Types of Planning
This type of planning focuses on day-to-day operations.
What is Operational Planning?
The “D” in DECIDE stands for this.
What is Define the Goal?
This statement describes a company’s purpose today.
What is a Mission Statement?
How may a Sole Proprietorship be owned by more than one person?
What is by a legally married couple?
What does the “S” stand for?
What is Strengths?
This type of planning focuses on long-term goals and overall direction.
What is Strategic Planning?
The “E” (second letter) in DECIDE stand for.
What is Establish Criteria?
This statement describes what a company wants to become in the future.
What is a Vision Statement?
How Many stockholders may an S-corporation have?
What is 100?
Internal factors a company struggles with are called this.
What are Weaknesses?
This planning helps achieve parts of the strategic plan, often mid-level.
What is Tactical Planning?
The “C” in DECIDE stands for this.
What is Choose Good Options?
This structure has one clear boss at the top.
What is Hierarchical Structure?
Who is liable if a corporation is sued?
What is the Corporation itself?
External chances for growth are called this.
What are Opportunities?
This type of planning prepares for unexpected events or emergencies.
What is Contingency Planning?
The “I” in DECIDE stands for this.
What is Identify Pros and Cons?
Employees report to multiple managers in this structure.
What is Matrix Structure?
This term means profits are taxed twice (business + owner).
What is Double Taxation?
External risks or dangers are called this.
What are Threats?
A company creates a backup plan in case a product fails. What type of planning is this?
What is Contingency Planning?
The last “E” in DECIDE stands for this.
What is Evaluate Results?
Management structure where employees report to managers based on decentralized social networks.
What is Network Structure?
Term for a business that passes income directly to owners’ personal taxes.
What is a Pass-Through Entity?
Name one benefit of doing a SWOT analysis.
Improves planning / identifies risks / helps decision-making