Strategic Leadership

Self-Assessment

Instructions:  Pick the letter of the answer that best fits.

1.       A business plan should include:

  1. An analysis of customer’s human needs in the market that need to be fulfilled now and in the future
  2. A development plan, with names and responsible people and deadlines identified, for meeting emerging market needs
  3. An analysis of competitors’ strengths and weaknesses
  4. All of the above

2.       A business plan should also include:

  1. A company’s strengths, weaknesses, opportunities and threats
  2. A company’s profit & loss statements and balance sheets from recent years
  3. A profit & loss statement projected for the upcoming year
  4. All of the above

3.       The purpose of a vision or mission statement is:

  1. To express the personal values of the owner as pertain to the business
  2. To state the intended customer experience
  3. To state the intended employee experience
  4. All of the above

4.       In planning the future operation of a business, which of these is necessary?

  1. An assessment of equipment that will be required, and its cost
  2. A assessment of the employee positions that to be filled
  3. The amount and sources of funding that will be required
  4. All of the above

5.       In planning the future financial state of a business:

  1. A near-future plan for $10,000 in income has less actual value than a far-future income plan for $10,000 in income
  2. A near-future plan for $10,000 in income has more actual value than a far-future income plan for $10,000 in income
  3. Near-future and far-future plans for $10,000 have exactly the same value.

6.       In planning future products or services, we should put most focus on:

  1. Opportunities very similar to what we’re addressing now.  (For example an air conditioner contractor planning to provide spring-time inspections and cleanings)
  2. Opportunities very different from what we’re addressing now.  (For example a boat dealer planning to add a line of motorcycles)
  3. Opportunities very different from what our competitors are doing
  4. Both b. and c.

7.       A business owner’s plan for exiting that business should be done:

  1. Early, long before retirement, in order to take advantage of tax provisions
  2. Late, just before retirement, because so much can change when plans are completed too soon