scenario, customer feedback revealed a significant demand for a more customizable user experience. This insight was pivotal in reshaping our product strategy, leading to the development of a modular product architecture that allowed for greater personalization. The result was a marked increase in customer satisfaction and retention, demonstrating the efficacy of customer-centric strategic planning in driving business success.”

19. When have you successfully negotiated strategic partnerships, and what was the outcome?

Identifying and negotiating strategic partnerships can open new avenues for growth. Candidates should discuss their experience in forging alliances that align with strategic interests and benefit all parties.

When responding, candidates should outline a specific instance where they identified a partnership opportunity and engaged in negotiations to seal the deal. They should discuss the strategy behind the choice of partner, the negotiation process, including any challenges faced, and the positive results that followed from the partnership. It’s essential to highlight the analytical and relational skills used to foster the agreement and the impact the partnership had on the business.

Example: “ In negotiating a strategic partnership with a leading technology firm, I recognized the synergy between our data analytics capabilities and their expansive customer base. The crux of my strategy was to propose a value exchange that would enhance their product offering while opening new market segments for us. During the negotiation, I faced the challenge of aligning our long-term visions and overcoming initial resistance to sharing proprietary technologies.

To address these challenges, I focused on building a relationship of trust, emphasizing mutual growth and the shared goal of market leadership. I leveraged our robust data security protocols as a reassurance of our commitment to protecting intellectual property. The outcome was a co-developed platform that integrated our analytics into their systems, resulting in a 25% increase in their customer engagement and a substantial expansion of our service reach, ultimately driving a 15% revenue growth for both parties within the first year. This partnership not only solidified our market position but also set a precedent for future collaborations, showcasing the power of strategic alignment and the importance of a well-negotiated partnership.”

20. Discuss a time when you used data analytics to inform a strategic decision.

Data analytics plays a pivotal role in informed decision-making. Candidates should demonstrate their ability to analyze data to support strategic initiatives and assess risks with precision.

When responding, outline a specific instance where you leveraged data analytics to influence a strategic choice. Detail the nature of the data, the analytical methods employed, and the insights derived. Discuss how this information shaped your decision-making process, the actions you took as a result, and the outcomes that followed. It’s crucial to demonstrate a clear link between the data analysis and the strategic decision, showcasing your ability to translate raw data into actionable business intelligence.

Example: “ In a recent strategic planning initiative, we faced a crucial decision regarding market expansion. To inform our strategy, I spearheaded a comprehensive data analytics project, focusing on consumer behavior, competitive analysis, and market trends. Utilizing advanced analytics tools, we processed large datasets to identify patterns and correlations that were not immediately apparent.

The insights gleaned from this analysis were pivotal. We discovered a significant, untapped customer segment that had been overlooked due to traditional market segmentation approaches. By redefining our target demographics based on behavioral data and predictive analytics, we were able to tailor our expansion strategy to cater to this group. The strategic decision to pivot our focus resulted in a 20% increase in market share within the first year post-implementation, validating the effectiveness of data-driven strategic planning.”

17 Business Planning Manager Interview Questions and Answers

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

The business planning manager is responsible for the development and implementation of plans and strategies that will ensure the growth and profitability of the company. He or she works closely with the CEO and other members of the executive team to create long-term and short-term plans, set goals and objectives, and develop budgets.

If you’re applying for a business planning manager job, you can expect to be asked a variety of questions about your experience, skills, and knowledge. To help you prepare for your interview, we’ve compiled a list of sample business planning manager interview questions and answers.

Are you familiar with the planning process?

What are some of the most important factors you consider when developing a business plan, how do you keep your team motivated and working toward common goals, what is your experience with developing financial projections, provide an example of a time when you had to deal with a difficult stakeholder., if hired, what would be your approach to working with our current employees, what would you do if you noticed a discrepancy between what the business plan said should be happening and what was actually happening, how well do you understand our industry and competitors, do you have any experience with market research, when was the last time you updated a business plan and why was it necessary, we want to increase our customer base. what marketing strategies would you implement to achieve this, describe your experience with using project management tools., what makes you the best candidate for this business planning manager position, which business plan templates do you prefer to use and why, what do you think is the most important aspect of a business plan, how often should business plans be updated, there is a new technology that could drastically change how your industry operates. how would you research and integrate it into your business plan.

The interviewer may ask this question to gauge your experience with the planning process and how you apply it in your work. Use examples from past projects where you applied the planning process to develop a plan for an organization or company.

Example: “I have used the planning process throughout my career, starting with my internship at a marketing agency. I worked on several campaigns that required me to create plans for client proposals. In one instance, I had to create a campaign proposal for a new product launch. I started by researching the target audience and their needs. Then, I developed strategies for reaching the target market through social media channels and other digital platforms. After creating the strategy, I created a budget based on the cost of hiring freelancers and developing the website.”

This question can help the interviewer understand your approach to planning and how you prioritize different aspects of a business. Your answer should show that you know what’s important when developing a plan and have experience doing so.

Example: “I think it’s most important to consider all aspects of a company, including its financials, operations, marketing and sales. I also like to include customer feedback in my plans because it helps me better understand their needs and expectations. Another factor I always take into account is the budget for each aspect of the business plan. It’s important to be realistic about the resources available while still creating an effective strategy.”

As a business planning manager, you’ll be responsible for motivating your team and keeping them focused on the goals of the company. Employers ask this question to make sure you have strategies in place to keep everyone working hard and collaborating effectively. In your answer, explain how you plan to motivate your team members and encourage them to work together as a unit.

Example: “I believe that motivation is an important part of any employee’s success. I try to create a positive environment where people feel comfortable asking questions and sharing their ideas. I also hold regular meetings with my team so we can discuss our progress and celebrate our successes. This helps me get to know my employees better and learn what motivates each person.”

This question can help the interviewer understand your experience with a specific task that is important for this role. Use examples from past work experiences to highlight your skills and abilities in this area.

Example: “In my current position, I am responsible for creating financial projections for our company’s budget each month. This process involves analyzing data from previous months to predict how much revenue we will have over the next year. It also includes forecasting expenses so we know what we need to spend money on. I use software to create these projections, which helps me stay organized and ensure all of the information is accurate.”

As a business planning manager, you may have to interact with stakeholders who are unhappy about the company’s direction or results. Employers ask this question to make sure you know how to handle these situations and can still achieve your goals. In your answer, explain that you would try to understand their concerns and find ways to address them while also focusing on achieving your objectives.

Example: “I once had a stakeholder who was upset because we were changing our marketing strategy. I met with them to discuss their concerns and learn more about why they liked our previous approach. After learning more about their preferences, I decided to implement some of those ideas into our new plan. This helped the stakeholder feel better about the changes and allowed us to continue moving forward.”

This question can help the interviewer understand how you plan to work with their team and integrate yourself into the company culture. Showcase your interpersonal skills by explaining how you would introduce yourself, share your goals for working with the team and encourage collaboration among employees.

Example: “I believe that a strong relationship between management and employees is essential to achieving business success. I would start by introducing myself to all of our current employees and asking them what they feel are the biggest challenges facing the department. Then, I would use this information to create an actionable plan for improving communication and increasing productivity.”

This question can help the interviewer understand how you would handle a challenging situation and whether your response shows that you have the skills to be successful in this role. In your answer, try to explain what steps you would take to resolve the issue and ensure it doesn’t happen again.

Example: “If I noticed a discrepancy between what was happening and what should be happening, I would first look at the business plan to see if there were any changes that needed to be made. If not, then I would meet with my team to discuss why things weren’t going as planned. After talking with them, I would make sure they understood the expectations of their roles and provide additional training or resources if necessary.”

This question can help the interviewer determine how much you know about their company and industry. Use your answer to highlight any research you’ve done on the company, its competitors or the industry as a whole.

Example: “I have been following this company for quite some time now, so I am very familiar with what it does and how it operates. As far as competitors go, I understand that there are many different types of businesses in this industry. However, I would say that my top competitor is XYZ Company because they offer similar services but at a lower price point. I think we could learn from them by lowering our prices slightly.”

Market research is an important part of business planning. Employers ask this question to see if you have experience with market research and how you use it in your work. If you do, share a time when you used market research to help make decisions for your company. If you don’t have any experience with market research, explain that you are willing to learn about the process and apply it to your work.

Example: “I’ve done some basic market research in my previous positions. I once worked on a project where we needed to find out what our target audience wanted from us. We did surveys and interviews to get feedback from customers. This information helped us create new products and services that were more appealing to our customers.”

This question can help the interviewer understand your experience with business planning and how you use it to improve a company’s performance. Use examples from your previous job or explain what steps you would take if you were updating a plan for the first time.

Example: “The last time I updated a business plan was when I started my current role as a business planning manager. My team and I met regularly to discuss our progress, evaluate our goals and make any necessary changes to ensure we stayed on track. We also used this opportunity to celebrate our successes and learn from our mistakes so we could apply those lessons to future plans.”

This question allows you to show your creativity and problem-solving skills. You can use examples from previous experiences where you implemented marketing strategies that helped increase customer bases or sales.

Example: “I would implement a digital marketing strategy, such as social media advertising, search engine optimization and email marketing. These are all effective ways of reaching customers online and increasing brand awareness. I also believe in creating content that is valuable for the target audience so they will want to share it with their friends and family. This helps spread the word about our company and increases our reach.”

This question can help the interviewer learn more about your experience with using tools that are important for this role. Use examples from your past to explain how you used these tools and what benefits they provided in your work.

Example: “In my current position, I use a project management tool called Basecamp to communicate with team members and clients. This tool allows me to create projects and assign tasks to other team members so we can all stay on top of our responsibilities. It also helps us collaborate on ideas and share files like documents, spreadsheets and images. The ability to collaborate and communicate through this platform has helped me manage multiple projects at once.”

Employers ask this question to learn more about your qualifications and why you are the best candidate for their open business planning manager position. Before your interview, make a list of all of your skills and experiences that relate to this role. Focus on highlighting your most relevant skills and how they can benefit the company.

Example: “I am the best candidate for this position because I have extensive experience in creating effective business plans. In my previous role as a senior business analyst, I helped develop the budgeting process for our marketing department. This led to increased sales revenue by 10% within the first quarter of implementing the new plan. I also understand the importance of teamwork when it comes to completing projects. I believe I can work well with others to create an efficient team environment.”

This question can help the interviewer understand your experience with business planning and how you approach projects. Your answer should include a description of which templates you’ve used in the past, what you like about them and any improvements you would make to them if you were in charge of creating new ones.

Example: “I prefer using the SWOT analysis template because it helps me identify strengths, weaknesses, opportunities and threats within my company’s operations. I also use the PESTLE framework when conducting market research for new products or services because it allows me to analyze political, economic, social and technological factors that may affect our sales. If I had the opportunity to create new templates, I would consider developing one that includes all of these elements so I could conduct more thorough research before starting a project.”

This question can help the interviewer determine your understanding of business planning and how you prioritize tasks. Your answer should show that you understand what’s important in a business plan, but also highlight other skills like time management or communication.

Example: “I think the most important aspect of a business plan is its ability to communicate information clearly and concisely. A good business plan should be easy for anyone to read and understand, so I always make sure my plans are well-written and organized. Another important part of a business plan is making sure it stays up-to-date. I use project management software to track changes and ensure everyone has access to the latest version.”

This question can help the interviewer determine your level of experience with business planning. Your answer should include a specific time frame for updating plans and how often you’ve done so in the past.

Example: “I believe that business plans should be updated at least once per year, but I prefer to update them every six months. This allows me to stay on top of any changes within the company and make adjustments as needed. In my last role, I updated our plan twice per year, which helped us stay organized and focused on our goals.”

This question is a great way to show your knowledge of the industry and how you would apply that knowledge to an organization. When answering this question, it can be helpful to mention specific technologies or innovations that have been in the news recently.

Example: “I think blockchain technology could change the way many industries operate. I would research the benefits and drawbacks of implementing blockchain into my business plan. Then, I would create a timeline for when we should start integrating blockchain into our company’s operations. This will allow us to prepare for any changes that may occur.”

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The Business Plan Quiz: Test!

Business is not as easy as it seems when you just imagine it. The test in front of you is "The Business Plan Quiz." This quiz will see your understanding of the concept of the business plan. This will also provide extra information to you that will help you in the future. Get ready to take this fun and informative quiz that is here. Best of luck with this!

Which section is completed last?

Finance detail

Marketing budget

About your business

Executive summary

Rate this question:

According to research, without a business plan, firms are more likely to close down.

You should describe your products and services and discuss the market that you are ..., if you wish to interest investors, you need to emphasize the company's profit ......... ., the preparation of a business plan is optional for some small businesses., why complete a business plan.

To get finance

To impress your mum

To set out clear goals for your start-up.

To make sure you know what you are doing.

The business goals and competitive advantages can be described by...

Mission statement

Core values

None of these

......... the strong and weak points of any firms in competition with yours and look for marketplace opportunities.

Investigate

SMART means:

Success, Measurable, Achievable, Realistic, Timed

Specific, Measurable, Achievable, Realistic, Timed

Smart, made-up, actual, real, true

You should examine customer... and the benefits of your products and services.

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

Current Version
Mar 22, 2023 Quiz Edited by ProProfs Editorial Team
Oct 01, 2012 Quiz Created by MrsGabell

Business Planning MCQs

Answer these 100+ Business Planning MCQs and assess your grip on the subject of Business Planning. Scroll below and get started!

1: Financial Statements Include

A. Income Statement

B. Balance Sheet

C. All of the above

D. Cash Flow Statement

2: Which should NOT be included in an executive summary?

A. Exhibits

B. Name of founders

C. Dates

D. Current investors

3: Estimating capital requirements is important for the:

A. Break-even analysis

B. Product management

C. Product design

D. Marketing

4: The 4Ps are also known as:

A. Promotions

B. Marketing trends

C. Market demographics

D. Marketing mix

5: How long should a typical business plan project for?

A. 8-10 years

B. 6 months

C. 12 months

D. 3-5 years

6: What is the first section in a traditional business plan?

A. Marketing plan

B. Financials

C. Management profile

D. Executive summary

7: What does Market Share mean?

A. Ownership stake in a public company

B. Opportunities to share in greater market profits

C. The portion of a market controlled by a particular company or product.

8: True or False: Narrowing the target for potential clients helps because it concentrates sales efforts to a selective group that is most likely to be most profitable.

A. True

B. False

9: In a competitor analysis, what should you focus on?

A. Barriers to entry

B. All of these

C. Component costs

D. Prime customer motivators

10: New funds can be put toward which of the following?

A. All of the above

B. Debt retirement

C. Working capital

D. Acquisitions

11: What should organizational structures include?

A. All of these

B. Management résumés

C. Forms of ownership

D. Percentage of ownership

12: In the financial forecasting, operating profit margin should be:

A. Negative

B. Positive

C. Unchanged

13: Who are the most important readers of a business plan?

A. Employees

B. Customers

C. Competitors

D. Investors

14: True or False: Start-up companies are almost always succesful in the first few years.

15: true or false a business plan should only focus on short term objectives, 16: potential creditors will often be interested in gaining collateral before lending. true or false, 17: true or false you should have concise bulleted lists in a business plan..

A. False

B. True

18: An appendix may include:

B. Résumés

C. Letters of reference

D. Building permits

19: True or False: A partnership is normally run by one entreprenuer

20: legal issues like non-disclosure agreements and patents are not important considerations for the business., 21: it is common for creditors to want historial financial statements, true or false, 22: true or false a business plan should state a value proposition., 23: which of these is an example of a competitive strategy.

B. Promotion

C. Pricing

D. Distribution

24: True or False: The Market Analysis of your business plan should illustrate your industry and market knowledge as well as any of your research findings and conclusions.

25: true or fales: an organization chart is a diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs., 26: ratio and trend analysis can help to create a better picture of profitability and growth potential. true or false, 27: what is the executive summary of a business plan.

A. Summary Provided To Bank Executives

B. A snapshot of your business plan as a whole and touches on your company profile and goals.

C. Plan of Executive Orders

28: Sales targets should be:

A. Measurable

B. Specific

C. Lofty

D. Both specific and measurable

29: SWOT Stands for

A. (none of these)

B. Strengths, Weakness, Origination, Targets

C. Strengths, Weaknesses, Opportunities, Threats

D. Simple While On Target

30: When requesting funding it's important to be clear on:

A. Time period funding is for

B. Timing of funds

C. Type of funding (Equity vs Debt)

D. All of these

31: What should the prospective financial data include?

A. Cash flow statements

B. Income statements

C. Balance sheets

32: What does the 'T' stand for in SWOT analysis?

A. Target

B. Trends

C. Threat

D. Technology

33: One common method for selecting prices is called Cost Pricing Strategy. This means:

A. Calculating the Costs of Production/Service per unit and adding a per unit profit margin

B. Comparing to market norms and adding/subtracting premium based on perceived quality

C. Estimating price consumers wish to pay

34: A Business Plan should not include a section about regulatory issues since this is out of the business owners hands. True or False

35: the main reason that business fail is due to not having enough.

B. Sales Leads

C. Cash-flow

D. Inventory On Hand

36: The Purpose of the Company Description in the Business Plan is:

A. Describe the nature of your business and list the marketplace needs that you are trying to satisfy.

B. List the specific consumers, organizations or businesses that your company serves or will serve.

C. (all of these)

D. Explain how your products and services meet these needs.

37: Financial Projections are done before Market Analysis and objectives are set. True or False.

38: true or false it is acceptable to use business jargon or pop culture references in a business plan., 39: the use of exhibits are intended for:.

A. Breaking up the writing

B. Showing your graphing skills

C. Visual information that is easier to interpret than words

40: What is not included in variable costs?

A. Technology

B. Supplies

C. Direct sales

D. Packaging

41: In the Competitive Analysis It's important to include:

A. Potential Barriers to the Market

B. SWOT Analysis

C. Financial Statements

42: A pricing strategy where you set your prices high for quick cash and little emphasis on market penetration is called:

A. Luxury illusion

B. Top shelf pricing

C. Market saturation

D. Price skimming

43: A good way to analyze the external environment is with a(n):

A. PEST Analysis

B. VRIO Framework

C. None of these

D. SWOT Analysis

44: What is the post-money valuation for a $1.5 million round of investment when the equity stake offered is 25%?

A. $6 million

B. $375,000

C. $4.5 million

D. $1.5 million

45: In a business plan the Funding Requests portion should include:

A. Expected Employee Retention

B. All of the above

C. Competitors Product Cycle

D. Strategic Financial Situations

46: What will a VRIO framework help distinguish?

A. Organizational structure

B. Financial potential

C. Competitive potential

D. Size of the target market

47: The first thing to assess in your market analysis is the:

A. Competitive analysis

B. Industry outlook

C. Target market

D. Size of primary target market

48: The section of your business plan that is similar to an "elevator pitch" is the:

A. Market Analysis

B. Appendix

C. Company Description

D. Executive Summary

49: For a typical executive summary, what is the maximum length?

A. Half a page

B. 2 paragraphs

C. 1 page

D. 3 pages

50: What is meant by Value Proposition?

A. The same as by marketing strategy

B. How a company plans to raise capital

C. How a company plans to price their product

D. A promise of value to be delivered and a belief from the customer that value will be experienced.

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The Project Management Blueprint

The Six Key Questions to Ask When Planning a Project

…and the resulting six hundred or so sub-questions…..

“If you fail to plan, you plan to fail.” — Benjamin Franklin

All successful projects start with a well-considered management plan. Perhaps every detail isn’t fully worked out in advance, but the important questions need to be asked—and answered—before any significant work takes place. Otherwise, you risk wasting time, money, resources, and the patience of your stakeholders. A clear definition of project success—along with the path to get there—needs to be developed during project planning.

There are six key questions that always need to be addressed during the project planning phase. They are:

Who wants and/or needs the project—and why do they want it? Who are the key stakeholders, customers, end-users, and such that are asking for the project? And why do they want it? What is their want or need? What are the high-level objectives and goals of the project? Who is the project for—and why?

What solves the high-level wants and needs? What will be created that solves and addresses the high-level “why” of the project? And how "good" does that solution have to be? What is the ideal deliverable that meets the needs of the key stakeholders?

What is the execution plan to create and deliver the solution? How will it be acquired or produced? What resources are required to execute that plan? How will progress be measured and corrections be made along the way during execution? How will information be managed and progress reported? What is the plan to successfully closeout the project? And what needs to be considered and addressed for after completion of the project?

What is the timeline to carry out the execution plan? How long will the effort take? What are the key milestones that need to be met and/or tracked?

How much will the plan cost to execute? How much does each element of the solution and plan cost? What funding constraints must be adhered to? When and how much funding is required during each aspect of the project?

What threatens the plan—and what can be done about the threats? What poses a danger to our ability to carry out the plan within the time and cost constraints? What technical, programmatic, external, and other risks exist? How likely are they to occur? How serious are they if they occur? What can be done to minimize their likelihood of occurring and/or the impact of them if they get realized?

Every project is unique, so the answers to these questions will vary. Depending on the size, scale, complexity, and type of project, the answers may be simple or complex. Further, they may spawn dozens or hundreds of sub-questions and issues to address. But regardless of the project specifics, every project requires answers to these six basic questions. If you can work through and provide detailed responses to these six primary elements, you will have the foundation of a project management plan that clearly defines success and a reasonable and appropriate means of achieving that success.

Liked by Mark Warner

Ready for more?

General Business Planning MCQs

1. Financial Statements Include

2. Which should NOT be included in an executive summary?

3. Estimating capital requirements is important for the:

4. The 4Ps are also known as:

5. How long should a typical business plan project for?

6. What is the first section in a traditional business plan?

7. What does Market Share mean?

8. True or False: Narrowing the target for potential clients helps because it concentrates sales efforts to a selective group that is most likely to be most profitable.

9. In a competitor analysis, what should you focus on?

10. New funds can be put toward which of the following?

11. What should organizational structures include?

12. In the financial forecasting, operating profit margin should be:

13. Who are the most important readers of a business plan?

14. True or False: Start-up companies are almost always succesful in the first few years.

15. True or False? A business plan should only focus on short term objectives

16. Potential creditors will often be interested in gaining collateral before lending. True or False

17. True or False? You should have concise bulleted lists in a business plan.

18. An appendix may include:

19. True or False: A partnership is normally run by one entreprenuer

20. Legal issues like non-disclosure agreements and patents are NOT important considerations for the business.

21. It is common for creditors to want historial financial statements, True or False

22. True or False? A business plan should state a value proposition.

23. Which of these is an example of a competitive strategy?

24. True or False: The Market Analysis of your business plan should illustrate your industry and market knowledge as well as any of your research findings and conclusions.

25. True or Fales: An Organization Chart is a diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs.

26. Ratio and Trend Analysis can help to create a better picture of profitability and growth potential. True or False

27. What is the Executive Summary of a Business Plan?

28. Sales targets should be:

29. SWOT Stands for

30. When requesting funding it's important to be clear on:

31. What should the prospective financial data include?

32. What does the 'T' stand for in SWOT analysis?

33. One common method for selecting prices is called Cost Pricing Strategy. This means:

34. A Business Plan should not include a section about regulatory issues since this is out of the business owners hands. True or False

35. The main reason that business fail is due to not having enough?

36. The Purpose of the Company Description in the Business Plan is:

37. Financial Projections are done before Market Analysis and objectives are set. True or False.

38. True or False? It is acceptable to use business jargon or pop culture references in a business plan.

39. The use of exhibits are intended for:

40. What is not included in variable costs?

41. In the Competitive Analysis It's important to include:

42. A pricing strategy where you set your prices high for quick cash and little emphasis on market penetration is called:

43. A good way to analyze the external environment is with a(n):

44. What is the post-money valuation for a $1.5 million round of investment when the equity stake offered is 25%?

45. In a business plan the Funding Requests portion should include:

46. What will a VRIO framework help distinguish?

47. The first thing to assess in your market analysis is the:

48. The section of your business plan that is similar to an "elevator pitch" is the:

49. For a typical executive summary, what is the maximum length?

50. What is meant by Value Proposition?

51. Would you ever consider talking to your competitors directly?

52. What market segment is an airline offering no frills targeting?

53. What section of the financial forecast would expenditure on telephones be forecasted under?

54. Which of the following factors would be used in estimating revenue?

55. How detailed should a business plan be?

56. Which of the following would be a value proposition?

57. What is meant by Target Marketing?

58. What is a "Pay Per Click" marketing campaign?

59. What are core competencies?

60. What best describes a cost-leadership strategy?

61. Would a company that produces a complementary product to yours be considered a competitor (e.g. a tennis ball maker and a tennis racket maker)?

62. How might a company learn more about its market and what drives the customers to purchase their product?

63. Why is it important to hire intelligently early on?

64. What is the purpose of creating a valuation statement of the company?

65. What would a Market Follower strategy be distinguished by?

66. In which section of a business plan would the company's mission statement be located?

67. Why is it important to track your competitors?

68. Where would the Financial Projections typically be located in a business plan?

69. What strategy should a new company wanting to enter a market employ?

70. What is a characteristic of a market leader strategy?

71. Why are companies able to stay in business during turbulent financial market times?

72. What is meant by Relationship Marketing?

73. What is a competitive advantage?

74. How does a company assess the performance of its marketing efforts?

75. What has been the trend in marketing in the last few decades?

76. In which section of a business plan would you talk about the CEO?

77. What would sending coupons to prior customers directly be considered?

78. What are the minimum financial statements that should be included in a business plan?

79. Why is it important to know the entire potential market even if your company can only focus on a small segment?

80. What best describes a differentiation strategy?

81. Where might a potential competitor come from?

82. Which of the following would be a mistake in forecasting?

83. What is the purpose of a cash flow forecast?

84. Why is it important to talk about market timing?

85. How could a video rental outlet stand out above their competitors in a positive way?

86. What is meant by "top down" budgeting?

87. Which of the following would not typically be a section in a business plan?

88. Which of the following strategies has warehouse reseller Costco taken?

89. What is meant by Market Demographics?

90. What is the purpose of a what-if analysis?

91. What policy should be followed regarding employees and the company strategy?

92. What should be the minimum length of a business plan?

93. Why would a company's website be considered a part of its marketing effort?

94. What should a company do if they do not have a marketing plan?

95. What is one of the ways to track your competitors?

96. How is "distribution and delivery" defined?

97. What is Blockbuster Videos business model?

98. What is one of the criteria that a flower delivery company could distinguish itself by on the market?

99. Why is it important to have an executive summary?

100. Why is it important to talk about competition?

101. What marketing method is a gas station most likely to use?

102. Which of the following is one of the groups a business plan is meant to inform?

103. Why would a new company spend most of their budget on marketing?

104. Where would company valuation be discussed?

105. What section would SWOT analysis typically be in?

106. What should be considered while deciding a firm's strategy?

107. What is one of the reasons for the failure of companies?

108. Which of the items below is NOT a purpose of a business plan?

109. What is the DuPont formula?

110. What is one of the ways to establish who your competitors are?

111. What is meant by "market segments"?

112. Which of the following is a traditional method of marketing?

113. What is a business model?

114. What role does marketing play in a company's business life?

115. Which of the following could be a core competency of a company?

116. Which of the following terms best describes how a company can make itself stand out from the competitors?

117. What type of company would never need a business plan?

118. What is meant by vertical integration?

119. What would be the best methodology to follow while creating a forecast?

120. How far into the future should revenue be projected in a business plan?

121. Which of the following would you factor into long term liabilities?

122. What is an advantage of making a competitor analysis?

123. Why is it okay to let some competitors' moves go unanswered?

124. Why is it important to identify your market segments?

125. Why would a company with a very rigid business plan possibly face trouble?

126. What is meant by Mass Marketing?

127. Why should a business plan be revisited annually?

128. What is a value chain?

129. What is a way to segment the market?

130. Customer share is sometimes referred to as _____.

131. The way you want to spend your time, money, and resources in the future are your _____.

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Financial Planning for Small Business: Questions & Answers

financial planning, entrepreneurship, small business owners, [PARTNER FIRM]

By Paul West

“I built this place from the ground up.” Is there any statement more human, more American than that? Working in an organization where you – literally or figuratively – laid that first brick? But financial planning for small business owners, just like for an individual, is more complex and intricate than simply sweat equity and long hours.

Foundational decisions you make can save you – or cost you – thousands over time, no matter how many widgets you sell or clients you sign up. There are deep structure questions here that will be the difference between long-term growth or flash-in-the-pan success. You want a winning season, not a few lucky catches.

Let’s look through a few issues today that will help you get on good footing as a small business owner. We’ll break these down into protecting, planning and projecting for your company.

Protect – What are you building here?

One of the first questions to ask yourself when your dream of a small business comes close to reality is: What am I building here? What is my dream for the future?

Maybe you’re looking to run a small boutique business just long and well enough to sell it and retire comfortably. Maybe you’re hoping to grow and eventually franchise out – have a whole chain of businesses with your name on them.

If you have a reasonable idea of this vision, you can decide which kind of entity structure your business will have. Different structures have different tax treatments, which will help you budget for the future. Will it be a sole proprietorship, an LLC, an S Corp, a C Corp? The implications are important to talk through with a financial planner and an attorney who specializes in small business.

Entity structure is like a brick in the bottom of a very large wall. If that first layer of bricks is off-center, it throws off everything else and – worst-case scenario – the whole thing comes crashing down. You could end up losing thousands over the years in unnecessary taxes and cheating yourself and your employees out of better profits.

There are also smaller tax loopholes that will help you keep more of the money you’ve worked hard to make:

Renting/Owning – If you own your building, you can get a tax-deductible mortgage. There is literally no tax advantage to renting, so you have to discern that tipping point of taxes versus savings by renting.
W-2 Wages – Increasing W-2 wages can give you tax advantage under certain entity structures
Retirement plan contributions – You can make contributions to an IRA as both employee and employer, which raises your annual contribution limit considerably

These questions of structure have long-term legal and financial implications best discussed with financial and legal council. There are a lot of pitfalls here, so make sure you bring a guide who knows the terrain.

Download our free guide to answers and strategies for these questions – “From Tax Efficiency to Retirement: Financial Planning for Small Business Owners”

Plan – What Do People Say About Your People?

Patty Mccord , author and former Chief Talent Officer at Netflix, says companies should strive to be “a great place to be from.” The culture of that workplace should be well-known for fostering responsible, self-starting employees who had to prove themselves to keep their place. Creating a “great place to be from” is about more than simply providing a competitive paycheck to your employees.

Think through the retirement plans your company offers. Do they match the size of your company, the general age of your employees, their lifestyle/income needs? Are the plans too expensive and wrong-sized for your business?

Insurance is another part of planning for positive company culture. Supporting the medical and dental needs of your employees and their families engenders positivity and long-term loyalty – both of which are well worth the investment.

A Health Saving Account (HSA) program can be a great gift to your stakeholders. These accounts are triple tax-advantaged: you can deduct the deposits, it grows tax-free and it’s not taxed when withdrawn for qualified expenses. Enrollment in HSA programs has increased over 400% since their introduction in 2005. Employees have spoken – HSAs are a benefit that grows loyalty and morale.

Does the reputation of your employees proceed them, as Patty Mccord points out? Do people know that your stakeholders are loyal, positive and have been in an environment of freedom to explore and hone their gifts?

Project – Can you pass the reins?

You may have laid that first brick of the building in place, but eventually, someone else will be working there. The name on the door will change, and succession planning can never start too early.

Start with the first question: what am I building here? If you’re looking to build a legacy business, where your great-grandkids could someday work, your succession planning will take a certain shape. This changes if you’re supporting yourself with a boutique business, and especially if you know your kids aren’t interested. Then you could be grooming a trusted stakeholder, or you could be preparing to sell.

The worst thing you can do is nothing . Succession is much more complex than sliding the keys across the table to your son or daughter. There are financial, legal and relational dynamics at work. Get in touch with a fiduciary who will put your best interests first, and not just try to sell you commission-based products. Then write down your plan – it can be simple at first – just something concrete you can build on.

Plan for Your Passion

Protect, plan and project. Maybe your business started as a simple hobby that brought a few dollars your way. That passion is still the fuel everything runs on, but the implications of your organization are more complex now.

Just as it is in your personal life, financial planning for small business owners is intricate and far-reaching. A solid plan could be the difference between success and failure, no matter how much time you spend at the grindstone.

Looking for a fiduciary advisor who puts your business plan and interests as a small business owner first?

Let’s talk !

Get in Touch

In just minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

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United Center owners planning massive $7 billion mixed-use campus around the arena

Plans call for a music hall, housing, park and pedestrian-friendly spaces as part of a 10-year development project that could start as early as 2025..

Rendering of the proposed $7 billion mixed-use development that would surround the United Center. If approved, the 10-year project — called The 1901 Project — would start in spring 2025.

A rendering shows the proposed $7 billion mixed-use development that would surround the United Center. If approved, the 10-year 1901 Project — would begin in the spring of 2025.

The owners behind the United Center announced on Tuesday that the parking lots and area surrounding the United Center will be replaced by a $7 billion mixed-use district — a price tag they say would make it the largest private investment in the West Side.

Dubbed the 1901 Project, if approved, the estimated 10-year development would transform the West Side with green space, mixed-income housing, a music hall and more. Construction is planned in seven phases, with the first estimated to start as early as next year.

Why is Jerry Reinsdorf spending millions buying up parking lots around the United Center?

“We think that this project is going to send a powerful, positive message to the world, and it’s going to showcase how Chicago and Illinois continue to set new standards in partnership, architecture, community commitment, growth — all on the heels of what we know is going to be a successful [Democratic National] convention,” United Center Chief Executive Officer Terry Savarise said.

The master plan comes after five years of planning, according to Savarise. First, under the guidance of White Sox Chairman Jerry Reinsdorf and the late Blackhawks Chairman Rocky Wirtz , who died in July 2023.

Reinsdorf, co-chair of the United Center Joint Venture, said in a news release that he and Wirtz shared a commitment to Chicago “and understood our responsibility to give back through our charity arms and by seeking out economic opportunities for our neighbors who live and work in and around the United Center.”

“It is fitting that we announce this project today as we also remember Rocky Wirtz, who was more than my business partner and confidante. He was my dear friend,” Reinsdorf said. “Today’s announcement builds on this effort led by both families to leave a lasting legacy on the West Side.”

The United Center is the second-busiest arena in America, according to the development team, hosting 3 million guests annually. The arena was built 30 years ago with no government funding — and the same would hold true for the 1901 Project. Spearheaded by the Reinsdorf and Wirtz families, the ownership group said there’s no plan to request city funding or tax increment financing assistance.

The project is expected to create about 63,000 construction jobs, 12,000 permanent jobs and $4.5 billion in annual economic impact, as well as $104 million in annual tax revenue.

Phase 1 would create 4,000 construction jobs, 1,900 permanent jobs and $275 million in annual economic impact. Ownership also projects a $796 million construction impact for Phase 1.

Breaking ground

Led by Michael Reinsdorf and Danny Wirtz, the project would span 55 acres. The pair have assembled a team that includes Los Angeles-based design collective RIOS and co-landscape architects Site design group and Field Operations.

The first phase is expected to start construction in spring 2025 and would transform the surface parking lots adjacent to the United Center. In February, the Sun-Times reported that associates of Jerry Reinsdorf spent $44.7 million to scoop up nearby parking lots run by his competitors.

The plan is to build a parking facility which would have more than 10 acres of open green space on the roof. Given United Center’s history of hosting events, it could host events at the park. But Savarise said it’s “open” to conversations with the Chicago Park District and its potential role with the park.

Ernest Wong, principal at Site design group, said the project emphasizes recreational space, pointing to Millennium Park as an example.

“What the West Side really needs is really a lot of new space of excitement for kids to come and play, parents to be able to enjoy themselves,” Wong said. “You saw what happened with Millennium Park. You see what happens in all of these other spaces throughout the country when this green space gets involved, and what that does to the neighborhood. We’re looking at the same thing here.”

There’s also plans to build a 6,000-seat theater-style music hall, designed by RIOS.

“It’s a great opportunity to bring a new staple theater … to the West Side,” Richard Peterson, senior project director at RIOS, said. “And, ideally, design an architecture that everybody in the community can be proud of and appreciate.”

The pedestrian experience will also be improved with better walkability, lighting and bike lanes.

And there’s potential for a hotel to be built on the southeast side of the arena, as well as retail.

‘Sea of asphalt’

The project is expected to take 10 years to complete, according to Savarise.

While seven phases are planned, the order of what will be constructed is likely to change based on market conditions and community feedback — but Phase 1 is confirmed.

Future phases could include housing that “spans various unit sizes and includes affordable, market-rate and luxury,” according to ownership.

There have been informal meetings with potential local and national partners, Savarise said.

“There’s a lot of pieces. We know that we’ll continue to draw people to this campus because we’re confident in our ability to continue to bring events to the city,” Savarise said. “We are confident in these first pieces, and we’re very excited with the response that we’re getting and the interest that we’re getting.”

United Center ownership indicated it has early support from the city’s Department of Planning and Development.

Planning Commissioner Ciere Boatright said the dollar amount being invested is a “big deal,” based on preliminary conversations. A full application hasn’t been submitted to the city — but Boatright said she can tell “they’re thinking about everything” in terms of use.

Much of Boatright’s excitement comes from more productive use of the many surface parking lots bordering the arena.

“It has the potential to reverse decades of parking lot expansion. … It’s a sea of asphalt,” Boatright said. “When you take the economic development perspective, I think it’s an exciting opportunity. I’m looking forward to seeing their formal application when it comes through.”

Ald. Walter Burnett (27th) also expressed his support.

“While the project still requires city and community feedback, I am excited for the investment on the West Side, which is often overlooked for this level of private investment. It’s our time,” Burnett said in a news release. “The United Center and its leadership team have been strong and trusted partners, and I look forward to working alongside them to bring this project to life while listening and engaging with the community.”

Best Retirement Plans for Employees

Best retirement plans for self-employed individuals.

Best Individual Retirement Accounts (IRAs)

Other Retirement Savings Options

Why You Should Trust Us

Best Retirement Plans for 2024: Choosing the Right Path for Your Future

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Why Start Saving for Retirement Now?

Financial experts all agree: The sooner you start saving, the better. Retirement savings accounts offer long-term wealth-building features like compounding, tax advantages, and retirement-focused investment strategies.

Compound interest allows you to earn interest on your interest. The longer your money grows, the faster it accumulates and the closer you are to achieving a financially secure retirement. Contributing a little here and there is better than not contributing at all.

Moreover, retirement plans like IRAs and 401(k)s offer tax benefits. You can contribute pre-tax money to lower your taxable income today. Or you can contribute after-tax money for tax-free growth and withdrawals.

Here are Business Insider's editors' top picks for the best retirement plans in 2024.

401(k) Plans

401(k)s are popular retirement savings plans offered by for-profit companies. Employees can open a traditional 401(k) or a Roth 401(k). Traditional 401(k)s grow with pre-tax dollars, but Roth 401(k)s rely on after-tax contributions, just like with IRAs.

Employees can contribute up to $23,000 in 2024, and individuals age 50 and older can contribute additional "catch-up" contributions of $7,500.

Many 401(k)s offer employer-matching contributions. Your employer matches up to a certain limit for every dollar you put into your account. This is generally considered "free money" toward your retirement. For instance, if you make $50,000 annually, and your company matches 50% of your 401(k) contributions up to 5% of your salary, you would need to contribute $2,500 into your account to receive the full match amount. Your employer would then contribute an additional $1,250 a year.

403(b) Plans

403(b)s, or tax-sheltered annuities, are retirement plans for public school employees, tax-exempt organizations, churches, and other nonprofit companies. Similar to a 401(k), 403(b)s may offer the benefit of an employer match. You can contribute pre-tax or after-tax money.

If you're under 50, you can contribute up to $23,000 in 2024. Employees 50 and up can contribute an additional $7,500. In addition to pre-tax and after-tax contributions, you can contribute to your 403(b) by allowing your employer to withhold money from your paycheck to deposit into the account.

Thrift Savings Plans

Thrift savings plans (TSPs) are retirement accounts for federal and uniformed services employees. Like 401(k)s, these plans let you contribute pre- or after-tax dollars. But, unlike many 401(k) employer matches, most TSPs offer a full 5% contribution match. Your employer will match your contributions up to 5% of your salary.

The annual contribution limit for 2024 is $23,000. The catch-up contribution limit is $7,500.

457(b) plans are retirement savings accounts offered by certain state and local governments and tax-exempt organizations. Like 403(b)s, you can contribute to your 457(b) plan by asking your employer to withhold a portion of your paycheck and deposit it in your retirement plan. Some employers allow you to make Roth contributions.

The annual contribution limit for 2024 is $23,000. The catch-up contribution limit is $7,500. Folks 50 and older can contribute up to the annual additions limit, currently $69,000.

Pension Plans

Pension plans are retirement plans fully funded by your employer, who are required to make regular contributions toward your retirement. However, depending on the plan's terms, you may not have control over how the money is invested.

There are two main types of pension plans: the defined contribution plan and the defined benefit plan. 401(k)s are technically considered defined-contribution pension plans, and your employer is not responsible if your investments perform poorly.

Traditional pension plans are defined benefit plans (plans with fixed, pre-established benefits). Employers are liable to provide retirement funds for a certain dollar amount, calculated based on employee earnings and employment years.

Solo 401(k)

Solo 401(k)s are an option for business owners who work for themselves and have no employees. They can contribute as both an employer and employee (and spouses of business owners may be able to contribute as well), meaning they can contribute twice as much. You can make pre- or post-tax (Roth) contributions to your account.

As an employee, you can defer up to $23,000 of your self-employed income in 2024. If you're 50 or older, you can make an additional $7,500 catch-up contribution. As an employer, you can contribute up to $23,000, plus the catch-up contribution if you're 50 or older. The total contribution limit is $76,500.

Simplified employee pension (SEP) IRAs are retirement vehicles managed by small businesses or self-employed individuals. According to the IRS, employees (including self-employed individuals) are eligible if they are 21 years old, have worked for the employer for at least three of the last five years, and have made a minimum of $750.

SEP IRAs also require that all contributions to the plan are 100% vested. This means that each employee holds immediate and complete ownership over all contributions to their account, including any employer match. You can contribute up to $69,000 or 25% of your employee's compensation 2024.

Vesting protects employees against financial loss. For instance, according to the IRS, an employer can forfeit amounts of an employee's account balance that isn't fully vested if that employee hasn't worked more than 500 hours in a year for five years.

SIMPLE IRAs are for self-employed individuals or small businesses with 100 employees or less. According to the IRS, these retirement plans require employers to match each employee's contributions on a dollar-for-dollar basis up to 3% of the employee's salary.

To qualify, employees (and self-employed individuals) must have made at least $5,000 in the last two years and expect to receive that amount during the current year. But once you meet this requirement, you'll be 100% vested in all your SIMPLE IRA's earnings, meaning you have immediate ownership over your and your employer's contributions.

Employees can contribute up to $16,000 in 2024. You can also add a catch-up contribution of $3,500 if you're 50 or older.

Payroll Deduction IRAs

Small businesses and self-employed people can set up employee IRAs even simpler. With payroll deduction IRAs, businesses delegate most of the hard work to banks, insurance companies, and other financial institutions.

After determining which institutions their employer has partnered with, employees can set up payroll deductions with those institutions to fund their IRAs. These accounts are generally best for employees who don't have access to other employer-sponsored retirement plans like 401(k)s and 457(b)s.

For 2024, you can contribute up to $7,000 in annual contributions and up to $1,000 in annual catch-up contributions for employees aged 50 or older.

Best Individual Retirement Arrangements (IRAs)

One of the most appealing components of independent retirement plans like IRAs is that you can open one as long as you've got taxable (earned) income. And even if you have an employer-sponsored retirement account, you can usually set up a traditional IRA, Roth IRA, and other independent retirement accounts.

Traditional IRA

Traditional IRAs let you save with pre-tax contributions toward your retirement savings. You'll pay tax when you withdraw during retirement. Traditional IRAs are recommended for higher-income workers who prefer to receive a tax deduction benefit now rather than later.

The 2024 contribution limit is $7,000, with up to $1,000 in catch-up contributions.

Roth IRAs are funded by after-tax dollars, meaning you pay taxes on your contributions now and make tax-free withdrawals later. As long as you're eligible, experts recommend Roth IRAs for early-career workers who expect to be in a higher tax bracket when they withdraw. Traditional and Roth IRAs share the same contribution limits: $7,000 in 2024, with up to $1,000 in catch-up contributions.

If you want to open one of the best Roth IRAs , single filers can only contribute the maximum amount in 2024 if their modified adjusted gross income (MAGI) is less than $146,000. Married couples must earn less than $230,000 annually to contribute the full amount in 2024. You can still contribute less if you earn a little more, though.

You can find your MAGI by calculating your gross (before tax) income and subtracting any tax deductions from that amount to get your adjusted gross income (AGI), then adding back certain allowable deductions.

Spousal IRAs

There's also an option for married couples where one spouse doesn't earn taxable income. Spousal IRAs allow both spouses to contribute to a separate IRA as long as one spouse is employed and earns taxable income. This account allows the nonworking spouse to fund their own IRA.

In 2024, each can contribute $7,000 (or $8,000 if they are 50 or older) for up to $16,000 annually.

Rollover IRAs

The best rollover IRAs let you convert your existing employer-sponsored retirement plan into an IRA, something experts generally recommend doing when you leave a job for a few reasons: primarily because you have more control over the investment options in an IRA than in a 401(k), and also because it's easier to consolidate your accounts for record-keeping.

Many online brokerages and financial institutions offer rollover IRAs; some will even pay you to transfer your employer-sponsored plan to an IRA.

Self-Directed IRAs (SDIRAs)

You can fund a self-directed IRA using traditional or Roth contributions ($7,000 and contribution limits in 2024, plus another $1,000 for catch-up contributions). But the difference between these accounts is mainly one of account custody and investment choices.

Unlike traditional and Roth IRAs, the IRS requires that all SDIRAs have a certified custodian or trustee who manages the account. These third parties handle the setup process and administrative duties of the IRA (e.g., executing transactions and assisting with account maintenance).

SDIRAs also give investors access to a wider range of investment options. With traditional and Roth IRAs, you're limited to mutual funds, ETFs, stocks, and other traditional investments. But, SDIRAs allow you to invest in alternative assets like real estate, precious metals, and cryptocurrencies .

Nondeductible IRAs

Nondeductible IRAs are for people who earn too much to get the full tax benefits of an IRA. Contributions for these accounts aren't tax deductible, meaning you'll fund your IRA with post-tax dollars like a Roth IRA. The difference is that you'll still have to pay taxes on any earnings or interest from the account once you withdraw at age 59 1/2.

Annuities are investment vehicles purchased from insurance companies at a premium. You'll receive periodic payouts during retirement once you purchase an annuity using pre-tax or after-tax dollars. Annuities offer a reliable income stream for retirees and reassurance they won't outlive their savings.

The funds in an annuity can also be invested. Before you start receiving payouts, the investment gains grow tax-free, but you'll still be liable to pay income tax. Plus, annuities have limited liquidity and high fees that may diminish potential gains.

Health Savings Accounts (HSAs)

Health Savings Accounts (HSAs) are savings accounts designed to cover medical expenses but can double as retirement savings. Once you're 65, you can withdraw the funds from your HSA penalty-free for non-medical expenses.

While an HSA isn't a great main retirement savings vehicle, it can be a great addition to a different long-term savings account. In addition to penalty-free withdrawals on qualifying expenses, HSAs are funded with pre-tax dollars and grow-tax-free. But you'll still be subject to income tax.

In 2024, you can contribute up to $4,150 for self-coverage and $8,300 for family coverage. Folks 55 and older can contribute an additional $1,000 catch-up contribution.

Choosing the Best Retirement Plan for You

If you're not a small-business owner or self-employed, the best retirement plan for you usually depends on your type of employer, marital status, and short- and long-term savings goals.

However, for most employer-sponsored retirement accounts, you can decide whether to make pre-tax or post-tax (Roth) contributions to your account. Roth contributions are best for those who expect to pay more in taxes as they age, but you should consider pre-tax contributions if you don't mind paying taxes when you withdraw money from your account in retirement.

You can boost your retirement savings even more by opening a separate IRA in addition to your employer-sponsored plan (you can still save toward retirement with an IRA if you're unemployed).

FAQs About Retirement Plans

Your best retirement option depends on your income, employer, financial situation, time horizon, and goals. If you can access a retirement savings account through your employer, especially a pension or 401(k) plan, that is likely your best option. If not, a traditional or Roth IRA offers tax advantages, compounding power, and flexible investment options.

A traditional or Roth IRA may be a better retirement saving account than a 401(k) due to the low fees and flexibility. Although 401(k)s come with great benefits like an employer match, they have high fees that can eat away at gains. An IRA may be a better option if your employer is not covering those fees.

A Roth IRA may be the better option, depending on your situation. In most cases, a 401(k) is the stronger retirement account due to the convenience of automatic payroll deduction and the additional benefit of an employer match. However, Roth IRAs can double as emergency funds. A Roth IRA may be better if you're looking for increased flexibility and Roth tax benefits.

Why You Should Trust Us: Our Expert Panel For The Best Retirement Plans

We interviewed the following investing experts to see what they had to say about retirement savings plans.

Sandra Cho , RIA, wealth manager, and CEO of Pointwealth Capital Management
Tessa Campbell , Investment and retirement reporter at Personal Finance Insider

What are the advantages/disadvantages of investing in a retirement plan?

Sandra Cho:

"The main advantage is the tax implications of the account. Depending on the account, taxes will either be deferred or not included at all. For employer-sponsored retirement plans like 401(k)s, contributions to the plan are made with pre-tax funds, and the account grows tax-deferred. Taxes are then owed upon withdrawal.

"Roth IRAs, on the other hand, are contributed to with post-tax funds but grow tax-free. Both should be included in an investor's portfolio. Another advantage is that 401(k)s often have an employer matching component. That is, an employer will match your contributions up to a certain point (usually around 3% of your salary).

"The disadvantage is that retirement accounts have a max contribution limit. Another disadvantage is that these funds cannot be used until age 59 1/2. For younger investors, that can be a long time wait."

Tessa Campbell:

"Tax benefits and compound interest are two of the major advantages of contribution to a retirement savings plan like a 401(k) or individual IRA. Depending on the kind of plan you open (traditional or Roth), you can benefit from contributions after- or post-tax dollars. In addition, some 401(k) plans are eligible for employer-sponsored matches, which are essentially free money.

"The disadvantage of a retirement plan is that you won't be able to access the funds in your account penalty-free until you're at least 59 1/2 years old. Unless there are no other options, early withdraws from a retirement savings plan isn't advised."

Who should consider opening a retirement plan?

"Every individual should be investing through a retirement plan if they have the financial capability to. At the minimum, investors should try to contribute up to the matching amount for their 401(k) and the maximum amount for their Roth IRA. The growth in these funds compounds over time, helping to enhance the long-term return."

Tessa Campbell:

"I can't think of a single person that wouldn't benefit from a retirement savings plan, other than maybe someone that is already well into retirement. Although some younger individuals don't feel the need to start contributing quite yet, it's actually better to open an account as soon as possible and take advantage of compound interest growth capabilities."

Is there any advice you'd offer someone who's considering opening a retirement plan?

"I would advise them to work with a financial advisor or trusted professional. This will give them insight into where they should be investing their money, whether that be a 401(k), Roth IRA, or another vehicle. There are plenty of people and sources out there who provide important information and can help you create a strong financial future."

"Don't contribute huge portions of your salary if it doesn't make sense with your budget. While contributing to a retirement savings plan is important, you must still afford your monthly expenses and pay down an existing debt. If you're having trouble establishing a reasonable budget, consult a financial advisor or planner for professional help."

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Exclusive: US-Japan Patriot missile production plan hits Boeing component roadblock

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Japan Self-Defense Forces (JSDF) soldiers walk past a Patriot Advanced Capability-3 (PAC-3) missile unit after Japan's Chief Cabinet Secretary Yoshihide Suga (L) reviews the unit at the Defense Ministry in Tokyo

Reporting by Nobuhiro Kubo, Tim Kelly; additional reporting by Mike Stone, Allison Lampert, Idrees Ali and Kaori Kaneko; Editing by Gerry Doyle and Sam Holmes

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Deutsche Bank posted a loss in the second quarter, it disclosed on Wednesday, its first in four years after setting aside 1.3 billion euros ($1.41 billion) as a provision for a protracted investor lawsuit over its Postbank acquisition.

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Great Resignation 2.0 could be on the horizon, with 3 in 10 workers planning to quit in 2024, survey shows

Low pay, desire for better benefits and search for less stressful work are some reasons behind the shift.

Gen Z workers boast of 'quiet quitting' and 'bare minimum Mondays'

Ramsey Solutions host Ken Coleman says employers will need to coach young workers more than in previous years.

The Great Resignation 2.0 could be on the horizon with nearly three in ten workers expected to quit their jobs by the end of 2024, and younger workers could be at the helm of the change.

Survey findings released by Resume Builder on Wednesday found that 28% of 1,000 full-time workers questioned plan to quit their jobs before the end of the year, with the highest percentage coming from the service industry and workers ages 18-34.

"Younger workers tend to switch jobs at a higher rate because they are trying to determine what type of function, industry, and environment would work best for them," Julia Toothacre, a career strategist at Resume Builder, said per a recent report detailing the data.

FEWER AMERICANS ARE CHANGING JOBS AS LABOR MARKET COOLS

Survey data from Resume Builder shows that 28% of respondents plan to quit their current job by the end of 2024. (iStock / iStock)

"Along with that, you can increase your salary quicker when you change jobs every few years, and those early career years are the best time to do that," she added.

These younger workers are eyeing a more comfortable spot in the workforce, with more than half of those dissatisfied with their current situation (56%) citing low pay as a culprit behind their interest in leaving.

Forty-four percent highlighted a "desire for better benefits" while the desire for less stressful work trailed slightly behind at 43% of respondents.

MAJORITY OF WORKERS REGRET QUITTING DURING ‘GREAT RESIGNATION’

Low pay was one of workers' top concerns listed, per 56% of survey respondents. (iStock / iStock)

Remote working options are another priority as workers eye their next role after quitting, and Toothacre says increased demands from the workforce could shift positions to more remote or hybrid offerings if finding candidates becomes difficult.

"This is an employer market , which is why you’re seeing so many RTO mandates. When the market shifts back to candidates, we’ll see more perks," she explained, per the report.

US COMPANIES OFFERING RECORD-HIGH RAISES TO RETAIN WORKERS, KEEPING PRESSURE ON INFLATION

Former Walmart CEO: Inflation driving The Great Resignation

Former Walmart president and CEO Bill Simon argues workers leaving their jobs is ‘unsettling’ for businesses.

Broken down into different numbers, 21% of respondents overall said they are "somewhat" likely to quit their jobs this year, with 7% considering themselves "highly likely" to make the change.

The first "Great Resignation" came after the COVID-19 pandemic when 47 million Americans quit their jobs in 2022 alone, leading many to regret the decision later, according to a survey published by Paychex in February 2023.

Worker burnout: How ‘the Great Resignation’ impacts employees

As companies return to the office, employees are taking on the workloads of those who took part in ‘the Great Resignation.’

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FOX Business' Megan Henney contributed to this report.

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Todd Arrington Appointed Director of the Dwight D. Eisenhower Presidential Library and Museum Press Release · Tuesday, July 23, 2024

Washington, DC

Archivist of the United States Dr. Colleen Shogan announced today Dr. Todd Arrington’s appointment as the new Director of the Dwight D. Eisenhower Presidential Library and Museum in Abilene, KS, effective August 26, 2024. Dr. Arrington will oversee the planning, direction, and administration of all Library programs and activities.

Image courtesy of Dr. Benjamin Todd Arrington

“Todd Arrington’s dedication to historic preservation and public engagement is unparalleled,” said Dr. Shogan. “His Park Service leadership, extensive scholarship, and creative social media approaches will be invaluable to the National Archives. We are fortunate to have someone of his caliber guiding our efforts to honor and help share President Eisenhower’s life and legacy.”

For the past 25 years, Dr. Arrington has managed and led historic sites for the National Park Service, most recently as site manager at the James A. Garfield National Historic Site. In various roles there since 2009, he has overseen all aspects of the operation, including programming, communications, and partnerships. He previously held appointments at the Homestead National Monument of America in Nebraska and the Eisenhower National Historic Site in Pennsylvania. He has also served in temporary leadership assignments at institutions including Cuyahoga Valley National Park in Ohio and Little Bighorn Battlefield National Monument in Montana.

Dr. Arrington’s scholarship has included publications on topics such as the American Civil War and the early Republican Party. His book, The Last Lincoln Republican: The Presidential Election of 1880 , was published by the University Press of Kansas in September 2020. He has taught history and humanities courses at several colleges in northeast Ohio, including Lake Erie College and John Carroll University, and has provided scholarly commentary on C-SPAN, Radio Free Europe, and National Public Radio.

Dr. Arrington, a veteran of the United States Army, holds a Ph.D. in history from the University of Nebraska–Lincoln. He received a master of arts in history from Shippensburg University of Pennsylvania and a bachelor of arts in history from Mansfield University of Pennsylvania.

“Dr. Arrington is exceptionally well-suited to lead this prestigious institution with his impressive blend of academic credentials, professional experience, and commitment to public history,” said Stephen Hauge, Chair of the Eisenhower Foundation. “His expertise in managing historical sites and his proven ability to foster local and national partnerships will benefit the Library and its mission. We welcome him to this important role and look forward to a strong collaboration.”

The Dwight D. Eisenhower Presidential Library and Museum is one of 15 libraries in the Presidential Library system operated by the National Archives and Records Administration, representing Herbert Hoover through Donald J. Trump. Presidential Libraries and Museums are repositories for each administration’s papers and records and preserve and provide access to historical materials, support research, and create interactive programs and exhibits that educate and inspire.

For media inquiries, please contact: National Archives Public and Media Communications at (202) 357-5300 or via email at [email protected].

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This page was last reviewed on July 23, 2024. Contact us with questions or comments .

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135 Business Plan Questions
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