how to answer business plan questions

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50 Questions Your Business Plan Should Answer

S adly, most investors don't read business plans. However, writing one is the only way you will be able to answer the following 50 questions which an investor will ask you:

1. What is the price of your product or service and why?

2. How much capital is required to execute your business plan?

3. How much is the company is worth?

4. What existing products/services does your company provide?

5. What is the use of the proceeds?

6. On a summary basis, what is the historical financial performance of the company (even if, and perhaps particularly if, you have no revenues)?

7. On a summary basis, what is the projected financial performance of the company?

8. What new products/services are being developed and when will they be ready for market?

9. What is the size of the market for your product in dollars?

10. What is the size of the market in terms of units?

11. How has the market for the product/service changed over the past 5 years and why?

12. How do you anticipate it will change going forward?

13. At what rate is the market for your product growing?

14. Is the competition highly concentrated or highly fragmented?

15. What is your distribution channel and why is it the best one?

16. On a broad level, what are the elements of your marketing strategy?

17. What does it cost to generate a lead, and what is the ratio of leads to sales?

18. What funding is being allocated to new product development from the financing and from ongoing operations?

19. How many potential customers have you talked to?

20. What are the gross and margins on your product/service? Why are they superior or inferior to a competitor?

21. What is your assumptions on the bad debt and collection period for outstanding receivables?

22. What are your working capital needs once sales take off and how will these needs be addressed?

23. What will happen to gross and operating margins as sales rise and why?

24. What percentage of your sales are recurring?

25. Who are your top five executives and what is their professional and educational background?

26. What regulatory or legal threats are present?

27. Are there international markets for this product and is the company positioned to take advantage of them?

28. Who is the largest competitor in your industry?

29. What criteria will be used to choose locations for geographic expansion?

30. How will you get this product into mass market distribution channels?

31. Is the product/service patented?

32. Who are your suppliers and or vendors?

33. Do you have more than one for each supplier/vendor of your basic raw materials or services?

34. What are your payment terms with vendors or suppliers?

35. What will cause gross and operating margins to improve as volume increases or decreases?

36. Where is the company located and how many square feet does it lease or own?

37. What is the length of the sales cycle?

38. How did you estimate returns and allowances?

39. How are sales personnel compensated? Incentivized?

40. What, as a percentage of sales, is the industry norm for R&D expenditures?

41. What is the earnings multiple of public companies like yours?

42. What is your immediate marketing objectives?

43. Does the company have a board of directors or advisors?

44. What is the ownership structure of the company? Who else is an owner?

45. How has the company been financed to date? What other financial transactions have occurred in the past?

46. Has the product generated any publicity? Where?

47. How old are the current liabilities on the balance sheet?

48. Who has prepared the historical financial statements and have they been compiled, reviewed or audited?

49. Is there any cyclically in sales?

50. What are the competitive advantages of your products?

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

David Evanson

David R. Evanson has more than 30 years working in the media, on Wall Street and in media relations. He has worked with investment banks, asset managers, private equity investors and institutional brokers on a variety of marketing and communications challenges. David is also a recognized financial writer, having authored five books on finance and economics, and articles in Barron’s, Forbes, Investment Dealers’ Digest, On Wall Street, Financial Planning and Entrepreneur, among others. David brings to the table a well-developed understanding of the capital markets, investments and corporate finance, and a talent for creating targeted media communications programs for financial services providers.

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

By Larry Alton • Mar 18, 2015

Opinions expressed by Entrepreneur contributors are their own.

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

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

Related: 25 Common Characteristics of Successful Entrepreneurs

1. What need are you addressing?

This is an important question because it extends beyond the simple "What does your business do?" It's one thing to outline your business in general, describing what products you make or what services you offer, but if you want a solid business plan you have to take it to the next level.

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

2. What makes you different?

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

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

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

3. Who is your audience?

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

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

4. How is your business going to make money?

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

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

5. How will you promote your business?

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

Related: The Ultimate Guide to Writing a Business Plan

6. What do you need to get started?

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

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

Related: The Essential Ingredients to Startup Success

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How to Write a Business Plan: Step-by-Step Guide + Examples

Noah Parsons

24 min. read

Updated March 4, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of business planning

If you’re reading this guide, then you already know why you need a business plan . 

You understand that planning helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information you need to cover in a business plan sometimes isn’t quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

If you’re looking for a free downloadable business plan template to get you started, download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

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How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan
• Templates and examples

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135 Business Plan Questions

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

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

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

Table of Contents

Executive Summary

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

Company Description Considerations

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

Market Analysis

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

Organization and Management Structure

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

Service or Product Line Inquiry

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

Marketing and Sales Strategies

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

Funding Request Fundamentals

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

Financial Projections and Feasibility

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

Appendix and Supporting Documents

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

Frequently Asked Questions

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

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

How often should I update my business plan?

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

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

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

Final Thoughts

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

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

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The 5 Questions Every Business Plan Should Tackle

Whether you’re just beginning to think about starting a business, or you’ve already jumped in, you’re probably familiar with the idea of a business plan. There’s some debate around modern startups and the need for business plans — but whether you take it to an investor or simply use it to guide your own strategy, we recommend laying out your thoughts and plans for the business and its growth.

Today, we’ll chat about what information to include in your business plan — what questions it should answer and how to tailor your plan for different audiences.

We’ll be discussing this topic in our fireside chat , How to Create the Modern Business Plan for Your Startup , on Wednesday, June 15th. Don’t forget to RSVP!

What The Experts Had to Say

You know the standard format for what goes into a business plan, but concepts like 'marketing strategy' can be pretty vague. We wondered if there are specific questions that your plan should set out to answer, so we asked for input from five small business experts.

Here's what they told us:

What questions should every business plan answer?

Jill bigelow, pelv-ice llc :.

Every business plan should include the following elements: Problem being solved, addressable market size, team, marketing strategy, CAC (customer acquisition cost) if known, competition, financial slide (projections), Protectability/why your solution is better, the ask (what you are offering in exchange for investment).

Eric Michael Sales, Eric Michael Sales Public Relations :

The who, the what, the when, the where, and the why. It should be catered to three audiences as well: The public. The investor. And, the team. In the end, the business plan is a tool that’s supposed to help everyday operations.

Kurt Ostergaard, Stirling Insurance Services :

Who are the customers? What is their pain? What channels will you use to reach them? Economics of production, distribution, customer acquisition. Who are competitors? What is your relation to suppliers?

Kyle Golding, The Golding Group :

• Who, What, When, Why, Where, How and For How Much.
• Who are we as a company/brand and who is our primary and secondary audience?
• What are we offering them, at what value?
• When are they buying/paying for it and how often?
• Why is our product/service needed and why do they choose us over others?
• Where do they purchase and at what cost to us?
• _How does our audience decide to purchase and how do we influence them? How do we speak to and listen to our target audience? _
• How much can we charge the consumer with all real cost and margins included to be competitive and profitable? The reason to run business is to be profitable.

Daniel Feiman, Build It Backwards :

Who are we; why do we exist; what difference do we want to make; where do we want to go, how are we going to get there; how will we communicate & engage employees in the journey; using what resources; how goals will be measured; how will we make adjustments; how will we reward people; how will we keep this going.

Summing It Up

That’s a lot to digest — let’s pull it all together. According to the experts, your business plan should address the following basic questions:

• Why are you in business? Talk about your mission. What drives your and the business beyond revenue and profits.
• What does the market look like? Discuss who your potential customers are what pain points they have that you’ll solve. Analyze your competition — their business, their performance, and their weaknesses.
• What will you do? Here, you’ll detail how your business is different from what’s out there. Explain what you’ll offer, how you’ll solve customer problems, and how the market will respond to your business.
• How will you grow? This is where you’ll specify financials, projections, and where you expect the company to be in the future. You should also include plans for how the business will scale.
• What do you need? Finish with your ask. Talk about what you need (investment, partnership, etc), how it will be used, and what you’re offering in return (equity, debt, etc).

Why Are These Answers Important?

Answering these five questions allows you to clarify what your business is and why you’re uniquely qualified to succeed in the current market — which helps potential investors, partners, and employees understand the value of working with you.

Whether you’re asking the audience for time, money, effort, or something else, they’re more likely to buy into your venture if there’s a clear-cut path from plan to operations to profit. Answering the questions above clears that path and helps to answer the all important question: What’s in it for me?

Customizing for Different Audiences

Tackling these questions gives you a great framework for your business plan, but the details should be tweaked depending on who you’re presenting to. There’s no one-size-fits-all plan, so it should be tailored to your individual audience .

Investors like venture capitalists and angel investors probably see a hundred business plans every day. So when crafting yours, keep two things in mind:

• Be concise — Your plan may only get a few minutes’ time, so ensure your message and passion can shine through within that small window.
• Be unique — In order to score a few minutes or more of an investor’s time, your plan needs to stand out among the other ninety-nine sitting on their desk.

The goal of your business plan when it comes to investors is to communicate your vision and passion in a way that gets the investor excited about your business, too.

Lenders like banks are usually interested in more practical information. They want to know how risky investing in your business is and how likely they are to get their money back, in a timely manner.

When pitching to a bank, don’t skimp on current financials (if you’ve already launched) and projections. Banks will see straight through inflated financials, so keep your projections reasonable, and be prepared to answer additional questions about the fiscal side of things.

When pitching to partners, your business plan serves two purposes. It explains your vision to potential partners, and it helps you to weed out people who don’t share that vision. The idea is to find someone who is already as excited about your idea as you are.

Your business plan should convey your mission and why you’re going into business in a way that’s honest and candid. Someone who will make a good partner will have bought in before even glancing at the financials or operating plan.

Potential employees are a unique audience in that they’re probably equally interested in the tangible and intangible aspects of your business plan. Increasingly, employees want to work for companies whose mission they believe in.

But they also want to be financially secure. If your business doesn’t have the management or strategic advantage to be successful, potential employees may be wary of investing years of their career (especially if they’re looking at equity compensation ).

Additional Questions to Be Able to Answer

While your business plan should answer the basic questions in a complete way, you couldn’t possibly detail every single tiny aspect of your business or the market. That means there are some additional questions you should be able to field if an investor or other reader asks. Here are a few examples:

• Financial anomalies — If your business has been growing consistently but profit randomly dropped off one month, you should be able to explain why that happened, why it won’t happen again, or how you’ll address the situation if it does.
• Your expertise — A good plan is accompanied by information regarding why you, the founder, have the unique skills or experience to take the business to fruition.
• Elevator pitch — When an investor closes the plan and says, “You have 30 seconds. Sell me,” you should have a concise and compelling elevator pitch prepared to hammer home the key aspects of your business.

Bplans has a great article on some other unexpected questions you should be prepared to tackle.

Start Answering

You know all the questions that your audience needs answered, so now’s the time to start answering them. Dive into your competitor research, get lost in penning your vision, and get your business plan presentation-ready.

If you want extra info on getting started with a business plan, check out Brainstorming Your Business Plan — part of Grasshopper Academy’s Developing a Business Plan course.

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

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

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20 Questions for Your Q1 Business Plan Review

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

So how do you even review a business plan?

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

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

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

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

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

Got everything ready? Then let’s get started…

How often should a business plan be reviewed?

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

Business Plan Review Questions to Ask Yourself

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

Question No. 2: What’s your role?

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

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

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

Goals vs. Reality

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

Question No. 5: Volume vs. Goal Volume?

Question No. 6: GCI vs. Goal GCI?

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

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

Are You Following Your Plan?

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

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

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

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

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

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

Finding Your Personal Metrics

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

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

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

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

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

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

Important Questions to Have Framed in Your Office

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

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

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

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

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

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

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

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

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

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

Need to create a business plan first?

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

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Business Plan Questionnaire

Successful business plans clearly explain a company’s business model, objectives, strategies, and competitive advantages. Use our business plan questionnaire below for a list of the questions you should answer in each section of your business plan to ensure clarity and understanding of your business’s hopes and mission. 

Download our Ultimate Business Plan Template here

What Questions Should Be Asked in a Business Plan?

The business plan questionnaire can help you with how to write your business plan . It will give you a concrete set of directions for the future and allow you to further examine and learn about the market you are entering. Be sure to provide answers to the following questions in each key section of your business plan.

Executive Summary Questions

You may ask yourself:

• What is the issue your business is addressing?
• How are you solving it?
• What are your business’s strengths?
• Why should an investor be interested in your business?

Company Analysis Questions

Ask yourself the following:

• What is your business’ mission?
• What is your history?
• What are some of your past achievements?
• What is your business’ legal structure?
• Where is your business located?
• Why did you start the business?
• How do you measure your business success?

Industry Analysis Questions

Include the answers to the following questions:

• What is the size of the market?
• What are the characteristics of the market: growth trends, units sold, employment? 
• What factors are influencing growth or decline in the market?
• Are there any barriers to entering the market? 
• Are there any government regulations that affect the market? 

    Finish Your Business Plan Today!

Customer analysis questions.

Be sure to include the following in your analysis:

• What is the size of the target customer market?
• Where are these prospective customers located?
• What are their desires and needs, and how will your business meet those needs?
• In descriptive terms, who is your target market? (what motivates them to purchase, what influences their purchasing decisions) 
• Why will your target customers seek out your business?
• What trends/purchasing shifts could occur in the market?
• How will you monitor customer satisfaction? (e.g., surveys, reviews, etc.)

Competitive Analysis Questions

First, simply focus on your competition and what they are up to.

Address the following:

• Who are your direct competitors? (e.g., other businesses in your genre) What percentage of market share do they occupy?
• Who are your indirect competitors? (e.g., other companies that may not be specified in your business’s genre, but provide similar results to that of your business) 
• What are your competitors’ strengths and weaknesses?
• What are their products and pricing like?

Then, look into your business’ competitive advantage to describe how your business will be better.

• Will you offer more or better features?
• Will you ensure better results for your users?
• Will you offer better pricing?
• Will your customer service be more efficient?
• Will you offer a better overall customer experience?

Marketing Plan Questions

A complete plan will include the following marketing plan sections:

• How will you communicate to your target customers about your product or service?
• Why are you choosing these specific avenues (e.g., website, Social Media, etc.)?
• What materials do you have or need, and what will be the cost of this?
• What do you plan to spend on marketing per prospect and per client?
• How will you retain existing customers?
• How will your business attract publicity?
• What media will you target?
• How will your product or service be delivered to the market?
• How might future changes impact your marketing?
• How will you price your product relative to others in the market to be competitive yet profitable?
• What type of payment will you accept?
• Overall, how will your marketing strategy be effective to your target customers?

Operations Plan Questions

Consider the following:

• What equipment is needed, and what is the cost?
• What are your hours of operation and number of shifts?
• How many employees will you have?
• What are the skill sets required when looking to hire new employees?
• What are your practices for scheduling, managing, and hiring personnel?
• What are the processes you will use to produce and sell your product or service?
• What is your purchasing process?
• How will finished goods be distributed?
• How will quality be measured and improved over time?
• What will your procedures to keep track of inventory look like?

Management Team Questions

In this section, answer the following:

• Who are your founding members and what is their background?
• Who are your support team members and what are their responsibilities? (include position title, person’s name, and role)
• Do you offer any ownership options to attract key management?
• Do you have any Board of Directors?
• Do you have any outside consultants that will work with your business as it grows?
• What is your business’ organizational structure? 

Financial Plan Questions

Your financial plan should include:

• Profit & Loss statement 
• Cash flow statement
• Balance sheet
• Sales volume forecast
• Personnel plan
• Break-even analysis

Here, you must gather data and convey just how much money your business will need and how much income you will earn, as well as when your business will be profitable. 

Be sure to consider the following:

• How were your numbers calculated?
• Why are the salaries and office expenses you have calculated reasonable to your business?
• Why are your expense estimates realistic?
• How have you budgeted for unexpected costs?
• Is there any debt the business currently has?
• What is the amount of equity the owners and stockholders have? 
• What is your annual interest expense?
• What is the percentage of sales issued for returns? 
• What is your average daily inventory value?
• Are you using a fixed or variable inventory method?
• What is the limit on your line of credit and the average interest rate?
• What is your minimum checking account balance to have at all times?

Your financial plan should prove that you are informed and knowledgeable on the numbers around your business. It should prove that you are aware of all potential unexpected costs or other out-of-the-blue setbacks. 

Appendix Questions

Appendices may be anywhere from just a few pages to a hundred or more.

Your appendix can include:

• Resumes of key management, blurbs on other management members
• Job descriptions/titles
• Copies of any agreements having bearing on the business plan
• Copies of licenses
• Personal and business tax returns (if applying for a loan)
• Marketing materials 
• Photos or sketches of the building, property, equipment, products 
• Industry studies or other information supporting industry trends
• Summaries of secondary market studies

Business Plan Questionnaire Conclusion

The above sample survey questionnaire for a business plan should be a guide for you to use as an outline and checklist of items that will need to be addressed in your company’s business plan. Growthink’s fill in the blank business plan includes each of these key elements and more to help your business succeed.

How to Finish Your Business Plan in 1 Day!

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With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Other Helpful Business Plan Articles & Templates

6 Questions Every Business Plan Should Answer

Table of Contents

An actionable business plan is crucial, whether your business is brand-new or an established player in its field. A business plan is especially vital for SMBs, which often must contend with lower name recognition, fewer loyal customers and other typical business challenges. While it doesn’t guarantee success, creating a business plan with research and care can help a business prepare for any future uncertainties.

Entrepreneurs and small business owners must ensure their business plans address six primary questions. Thinking through these questions and developing potential solutions helps set up your venture for success. 

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

A business plan is a formal document designed to help you set achievable business goals and outline how you’ll accomplish them. The business plan should include various road maps dedicated to the following operational elements:

• Product creation
• Operational goals

A business plan is a valuable tool internally and externally.

• Internal business plan functions: Internally, a business plan helps align its decisions with an overall road map to help it stay on track. Businesses can also use road maps to help think through difficult choices, such as headcount decisions.
• External business plan functions: Externally, a road map is critical for securing funding from outside investors like angel investors . A business must demonstrate to investors that it has a solid business plan with achievable goals and a road map to success. 

When pitching your business idea to investors , emphasize how your product or service solves a problem and frame your pitch as a story to demonstrate your passion.

What should a business plan include?

Typically, a business plan should include the following elements: 

• Executive summary. An executive summary highlights a business plan’s essential elements. Readers should be able to understand your business plan by reading your executive summary, even if they don’t read the rest of the document.
• Budget. A small business budget should include overall operational and personnel costs. Consider your payroll budget , marketing budget and other departmental budgets.
• Market analysis. A market analysis should include a thorough market assessment that identifies competitors, your target customer , customer buying habits, marketing demographics and what customers are willing to pay. A market analysis may include a competitive analysis that dives more deeply into direct and indirect competitors.
• Product analysis. A product analysis outlines decisions about optimal product pricing. While you want to sell as many products as possible, low prices can scare off customers and eat into your profit margins, while prices that are too high will have customers turning to your competitors. 
• Marketing strategy. Your marketing plan should outline how best to market the business and its products or services. Consider digital marketing targeted to specific online and social platforms, email marketing and local marketing. 

Business plans vary in length depending on your business’s size, industry and scope. An SMB typically has a shorter and more succinct business plan than a larger, established business that operates across industries. 

Collect market intelligence for your business plan by conducting customer surveys and researching social media metrics, competitors’ sales and target customer data.

Questions every business plan should answer

We spoke with six business leaders who shared their thoughts on the crucial questions a business plan should answer. Consider these six essential questions to optimize your business plan.

1. What is the competitive advantage?

Scott Locke, chair of the intellectual property department at Dorf and Nelson LLP, advises thoroughly researching copyright infringement issues when determining your competitive advantage. 

“I always look for what will give the business a competitive advantage relative to businesses that want to offer the same or similar goods and services and an analysis of the competitive landscape,” Locke explained. “I pay particular attention as to whether there is valuable intellectual property, be it patents, trademarks, copyrights or trade secrets, that will serve as barriers to entry for competitors. Similarly, I like to see a discussion of the intellectual property of the most direct competitors and how the new business will avoid infringing on it.”

2. Is the business in a growth market?

Walter Recher, principal consultant at SmallBall Marketing, says your business plan should emphasize how you plan to grow your business . 

“The key to any successful business is to be a growing company in a growth market. A business plan should articulate how the entrepreneurs will enter the market, apply their investment to prepare them to grow quickly, and participate in the expansion of an industry that is thriving, with a better-than-average growth trajectory,” Recher said. “As I have spent my career working for hyper-growth companies in rapidly expanding markets, a founder of several small businesses and adjunct professor of a course on entrepreneurship, this has been the common denominator.”

3. Will customers pay for it?

Andi Gray, founder and president of Strategy Leaders, advises examining the risks of entrepreneurship and determining what and how customers will pay for their products and services. 

“When looking at business plans, I always want to know how the owners plan to get paying customers to engage at a fee and quantity that allows them, as owners, to be in business and sustain themselves,” Gray advised. “My frequently asked question is, ‘How do you plan to feed and clothe yourself, and where do you plan to sleep while you’re getting this venture off the ground?’ My hope is that it will cause the students to consider why they are planning to take the risks of entrepreneurship.” 

4. How will the business be staffed?

Larry Holfelder, senior consultant at DJL Insurance Services Inc., emphasizes the importance of staffing considerations. 

“In every business plan, I like to see the recognition of the need to cover and staff the production, sales and finance parts of the business. Roles should be established for the entity as if it were mature and successful,” Holfelder advised. “Multiple roles should be assigned at first, if necessary, and filled with the right people as the entity grows and the timing is right.” 

Holfelder says thoughtful staffing coverage shows that the business owners are realistic. “I like to see that type of thought process because it shows me they recognize that they won’t be able to do it all themselves and that business success revolves around collaboration and management,” Holfelder said. “It also shows that they recognize their own limitations, their ability to focus on their strengths, and the need to bring in others who know what they don’t in order to reach the goals they envision.”

Consider using a staffing agency if you need to scale quickly and want flexibility and reduced legal risks.

5. Is the product innovative?

Irwin Glenn, chief identity scientist at Hunova, stresses the importance of innovation and inventiveness as well as the team’s level of inspiration. 

“Is the idea for the product or service innovative, a unique invention, or is the dream truly inspired? Glenn asked. “By innovative, I want to understand if the business plan is centered around a new twist on already-existing technology or services delivered in a new and compelling way. If inventive, can the idea be protected against new or existing competition? Finally, is the team assembled an excellent group that can’t be stopped from succeeding? Are they inspiring to me, each other, and their marketplace?”

6. Are the plans and goals realistic?

Charles North, former president and CEO of the Dutchess County Regional Chamber of Commerce, prioritizes a realistic business plan with reasonable expectations. 

“I look for it to be a realistic business plan, not something that is pie-in-the-sky. I want to see reasonable expectations,” North explained. “I tend to look more on the conservative side, since I feel that is the safest way to go. The idea doesn’t have to be reasonable; the plan does. The idea can be anything.”

North also emphasizes the importance of sales forecasts . “I always look for projections on what the business will do in the first year, second year, third year and fourth year showing sales, expenses [and the] bottom line as the business progresses. Those assumptions have to be reasonable.”

How planning for success pays off

A great business idea is no guarantee of success, but a solid business plan is a way to start a new business off the right foot and prepare your venture for a lucrative future. 

Business plans are a vital resource for businesses of all sizes. While business plans should, at minimum, lay out a series of goals and a road map for achieving them, a business plan should also help answer questions ranging from analyzing a business’ competitive advantages to considering if its goals are realistic. 

If you think through these questions while creating your business plan, your business will be in a better position to achieve its goals and weather any challenges it may face. 

David Mielach contributed to the reporting and writing in this article.

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Step-by-Step Guide to Writing a Simple Business Plan

By Joe Weller | October 11, 2021

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A business plan is the cornerstone of any successful company, regardless of size or industry. This step-by-step guide provides information on writing a business plan for organizations at any stage, complete with free templates and expert advice. 

Included on this page, you’ll find a step-by-step guide to writing a business plan and a chart to identify which type of business plan you should write . Plus, find information on how a business plan can help grow a business and expert tips on writing one .

What Is a Business Plan?

A business plan is a document that communicates a company’s goals and ambitions, along with the timeline, finances, and methods needed to achieve them. Additionally, it may include a mission statement and details about the specific products or services offered.

A business plan can highlight varying time periods, depending on the stage of your company and its goals. That said, a typical business plan will include the following benchmarks:

• Product goals and deadlines for each month
• Monthly financials for the first two years
• Profit and loss statements for the first three to five years
• Balance sheet projections for the first three to five years

Startups, entrepreneurs, and small businesses all create business plans to use as a guide as their new company progresses. Larger organizations may also create (and update) a business plan to keep high-level goals, financials, and timelines in check.

While you certainly need to have a formalized outline of your business’s goals and finances, creating a business plan can also help you determine a company’s viability, its profitability (including when it will first turn a profit), and how much money you will need from investors. In turn, a business plan has functional value as well: Not only does outlining goals help keep you accountable on a timeline, it can also attract investors in and of itself and, therefore, act as an effective strategy for growth.

For more information, visit our comprehensive guide to writing a strategic plan or download free strategic plan templates . This page focuses on for-profit business plans, but you can read our article with nonprofit business plan templates .

Business Plan Steps

The specific information in your business plan will vary, depending on the needs and goals of your venture, but a typical plan includes the following ordered elements:

• Executive summary
• Description of business
• Market analysis
• Competitive analysis
• Description of organizational management
• Description of product or services
• Marketing plan
• Sales strategy
• Funding details (or request for funding)
• Financial projections

If your plan is particularly long or complicated, consider adding a table of contents or an appendix for reference. For an in-depth description of each step listed above, read “ How to Write a Business Plan Step by Step ” below.

Broadly speaking, your audience includes anyone with a vested interest in your organization. They can include potential and existing investors, as well as customers, internal team members, suppliers, and vendors.

Do I Need a Simple or Detailed Plan?

Your business’s stage and intended audience dictates the level of detail your plan needs. Corporations require a thorough business plan — up to 100 pages. Small businesses or startups should have a concise plan focusing on financials and strategy.

How to Choose the Right Plan for Your Business

In order to identify which type of business plan you need to create, ask: “What do we want the plan to do?” Identify function first, and form will follow.

Use the chart below as a guide for what type of business plan to create:

Is the Order of Your Business Plan Important?

There is no set order for a business plan, with the exception of the executive summary, which should always come first. Beyond that, simply ensure that you organize the plan in a way that makes sense and flows naturally.

The Difference Between Traditional and Lean Business Plans

A traditional business plan follows the standard structure — because these plans encourage detail, they tend to require more work upfront and can run dozens of pages. A Lean business plan is less common and focuses on summarizing critical points for each section. These plans take much less work and typically run one page in length.

In general, you should use a traditional model for a legacy company, a large company, or any business that does not adhere to Lean (or another Agile method ). Use Lean if you expect the company to pivot quickly or if you already employ a Lean strategy with other business operations. Additionally, a Lean business plan can suffice if the document is for internal use only. Stick to a traditional version for investors, as they may be more sensitive to sudden changes or a high degree of built-in flexibility in the plan.

How to Write a Business Plan Step by Step

Writing a strong business plan requires research and attention to detail for each section. Below, you’ll find a 10-step guide to researching and defining each element in the plan.

Step 1: Executive Summary

The executive summary will always be the first section of your business plan. The goal is to answer the following questions:

• What is the vision and mission of the company?
• What are the company’s short- and long-term goals?

See our  roundup of executive summary examples and templates for samples. Read our executive summary guide to learn more about writing one.

Step 2: Description of Business

The goal of this section is to define the realm, scope, and intent of your venture. To do so, answer the following questions as clearly and concisely as possible:

• What business are we in?
• What does our business do?

Step 3: Market Analysis

In this section, provide evidence that you have surveyed and understand the current marketplace, and that your product or service satisfies a niche in the market. To do so, answer these questions:

• Who is our customer? 
• What does that customer value?

Step 4: Competitive Analysis

In many cases, a business plan proposes not a brand-new (or even market-disrupting) venture, but a more competitive version — whether via features, pricing, integrations, etc. — than what is currently available. In this section, answer the following questions to show that your product or service stands to outpace competitors:

• Who is the competition? 
• What do they do best? 
• What is our unique value proposition?

Step 5: Description of Organizational Management

In this section, write an overview of the team members and other key personnel who are integral to success. List roles and responsibilities, and if possible, note the hierarchy or team structure.

Step 6: Description of Products or Services

In this section, clearly define your product or service, as well as all the effort and resources that go into producing it. The strength of your product largely defines the success of your business, so it’s imperative that you take time to test and refine the product before launching into marketing, sales, or funding details.

Questions to answer in this section are as follows:

• What is the product or service?
• How do we produce it, and what resources are necessary for production?

Step 7: Marketing Plan

In this section, define the marketing strategy for your product or service. This doesn’t need to be as fleshed out as a full marketing plan , but it should answer basic questions, such as the following:

• Who is the target market (if different from existing customer base)?
• What channels will you use to reach your target market?
• What resources does your marketing strategy require, and do you have access to them?
• If possible, do you have a rough estimate of timeline and budget?
• How will you measure success?

Step 8: Sales Plan

Write an overview of the sales strategy, including the priorities of each cycle, steps to achieve these goals, and metrics for success. For the purposes of a business plan, this section does not need to be a comprehensive, in-depth sales plan , but can simply outline the high-level objectives and strategies of your sales efforts. 

Start by answering the following questions:

• What is the sales strategy?
• What are the tools and tactics you will use to achieve your goals?
• What are the potential obstacles, and how will you overcome them?
• What is the timeline for sales and turning a profit?
• What are the metrics of success?

Step 9: Funding Details (or Request for Funding)

This section is one of the most critical parts of your business plan, particularly if you are sharing it with investors. You do not need to provide a full financial plan, but you should be able to answer the following questions:

• How much capital do you currently have? How much capital do you need?
• How will you grow the team (onboarding, team structure, training and development)?
• What are your physical needs and constraints (space, equipment, etc.)?

Step 10: Financial Projections

Apart from the fundraising analysis, investors like to see thought-out financial projections for the future. As discussed earlier, depending on the scope and stage of your business, this could be anywhere from one to five years. 

While these projections won’t be exact — and will need to be somewhat flexible — you should be able to gauge the following:

• How and when will the company first generate a profit?
• How will the company maintain profit thereafter?

Business Plan Template

Download Business Plan Template

Microsoft Excel | Smartsheet

This basic business plan template has space for all the traditional elements: an executive summary, product or service details, target audience, marketing and sales strategies, etc. In the finances sections, input your baseline numbers, and the template will automatically calculate projections for sales forecasting, financial statements, and more.

For templates tailored to more specific needs, visit this business plan template roundup or download a fill-in-the-blank business plan template to make things easy. 

If you are looking for a particular template by file type, visit our pages dedicated exclusively to Microsoft Excel , Microsoft Word , and Adobe PDF business plan templates.

How to Write a Simple Business Plan

A simple business plan is a streamlined, lightweight version of the large, traditional model. As opposed to a one-page business plan , which communicates high-level information for quick overviews (such as a stakeholder presentation), a simple business plan can exceed one page.

Below are the steps for creating a generic simple business plan, which are reflected in the template below .

• Write the Executive Summary This section is the same as in the traditional business plan — simply offer an overview of what’s in the business plan, the prospect or core offering, and the short- and long-term goals of the company. 
• Add a Company Overview Document the larger company mission and vision. 
• Provide the Problem and Solution In straightforward terms, define the problem you are attempting to solve with your product or service and how your company will attempt to do it. Think of this section as the gap in the market you are attempting to close.
• Identify the Target Market Who is your company (and its products or services) attempting to reach? If possible, briefly define your buyer personas .
• Write About the Competition In this section, demonstrate your knowledge of the market by listing the current competitors and outlining your competitive advantage.
• Describe Your Product or Service Offerings Get down to brass tacks and define your product or service. What exactly are you selling?
• Outline Your Marketing Tactics Without getting into too much detail, describe your planned marketing initiatives.
• Add a Timeline and the Metrics You Will Use to Measure Success Offer a rough timeline, including milestones and key performance indicators (KPIs) that you will use to measure your progress.
• Include Your Financial Forecasts Write an overview of your financial plan that demonstrates you have done your research and adequate modeling. You can also list key assumptions that go into this forecasting. 
• Identify Your Financing Needs This section is where you will make your funding request. Based on everything in the business plan, list your proposed sources of funding, as well as how you will use it.

Simple Business Plan Template

Download Simple Business Plan Template

Microsoft Excel |  Microsoft Word | Adobe PDF  | Smartsheet

Use this simple business plan template to outline each aspect of your organization, including information about financing and opportunities to seek out further funding. This template is completely customizable to fit the needs of any business, whether it’s a startup or large company.

Read our article offering free simple business plan templates or free 30-60-90-day business plan templates to find more tailored options. You can also explore our collection of one page business templates . 

How to Write a Business Plan for a Lean Startup

A Lean startup business plan is a more Agile approach to a traditional version. The plan focuses more on activities, processes, and relationships (and maintains flexibility in all aspects), rather than on concrete deliverables and timelines.

While there is some overlap between a traditional and a Lean business plan, you can write a Lean plan by following the steps below:

• Add Your Value Proposition Take a streamlined approach to describing your product or service. What is the unique value your startup aims to deliver to customers? Make sure the team is aligned on the core offering and that you can state it in clear, simple language.
• List Your Key Partners List any other businesses you will work with to realize your vision, including external vendors, suppliers, and partners. This section demonstrates that you have thoughtfully considered the resources you can provide internally, identified areas for external assistance, and conducted research to find alternatives.
• Note the Key Activities Describe the key activities of your business, including sourcing, production, marketing, distribution channels, and customer relationships.
• Include Your Key Resources List the critical resources — including personnel, equipment, space, and intellectual property — that will enable you to deliver your unique value.
• Identify Your Customer Relationships and Channels In this section, document how you will reach and build relationships with customers. Provide a high-level map of the customer experience from start to finish, including the spaces in which you will interact with the customer (online, retail, etc.). 
• Detail Your Marketing Channels Describe the marketing methods and communication platforms you will use to identify and nurture your relationships with customers. These could be email, advertising, social media, etc.
• Explain the Cost Structure This section is especially necessary in the early stages of a business. Will you prioritize maximizing value or keeping costs low? List the foundational startup costs and how you will move toward profit over time.
• Share Your Revenue Streams Over time, how will the company make money? Include both the direct product or service purchase, as well as secondary sources of revenue, such as subscriptions, selling advertising space, fundraising, etc.

Lean Business Plan Template for Startups

Download Lean Business Plan Template for Startups

Microsoft Word | Adobe PDF

Startup leaders can use this Lean business plan template to relay the most critical information from a traditional plan. You’ll find all the sections listed above, including spaces for industry and product overviews, cost structure and sources of revenue, and key metrics, and a timeline. The template is completely customizable, so you can edit it to suit the objectives of your Lean startups.

See our wide variety of  startup business plan templates for more options.

How to Write a Business Plan for a Loan

A business plan for a loan, often called a loan proposal , includes many of the same aspects of a traditional business plan, as well as additional financial documents, such as a credit history, a loan request, and a loan repayment plan.

In addition, you may be asked to include personal and business financial statements, a form of collateral, and equity investment information.

Download free financial templates to support your business plan.

Tips for Writing a Business Plan

Outside of including all the key details in your business plan, you have several options to elevate the document for the highest chance of winning funding and other resources. Follow these tips from experts:.

• Keep It Simple: Avner Brodsky , the Co-Founder and CEO of Lezgo Limited, an online marketing company, uses the acronym KISS (keep it short and simple) as a variation on this idea. “The business plan is not a college thesis,” he says. “Just focus on providing the essential information.”
• Do Adequate Research: Michael Dean, the Co-Founder of Pool Research , encourages business leaders to “invest time in research, both internal and external (market, finance, legal etc.). Avoid being overly ambitious or presumptive. Instead, keep everything objective, balanced, and accurate.” Your plan needs to stand on its own, and you must have the data to back up any claims or forecasting you make. As Brodsky explains, “Your business needs to be grounded on the realities of the market in your chosen location. Get the most recent data from authoritative sources so that the figures are vetted by experts and are reliable.”
• Set Clear Goals: Make sure your plan includes clear, time-based goals. “Short-term goals are key to momentum growth and are especially important to identify for new businesses,” advises Dean.
• Know (and Address) Your Weaknesses: “This awareness sets you up to overcome your weak points much quicker than waiting for them to arise,” shares Dean. Brodsky recommends performing a full SWOT analysis to identify your weaknesses, too. “Your business will fare better with self-knowledge, which will help you better define the mission of your business, as well as the strategies you will choose to achieve your objectives,” he adds.
• Seek Peer or Mentor Review: “Ask for feedback on your drafts and for areas to improve,” advises Brodsky. “When your mind is filled with dreams for your business, sometimes it is an outsider who can tell you what you’re missing and will save your business from being a product of whimsy.”

Outside of these more practical tips, the language you use is also important and may make or break your business plan.

Shaun Heng, VP of Operations at Coin Market Cap , gives the following advice on the writing, “Your business plan is your sales pitch to an investor. And as with any sales pitch, you need to strike the right tone and hit a few emotional chords. This is a little tricky in a business plan, because you also need to be formal and matter-of-fact. But you can still impress by weaving in descriptive language and saying things in a more elegant way.

“A great way to do this is by expanding your vocabulary, avoiding word repetition, and using business language. Instead of saying that something ‘will bring in as many customers as possible,’ try saying ‘will garner the largest possible market segment.’ Elevate your writing with precise descriptive words and you'll impress even the busiest investor.”

Additionally, Dean recommends that you “stay consistent and concise by keeping your tone and style steady throughout, and your language clear and precise. Include only what is 100 percent necessary.”

Resources for Writing a Business Plan

While a template provides a great outline of what to include in a business plan, a live document or more robust program can provide additional functionality, visibility, and real-time updates. The U.S. Small Business Association also curates resources for writing a business plan.

Additionally, you can use business plan software to house data, attach documentation, and share information with stakeholders. Popular options include LivePlan, Enloop, BizPlanner, PlanGuru, and iPlanner.

How a Business Plan Helps to Grow Your Business

A business plan — both the exercise of creating one and the document — can grow your business by helping you to refine your product, target audience, sales plan, identify opportunities, secure funding, and build new partnerships. 

Outside of these immediate returns, writing a business plan is a useful exercise in that it forces you to research the market, which prompts you to forge your unique value proposition and identify ways to beat the competition. Doing so will also help you build (and keep you accountable to) attainable financial and product milestones. And down the line, it will serve as a welcome guide as hurdles inevitably arise.

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The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed. 

When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time.  Try Smartsheet for free, today.

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Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

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Your Step-By-Step Business Plan Guide: From Idea to Implementation

16 March 2024

Table Of Contents

• Identifying the Problem
• Defining Your Customers
• Reaching Your Customers
• Identifying Your Competitors
• Outlining Your Operational Plan
• Defining Your Business Structure
• Creating a Risk Management Plan
• Budgeting and Financial Projections
• SurveySparrow: Your Trusted Ally

Ready, Set, Soar!

Your business plan is your trusty co-pilot in the exhilarating world of entrepreneurship. Properly curating the business plan & questions to be addressed guides you from the budding idea stage all the way to full-blown implementation. But crafting a stellar business plan ? Now, that’s where the real adventure lies.

Fear not. SurveySparrow is here to ensure you don’t get lost in the labyrinth of business planning.

This article is your treasure map, guiding you through those tricky business plan questions that often seem as elusive as the philosopher’s stone.

In this blog post, we’ll look at:

A Journey Begins: Identifying the Problem

The voyage of discovery: defining your customers, the battle plan: reaching your customers, understanding the landscape: identifying your competitors, the strategy map: outlining your operational plan, charting the course: defining your business structure, the guardian of your venture: creating a risk management plan, calculating the costs: budgeting and financial projections.

• SurveySparrow: Your Trusted Ally in Business Planning

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

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

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

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

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

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

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

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

So, you’ve identified the problem, defined your customers, planned your marketing, and sized up the competition. You’re almost ready to set sail. But first, there’s another significant piece of the business puzzle to put in place: your operational plan. Your operational plan should include a detailed plan for sourcing deals. Using Grata data deal sourcing platform can further help to streamline this process and ensure that you have access to the most relevant and up-to-date information.

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

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

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

In the entrepreneurship journey, bumps and detours are part of the course. Having a risk management plan is essential. The business plan question to ask here is: What potential obstacles might you face, and how will you mitigate them? A well-thought-out risk management plan ensures you’re prepared for the challenges ahead.

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

Flying High with SurveySparrow: Your Trusted Ally in Business Planning

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

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

SurveySparrow, as an omnichannel experience management platform, offers a myriad of tools that can assist in crafting a compelling business plan. Here are some ways it can be invaluable:

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

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

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

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

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

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

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

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

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

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

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

Passionate, eidetic, and a writer at large.

Growth Marketer at SurveySparrow

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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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33 Questions To Ask an Entrepreneur

Published: April 09, 2023

You can learn a lot by talking to entrepreneurs. They can teach you how to deal with failure. They can advise you on managing employees. They can even offer tips on how to revolutionize industries, raise millions of dollars, and create groundbreaking products.

But before meeting with an entrepreneur, you need to come prepared with questions. To get you started, consider using some of the following — which cover mentorship, finances, business, and more.

Business Questions To Ask an Entrepreneur

1. how will i know if i need to move on from my business.

Entrepreneurs learn to recognize when they need to move on from an idea or business, as 90% of startups fail . You can gain insights on how to identify signs of a failing idea, and what to do when failure seems inevitable.

2. What’s the right structure for my business?

A business can take on different structures , depending on their ownership, industry, and more. Do your research, then find entrepreneurs in your industry who can weigh in.

3. When should I make my first hire?

Delegating important tasks to an employee is a big step. An experienced entrepreneur can tell you why they brought on their first employee , including their financial situation and what the new job entailed.

4. How do you find the right suppliers?

If you sell a physical product, a supplier can make or break your business. Cheap material, for example, could undermine the integrity of your product. Ask for advice to identify the good suppliers from the bad.

5. What numbers should I look at to measure my success?

How to measure success looks different for every business. It might involve total revenue, net profit, or even market share. If you feel lost regarding which numbers to prioritize as an entrepreneur, ask a veteran one what they use.

6. When will I know if I need to raise funding?

Almost 7 in 10 entrepreneurs use their own money to get started. But as your business grows, so does your need for capital. Asking an entrepreneur with knowledge of fundraising can put you on the right path to raising cash when you need it.

Questions To Ask an Entrepreneur Mentor

7. how should i define success as an entrepreneur.

Entrepreneurs launch businesses for different reasons. Some want to become their own boss. Others want to make millions of dollars. A good mentor can provide advice on how you should define success for yourself.

8. What’s the best piece of advice you’ve received?

By asking your mentor questions , you can get invaluable insight on entrepreneurship. Learn the advice that guides successful founders. What tips do they remember to this day?

9. How can I best support you?

Treat your mentorship as a two-way relationship. Your mentor offers their experience and advice to you. But they may expect to learn something from you, too. So, ask them what you can do in return.

10. What mistakes should I avoid?

Try as you may, it’s hard to account for every situation and every risk . Ask your mentors what common business pitfalls you should avoid.

11. How can I reach my goals?

Sometimes, it’s easy to get lost in the big picture. Asking your mentor what you should do in the short term and long term to achieve your goals can help you find concrete steps to your dream.

12. What can I do to better my business?

Give your mentor a rundown of your venture and ask them what you can do better. They might advise you to improve your messaging or reduce spending in a certain area, and give you an objective opinion on your business plan.

13. Where do you get your information (such as news) from?

Entrepreneurs need to keep a pulse on the world, including business trends , news, and more. So, when interviewing one, ask them where they get their information from. They might recommend new websites, blogs, podcasts, shows, newsletters, and more.

Questions To Ask Young Entrepreneurs

14. how do you reward yourself when you succeed.

Entrepreneurship is a marathon, so ask founders how they keep themselves motivated. They might take the day off after hitting a major milestone, or enjoy a night out with friends.

15. How did you decide between becoming an entrepreneur and working for someone else?

Taking the leap into entrepreneurship takes commitment. Ask entrepreneurs how they landed on that decision, and what factors they considered.

16. What inspired you to become an entrepreneur?

Some might have founded their business during the pandemic, while others may have launched a venture in their college dorms. Asking young entrepreneurs for what inspired them can offer you insights into whether entrepreneurship works for you.

17. Where do you see yourself in five years?

When you ask a young entrepreneur where they see themselves, you can gain insights into their motivations and future goals. This, in turn, can inspire you to dream big.

18. What would you tell other young aspiring entrepreneurs?

Young founders can offer invaluable insights into their most recent hurdles, lessons, and victories. Ask them what they would tell other people in their boat. You might get a better understanding of the world of entrepreneurship today.

19. What’s the biggest challenge you face as a young entrepreneur?

Age can be a double-edged sword for entrepreneurs. On one hand, it affords them time to make mistakes. On the flip side, it makes them face challenges unique to their age — such as investors regarding them as naive or family encouraging them to get a regular job. Learn what their biggest challenges are, and how they overcome them.

Financial Questions To Ask an Entrepreneur

20. how do you choose ideas to invest in.

Founders can be bombarded with ideas. Ask them how they choose which ones to invest in. What criteria do they look at? What does their process look like?

21. What should I look for when finding someone to help with my finances?

Most business owners will hire someone to handle their finances and operations. But this decision requires careful planning and research.

Finance entrepreneur Chase Spenst offers the following advice: “Find someone who can bookkeep and build reports that keep you in the loop. Ideally, this person has run businesses before. Look for someone who’s naturally curious.”

22. What should I prioritize to set my business up for financial success?

Businesses often have limited budgets but a plethora of needs. Learn how to prioritize. This might be investing in developing your product first, for example, or hiring an accountant.

23. How do I raise money?

Raising money might mean finding investors , crowdfunding , and more. Consider how much ownership you want to retain, how much money you need, and how fast you need to raise it. An experienced entrepreneur can help you navigate the process.

24. How much money should I save for myself?

Many entrepreneurs invest all profit back into their business. But, eventually, you need to give yourself a salary and enjoy the fruit of your labor. Ask an entrepreneur to figure out the balance.

25. Where should I invest money earned through my business?

Once you have some money on hand, it may be difficult to choose how to allocate it to different departments. Get some advice on optimizing your cash, like building out operations or increasing marketing efforts.

26. How much capital did you raise to start your business?

By asking this question, you get insights into the amount of money you can expect to spend at the start. Using this information, you can then budget and plan accordingly — especially if they have information specific to your planned industry.

Fun Questions To Ask an Entrepreneur

27. tell me about a time you said “i’m done with this” and wanted to walk away..

Entrepreneurs get burned out — fast. Whether a co-founder jumps ship before launch or a marketing campaign flounders, entrepreneurs often find themselves wanting to give up. Learn what helps keep founders going to combat feelings of defeat you might feel in the future.

28. Do you ever feel dumb or stupid?

Even the most confident person makes obvious mistakes. This question prompts the interviewee to divulge not-so-grand moments, which can be learning moments for you.

29. What does your morning routine look like?

Highly productive people are more likely to maintain a regular morning routine — including entrepreneurs. You might have one you follow, but asking this question will inspire you to try new activities.

30. How do you balance your personal life with your career?

A business owner doesn’t keep 9 to 5 hours — it can be helpful to learn how entrepreneurship impacts your social life. Get insights on how founders find work-life balance, even during the crazy times.

31. What’s your biggest achievement in life?

From launching a successful product to changing an industry, thriving entrepreneurs likely have a plethora of achievements. But what matters most to them varies. Asking this question can tune you into different ways to view success in business.

32. Would you change anything about your career?

As an entrepreneur, you will make an innumerable amount of mistakes. By asking a more experienced professional what they would change in their careers, you can learn potential pitfalls to avoid.

33. What makes a bad entrepreneur?

Let’s face it: Not everyone can be a successful entrepreneur. This question tunes you into traits to avoid as you strive to become a founder. You could take their advice, identify negative characteristics in you, and then try to mitigate them with better habits.

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28 Business Analyst Job Interview Questions and Sample Answers

By Status.net Editorial Team on March 5, 2024 — 11 minutes to read

Approaching a job interview for a business analyst position, you’re likely to encounter questions designed to gauge your analytical thinking, problem-solving abilities, and communication skills. These questions can range from exploring your experience with data analysis tools to understanding how you interact with stakeholders to define business requirements. Preparing for the variety of questions you might face is key to presenting your qualifications effectively.

When preparing your answers, it’s important to remember that the interviewer is interested in your thought process and your approach to problem-solving. You should be ready to explain the reasoning behind your decisions and the impact your work had on your previous projects or organizations. How you analyze data, synthesize information, and communicate your findings are all facets that your interviewer will be keen to understand through your responses.

Understanding the Role

Before diving into the interview process, you need to have a clear understanding of what being a Business Analyst entails and what skills will help you excel.

Core Responsibilities of a Business Analyst

As a Business Analyst, you play a pivotal role in bridging the gap between IT and the business stakeholders. Your key responsibilities typically include:

• Gathering, documenting, and analyzing business requirements from stakeholders
• Creating detailed business analysis, outlining problems, opportunities, and solutions for a business
• Benchmarking and analyzing data to ensure proposed solutions are feasible and valuable
• Acting as a liaison between stakeholders and users to ensure technical solutions meet business needs
• Overseeing the implementation of new technology and systems

In essence, your role centers on identifying business needs and determining solutions to business problems.

Key Skills Required for the Position

To be successful in a Business Analyst role, certain skills are indispensable:

• Analytical thinking and problem solving: You must be adept at assessing situations and resolving complex business challenges.
• Communication skills: Clear communication is key, as you will need to convey technical ideas to non-technical stakeholders and vice versa.
• Business Process Knowledge: You should understand business processes and be capable of suggesting improvements.
• Technical proficiency: Knowing how to work with data and understand software basics helps in providing tech-driven solutions.
• Attention to detail: Precision is paramount when documenting requirements and validating results.

For example, if you can effectively communicate complex data findings to stakeholders in a way that is easy for them to understand, you will excel in your role as a Business Analyst.

Preparing for the Interview

When you walk into the interview room, being well-prepared can make all the difference. Understanding the company and the tools you’ll be using can give you the confidence you need to succeed.

Researching the Company

You want to show that you’re genuinely interested in the role and the company. Start by visiting their website to learn what they do and the industries they serve. Dive into recent news articles, press releases, and industry analyses to get a sense of their market position. For example, if you’re interviewing with a tech company, knowing their latest product release or partnership can be useful to reference during your interview.

Understanding the Business Analyst Toolbox

Being familiar with the tools of the trade tells your interviewer you’re ready to hit the ground running. Research and have a good grasp of different analysis methodologies like SWOT or MOST. Know your way around software tools that are commonly used in the field, like Microsoft Excel, SQL databases, and visualization tools such as Tableau. Be prepared to discuss how you’ve used these in past projects to show your hands-on experience.

Common Questions and Sample Answers

Preparing for a business analyst interview requires understanding the typical questions you might face and crafting thoughtful responses based on your experience. Below are common interview questions with sample answers to help you articulate your skills and experiences effectively.

Can you describe a challenging project you were involved in as a Business Analyst and how you handled it?

Sample Answer: In my last role, I worked on a project where the client requirements were changing frequently, leading to scope creep. I handled this by implementing a more stringent change management process, ensuring each change was thoroughly evaluated for its impact on the project timeline and costs.

How do you approach requirements elicitation and how do you ensure they are comprehensive?

Sample Answer: I start by engaging with key stakeholders through interviews, questionnaires, and workshops. To ensure the requirements are comprehensive, I validate them with the stakeholders and cross-reference against business objectives to make sure we’re on track.

Can you explain a time when you used data analysis to inform business decisions?

Sample Answer: In a previous role, I collected and analyzed customer feedback data to identify the main pain points. Using these insights, we were able to make targeted improvements to our service offerings, which increased customer satisfaction by 20% within six months.

How do you handle conflicts among stakeholders with differing requirements?

Sample Answer: I address conflicts by first ensuring that all parties are heard. Then, I facilitate discussions to find common ground and align on a solution that meets the project goals. Clear communication and compromise are key in these situations.

Behavioral Interview Questions

Behavioral questions in an interview help employers understand how you’ve handled situations in the past to predict future behavior. These questions typically start with “Tell me about a time when…”

Teamwork and Collaboration

Question 1: Describe a situation where you had to work closely with a difficult colleague.

Sample Answer: In my previous role, there was a team member who often had different viewpoints than the rest of the group. I made an effort to understand their perspective, which led to fruitful discussions and ultimately, more innovative solutions that benefited our project.

Question 2: Tell me about a time you helped a team member who was struggling.

Sample Answer: On one project, I noticed a colleague was overloaded with work and falling behind. I offered to help redistribute some of their tasks amongst the team, which alleviated their stress and helped us meet our deadline.

Question 3: Give an example of how you’ve dealt with a conflict within your team.

Sample Answer: When a conflict arose over resource allocation, I organized a meeting to facilitate open communication. We clarified misunderstandings and ultimately reached a compromise that satisfied all parties.

Question 4: Have you ever had to work with someone who did not like you? How did you handle it?

Sample Answer: Yes, I worked with someone who seemed to have a personal dislike for me. Instead of taking it personally, I stayed professional and focused on our common goals, which eventually improved the working relationship.

Question 5: Can you talk about a time when you had to collaborate with other departments to complete a project?

Sample Answer: In my last role, I led a cross-departmental initiative to streamline our inventory system. By clearly outlining each department’s role and encouraging open lines of communication, we successfully implemented the system on time.

Question 6: How did you handle a situation where your team resisted a new idea you introduced?

Sample Answer: When my team was initially resistant to a new process I proposed, I organized a demonstration to show its potential advantages. Addressing their concerns directly and showing empathy to their skepticism helped in gradually gaining their support.

Question 7: Describe a time you had to give feedback to a peer. How did you handle it?

Sample Answer: I had to provide constructive feedback to a peer whose performance was affecting the team. I approached the conversation with specific examples and suggested solutions in a manner that was helpful rather than critical.

Question 8: Tell me about a time when you went above and beyond for a team project.

Sample Answer: Once, close to a project deadline, it became clear that we were going to fall short. I volunteered to stay late and help troubleshoot our problems, which allowed us to complete the project on time and to our quality standards.

Question 9: Can you discuss a time when you had to rely on others to achieve success?

Sample Answer: As the lead on a tight-deadline project, I had to depend on my team’s expertise in various areas. By trusting their abilities and delegating effectively, we managed to deliver a high-quality product ahead of schedule.

Question 10: How have you supported a team to achieve a goal that initially appeared out of reach?

Sample Answer: I encouraged a data review session that revealed inefficiencies, leading to a restructuring of our approach. With renewed focus and teamwork, we reached what seemed an ambitious target.

Problem-solving Abilities

Question 1: Can you explain a time when you had to solve a complex problem?

Sample Answer: When I encountered a glitch in our database that was affecting our reporting, I methodically analyzed each part of the system, which led me to identify and resolve the hidden bug.

Question 2: Describe a decision you made that was unpopular and how you handled implementing it.

Sample Answer: I once decided to redistribute tasks to balance the workload. Despite initial resistance, I explained the long-term benefits and provided support throughout the transition, which led to improved team morale and productivity.

Question 3: Tell me about a time when you took a creative approach to resolve an issue.

Sample Answer: Facing a budget cut, I led a brainstorming session that resulted in cost-effective, creative solutions that actually improved our project’s performance through innovative, lower-cost strategies.

Question 4: Have you ever faced a problem where the solution was not immediately clear? What did you do?

Sample Answer: Once, when faced with an unexpected product flaw, I consulted with various departments and pieced together their insights which guided me toward an effective solution.

Question 5: Can you talk about a time when you prevented a problem from becoming a larger issue?

Sample Answer: Upon noticing discrepancies in our expense reports, I initiated a meticulous review, which caught a small accounting error that could have grown into a substantial financial issue.

Question 6: Explain a scenario where you had to adapt quickly to a change.

Sample Answer: When a key software update altered our workflow, I quickly organized a training session for my team to adapt to the new system, ensuring our productivity remained consistent.

Question 7: How did you approach a project with vague or undefined outcomes?

Sample Answer: I was assigned a project with uncertain goals, so I set up preliminary milestones to gauge progress and kept refining our objectives as more information became available.

Question 8: Describe a situation where you used logic to solve a problem.

Sample Answer: I was faced with a scheduling conflict that impacted staff availability. By logically assessing the situation and priorities, I developed a rotation plan that met our staffing needs without overburdening any team member.

Question 9: Can you give an example of a time when you identified a potential improvement in your work environment?

Sample Answer: Noticing that team meetings were inefficient, I proposed an agenda system to streamline our discussions. The resulting structure improved our meeting efficiency by 30%.

Question 10: How did you manage a situation where you had multiple projects with the same deadline?

Sample Answer: I prioritized tasks based on their impact and urgency, outlined a schedule, and communicated my plan with stakeholders. Effective time management ensured all projects were completed on time.

Technical Interview Questions

In your business analyst interview, you’ll face questions that are designed to assess your ability to analyze data accurately and efficiently, as well as your proficiency with technical tools.

Data Analysis and Interpretation

When it comes to data analysis and interpretation, interviewers want to gauge your analytical thinking skills and how you translate data into business insights.

Sample Questions:

• Describe a time when you had to analyze a dataset and make recommendations. What was the outcome?Answer: I once worked with a retail client that had a substantial drop in sales. After examining their sales data, I identified that most of the decline was in a specific region. By suggesting targeted promotions in that area, sales increased by 15% over the next quarter.
• Can you explain the difference between qualitative and quantitative data? Give an example of how you have used each in a business context.Answer: Qualitative data is non-numerical and descriptive, like customer feedback, while quantitative data is numerical, such as sales figures. In my previous role, I used quantitative data to establish a correlation between customer service response times and customer satisfaction; I used qualitative data from customer interviews to improve product features.

Technical Tools Proficiency

You will also need to demonstrate your familiarity with various technical tools that are integral to a business analyst’s role.

• What software tools are you proficient in for data analysis, and how have these tools helped you in your work?Answer: I’m proficient in Excel for data manipulations, SQL for database queries, and Tableau for data visualization. Using Excel, I reduced the time spent on monthly reports by creating macros. SQL allowed me to extract insights from large datasets more quickly, and Tableau enabled me to present data in an easily understandable format for stakeholders.
• How do you approach learning a new technical tool or software?Answer: I typically begin with the tool’s official documentation and tutorials to understand the basics, followed by hands-on practice with small projects. For instance, when learning R for statistical analysis, I replicated the analysis of an existing project before applying the techniques to new data.
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Politics latest: Obama arrives in Downing Street for unannounced meeting

Former US president Barack Obama has arrived in Downing Street for an undisclosed private meeting. Meanwhile, Rishi Sunak has insisted Tory MPs are united following reports of a plot to oust him before the election. Listen to the latest Politics At Jack And Sam's as you scroll.

Monday 18 March 2024 15:43, UK

• PM refuses to rule out summer election
• Obama visits Downing Street for private meeting
• The seaside town where there are not enough homes
• GB News hits out at Ofcom ruling on shows hosted by Tory MPs
• Follow Politics Hub With Sophy Ridge on WhatsApp
• Listen to Politics At Jack And Sam's  wherever you get your podcasts
• Live reporting by Emily Mee and (earlier)  Faith Ridler

The former US president has arrived at Number 10 for an undisclosed private meeting. 

He smiled and waved at reporters outside before he entered shortly after 3pm.

Mr Obama served in the White House from 2009 to 2017 and is not thought to have visited Downing Street since 2016 ( read more ).

Sky News understands Mr Obama is in London for work related to his foundation and has popped into Number 10 for an informal catch-up with the prime minister.

It's thought that he and Rishi Sunak have never met.

We're bringing you some comments now from Yvette Cooper, who has been speaking to our political editor Beth Rigby . 

Asked whether the Rwanda bill is likely to pass unamended ( see 15.00 post for where we're at with that ), the shadow home secretary says the Conservatives "don't want to amend it or even discuss it". 

"What they're doing is writing checks to Rwanda for more than half a billion pounds for a scheme that's likely to cover around 300 people," she says. 

Her figures suggest this is about £2m per asylum seeker. 

"This is just a gimmick at a time when they're really not getting a grip," she says of the government's plan to tackle immigration. 

"I think the fact that Rishi Sunak and the Tories have just kept going after gimmicks instead of ever getting a grip on the system just shows why everything's in such a mess and so there's so much chaos."

She says Labour would instead put the money towards improving cross-border security.

You can watch MPs debate the Rwanda legislation live below:

We've been looking at when the former US president was in Downing Street, and it looks like it was eight years ago in 2016.

Mr Obama had visited then prime minister David Cameron at Number 10 for talks ahead of the Brexit vote. 

He had warned the UK would be at "the back of the queue" for American trade deals if it left the EU. 

The two leaders also held a joint news conference at the Foreign Office, where Mr Obama said the US "wants Britain's influence to grow - including within Europe".

The government's controversial plan to send asylum seekers to Rwanda will occupy more parliamentary time this evening.

From around 7pm, MPs will vote on 10 amendments proposed by the House of Lords earlier this month.

They are mostly designed to water down legislation that many peers are opposed to, as it sees the government seek to bypass a Supreme Court ruling that Rwanda is not a safe place to deport people.

It's expected that the government will oppose all the amendments.

There are 10 being voted on tonight - here's what each aims to do:

• Seeks to ensure the bill is fully compliant with the rule of law
• Removes the claim that Rwanda is a "safe country"
• Provides a way for parliament to be kept informed about the government's treaty with Rwanda
• Allows the legislation's presumption that Rwanda is safe to be rebutted with credible evidence
• Allows courts to consider appeals based on Rwanda's safety
• Restores the ability of courts and tribunals to consider if Rwanda is safe
• Lets courts consider review claims regarding the deportation of children
• Mandates that parliament is given a timeline for any removals
• Seeks to protect victims of modern slavery from being deported
• Exempts armed forces personnel, dependents, and families from removal

We'll bring you the results of the votes later tonight.

Once those are done, the bill will return to the Lords on Wednesday - kicking off what could be a drawn-out game of parliamentary ping-pong.

A reminder that the prime minister has been hoping the first flights would take off by Easter…

There will most likely be a general election at some point in 2024, but we don't know exactly when. 

Rishi Sunak has said it will not happen on 2 May - when local elections will take place across England. 

The prime minister's "working assumption" is that it will be in the second half of this year, but beyond that we know very little more about the precise timing.

So why is this the case?

Political correspondent Serena Barker-Singh explains:

The Sky News live poll tracker - collated and updated by our Data and Forensics team - aggregates various surveys to indicate how voters feel about different political parties.

Labour is still sitting comfortably on a roughly 20-point lead, averaging at 43.5% in the polls, with the Tories on 23.7%.

In third is Reform UK on 11.3%, followed by the Lib Dems on 10.3%.

The Green Party stands at 5.7%, and the SNP on 2.8%.

See the latest update below - and you can read more about the methodology behind the tracker  here .

By Nick Martin , people and politics correspondent

It's early on a Monday morning and the sliding doors to the office of Hastings Council haven't stopped moving backwards and forwards. This is where the homeless come in desperation.

Eunice Dolby is sitting in the waiting area surrounded by suitcases containing all of her possessions.

The 77-year-old lost her husband last year and now she's lost her home.

After 18 years as a tenant, her landlord used a Section 21 "no-fault" eviction notice to get her out.

"The bailiffs turned up at quarter past 10," she says. "I've always had somewhere to live. I've never been on the streets in my life."

You can read more from Nick in the link below:

Rishi Sunak was today visiting an apprentice training centre at the Manufacturing Technology Centre (MTC), in Coventry, after confirming a boosted £40m budget for schemes.

Not for the first time during his premiership, he was spotted letting his Star Wars fandom get the better of him…. taking particular interest in a little droid…

Sadiq Khan has suggested he is "partial" to Diane Abbott having the Labour whip reinstated.

The London mayor told reporters he had not spoken with Sir Keir Starmer about the Hackney North and Stoke Newington MP returning to the party, despite the Labour leader joining him at the launch of his campaign for re-election today.

Mr Khan said he had "cheered when he was a 16-year-old boy" when Ms Abbott was elected, describing her as having been a "fighter against racial injustice and social injustice".

"The problem is if I say publicly what should happen, my concern is that will influence what the complaints process does," he said.

Asked whether his preference for Ms Abbott having the whip reinstated was what was holding him back, he said: "Listen, I'm partial. That's why I'm the wrong person to talk about this."

Ms Abbott was suspended by Labour last April after suggesting Jews don't face racism ( read more ).

The comments were widely criticised as antisemitic and Mr Khan said it was right that she was punished for them.

Mr Khan's remarks come after crowds of people gathered outside the Home Office to show support for Ms Abbott, who was the subject of racist comments reportedly made by a major Tory donor ( read more ).

Two of Westminster's best-connected journalists, Sky News's Sam Coates and Politico's Jack Blanchard, guide you through their top predictions for the next seven days in British politics. 

This week, Jack and Sam discuss the building pressure around Rishi Sunak’s premiership, and how the ongoing tensions between the prime minister and Business Secretary Kemi Badenoch may spill into events this week.  

Plus, they address the weekend rumours about Penny Mordaunt as a potential leadership rival.  

There's a big moment for shadow chancellor Rachel Reeves, as she delivers a speech at a major event for the world of banking. Will her plans for the nation, should Labour win the election, impress the finance sector?  

And – which shadow cabinet member do we see most often grilled by Kay Burley and the other breakfast shows while nursing our morning cuppa? Sky’s Izzy Losseff has crunched the numbers, and Jack and Sam tell you what it says about who the Labour leader trusts to deliver his message. 

Email with your thoughts and rate how their predictions play out: [email protected] or [email protected]  

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