It's A Plan
A paragraph that often appears at the beginning of a business plan, although should always be written last.
What is an executive summary?
This legal operating structure requires no formal registration and is the default way to do business unless one decides otherwise.
What is sole proprietorship?
A financial report that summarizes a company’s revenues, costs, and expenses over a specific period of time.
What is a profit & loss statement?
This entry in the world's largest search engine's online database is a critical way for businesses to be found by consumers.
What is a Google business listing?
A relationship with this critical business support professional should be cultivated very early in a business' life cycle, and is in short supply in the U.P.
What is an accountant?
An activity involving finding external data and stories to support a business idea.
What is market research?
Daniel often refers to this type of doing business as a "sinking ship."
What is a partnership?
This specific type of expense is tied to fluctuating levels of sales or production.
What is a direct cost or cost of goods sold?
This group of people are a business' intended recipients of a marketing effort, and are the most likely buyers of a product or service.
What is a target audience or target customers?
Organizations, usually non-profit, that provide collaborative marketing, networking, and training opportunities to promote businesses in specific locales.
What are Chambers of Commerce?
This assessment is often included in a business plan to highlight an owner's particular set of skills and personal challenges, as well as market conditions that could affect their business idea.
What is a SWOT analysis?
This organizational structure has been used in Michigan for over 150 years, and involves stringent recordkeeping and annual meetings.
What is a corporation?
This term describes mathematically how long term assets lose value over time.
What is depreciation or amortization?
A statement that describing what a business wants a consumer to do upon being exposed to advertising or marketing.
What is a call to action?
This term describes an experienced person in a particular industry who gives free or low-cost advice, support, and wisdom to a newer business owner. They often own a business of the same type as their protégée.
What is an industry mentor?
This term refers to a set of forward-looking financial statements that describes a business cash flow and profitability.
What are State tax registration and Michigan Unemployment Registration?
To extrapolate true cash flow from a profit & loss statement, one must make a calculation using this long acronym as a guide.
What is EBITDA?
Two of the "Four P's" of marketing describe where and for how much a product will be sold.
What are place and price?
This type of organization actively solicits new businesses to, and retain existing businesses within, a specific geographic area.
What is an economic development agency or economic development organization?
These two terms together are the core concept of understanding and evaluating business opportunities.
What are problem and solution?
A term that describes the status under which a person or business prefers to file returns with the Internal Revenue Service.
What is tax election?
These sections of a statement of cash flows indicate the three ways money moves in business.
What are operating, investing, and financing?
This term describes, as a percentage, the number of consumers successfully prompted to take an action as a result of a business' marketing efforts.
What is a conversion rate?
A paid, professional advisor who provides no-cost, confidential, one-on-one guidance to entrepreneurs and small business owners to help them start, manage, and grow their businesses, funded by the U.S. Small Business Administration, among other sources.
What is an SBDC consultant?