The process for developing a business plan starts before you establish the goals you would like to achieve for the shop's coming year. (T / F)
(Ans - This is true-
There are 5 phases to the PGA business planning model
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The process for developing a business plan starts before you establish the goals you would like to achieve for the shop's coming year. (T / F)
(Ans - This is true-
There are 5 phases to the PGA business planning model and goals are in the 3rd phase. Before you establish goals you would like to achieve you must first "Define the Business" and second "Assess the Current State of the Business." (Page 5)
A well thought out business plan will typically focus on achieving financial goals. (T / F)
(Ans - True: For a golf facility or business, a well thought out plan helps: Establish and achieve financial goals (bottom of page 2)
Staff should be involved in effective business planning to create a sense of ownership. (T / F) Page 4 (paragraph 4)
(Ans - True: One key to the creation of effective business plans is to involve major stakeholders and staff in the planning process.
Assessing the current state of business is the most significant advantage of strategic business planning. (T / F)
(Ans - False: The most significant advantage of strategic business planning is that it provides long term vision, destination and does not focus on the current state of the business. (Bottom of page 3)
Who should provide direction for creating the business plan at a golf operation?
(Ans - Input from Key stakeholders is used to establish the facility's purpose and direction. (Page 5 under define the business)
What are the five phases of the PGA Business Planning Model?
(Ans - Define the business, Assess the current state of the business, Develop business goals, objectives, and related strategies, Prepare financial forecasts and budgets, Monitor performance
According to the Business Planning Model, a business plan should build on and refine the operational plan. (T / F)
(Ans - True
What is the usual business destination for long-range planning?
(Ans - Long range plans are usually 3 to 5 year plans that identify a future "destination" for a business. (Page 4 second paragraph)
Proactive planning is one of the anticipated outcomes of strategic business planning?
(Ans - Yes, "Promoting proactive problem solving" This is a part of "strategic business planning"
What is the most significant benefit of strategic business planning?
(Ans - Defining the future and destination of a business is the most significant benefit. (Page 4, 2nd paragraph)
Clarification of job responsibilities is one of the added values provided by the strategic planning process? (T / F)
(Ans - False: The clarification is not included on the strategic business planning list. (Page 3)
Business goals are typically developed in the Defining the Business phase of the business planning process. (T / F)
(Ans - False: Define the business is in phase one. Business goals developed in phase 3 called (Develop Business Goals, Objectives, and Related Strategies).
Typically, a written set of core values is developed in the Defining the Business phase of the business planning process. (T / F)
(Ans - True
Helping establish a starting point for goals, objectives, and related strategies is an appropriate use of the SWOT analysis. (T / F)
(Ans - True
Financial forecasts should be based on historical data derived from a linear trend analysis. (T / F)
(Ans - False: This means creating a financial forecast based on projections of revenues, expenses, and net income.
You are in the process of completing a business plan for the golf shop. Initial forecasts of sales, expenses, and profit have been made. Past data has been analyzed and important inside and outside factors have been identified. What is the next step to be taken towards completing the plan?
(Ans - Monitor Performance (page 5)
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