True or False: The process for developing a business plan begins after establishing the goals for the coming year.

The statement is false because the process for developing a business plan actually starts much earlier than the establishment of annual goals. A business plan is a comprehensive strategic document that outlines the long-term vision, mission, and objectives of the company. To effectively create a business plan, it is crucial to first conduct a thorough analysis of the current business environment, including market research, competitive analysis, and internal assessments.

This foundational work helps in understanding the broader context in which the business operates and identifies the key opportunities and challenges that may impact goal-setting. Only after this groundwork is completed can specific goals for the coming year be formulated in alignment with the overall business strategy laid out in the plan. Therefore, establishing annual goals is a part of the planning process but does not mark the beginning of it; rather, it is an outcome of the planning efforts that precede it.