Evaluate the following business plan, identify any errors (except for grammatical or structural sentence errors), and explain why the error is significant.

I NEED AS MANY AS POSSIBLE.

For example

There is no cover page in the business plan. This is significant since a missing cover page implies the person reading the plan will be unable to contact you.

Business Plan I able of Contents I. Introduction II. Company Description III. Industry, Tirget Customer, and Competitor Analysis IV. Marketing Plan V. Operations and Development Plan V. Management Team VI. Financial Plan VIII. Otfering (Loan Request) 1X. Appendix a. Loan Application b. Map c. Historical Financial Statements d. Pro Forma Financial Statements Introduction 3 The proposed business is Lake View Oil Change service, a current quick lubrication service located on Elm Strect in Lake View. Lake View is in Jackson County. Both local demographic information and market trends suggest this location will continue to meet the demand for convenient automotive preventive maintenance services. The present owner, Patrick McElroy, is selling the business to Mr. Chuck Sanders. He has owned McElroy's Oil Change for 18 years and wants to retire. He opened the business after serving in the US Air Foree for 21 years. After the purchase, Lake View will emphasize the needs of consumers requiring a quick lubrication'oil change. In addition, the business will enter into an alliance with Southeastern Oil, Inc. to use its oil products and will advertise this relationship and the services the business providess. The current owner has acknowledged that salers declined in the past two years, including this year, due to declining health and a lack of motivation for continuing the business. The name change after the purchase will send a message that the new oil change business is different from the present one. Company Description This section will identify our objectives, nature of the business, our primary service, our current status, and legal form of organization. Mission and Company Goals Our mission is to "Provide exceptional service to all of our customers in a timely manner." Our primary business goals are as follow's: 1. Increase sales to the previous high level of $278,000 in the lirst year in business. 2. Grow annual sales by 15% in year 2 and 10% in Year 3. 3. Explore the opening of a new location in year 4. Nature of Our Business' Primary Service McElroy's Oil Change is an oil change business as noted in the Industry analysis. They focus on quickly changing the oil and other lubricants in under 30 minutes. The business was opened in 1996. It has been profitable every year since breaking even in June 1997. Current Status/ Legal form of organization Chack Sanders is planning to buy from Patrick McElroy. We propose to buy out a Business Plan I able of Contents I. Introduction II. Company Description III. Industry, Tirget Customer, and Competitor Analysis IV. Marketing Plan V. Operations and Development Plan V. Management Team VI. Financial Plan VIII. Otfering (Loan Request) 1X. Appendix a. Loan Application b. Map c. Historical Financial Statements d. Pro Forma Financial Statements Introduction 3 The proposed business is Lake View Oil Change service, a current quick lubrication service located on Elm Strect in Lake View. Lake View is in Jackson County. Both local demographic information and market trends suggest this location will continue to meet the demand for convenient automotive preventive maintenance services. The present owner, Patrick McElroy, is selling the business to Mr. Chuck Sanders. He has owned McElroy's Oil Change for 18 years and wants to retire. He opened the business after serving in the US Air Foree for 21 years. After the purchase, Lake View will emphasize the needs of consumers requiring a quick lubrication'oil change. In addition, the business will enter into an alliance with Southeastern Oil, Inc. to use its oil products and will advertise this relationship and the services the business providess. The current owner has acknowledged that salers declined in the past two years, including this year, due to declining health and a lack of motivation for continuing the business. The name change after the purchase will send a message that the new oil change business is different from the present one. Company Description This section will identify our objectives, nature of the business, our primary service, our current status, and legal form of organization. Mission and Company Goals Our mission is to "Provide exceptional service to all of our customers in a timely manner." Our primary business goals are as follow's: 1. Increase sales to the previous high level of $278,000 in the lirst year in business. 2. Grow annual sales by 15% in year 2 and 10% in Year 3. 3. Explore the opening of a new location in year 4. Nature of Our Business' Primary Service McElroy's Oil Change is an oil change business as noted in the Industry analysis. They focus on quickly changing the oil and other lubricants in under 30 minutes. The business was opened in 1996. It has been profitable every year since breaking even in June 1997. Current Status/ Legal form of organization Chack Sanders is planning to buy from Patrick McElroy. We propose to buy out a