Final answer:
A good product is crucial for success, but without a solid financial plan, a firm is unlikely to succeed. An established firm's financial data and plans gain importance over personal connections with investors. Therefore, a comprehensive financial plan is fundamental to attract investment and assure profitability. option a.
Step-by-step explanation:
As a management consultant, Lamont knows that regardless of how good a firm's product might be, the firm has little chance of success without a financial plan. Having a robust financial plan is essential as it shows the pathway to profitability and financial stability, assuring outside investors of the company's potential. As the company grows and becomes more established, the need for investors to know the managers personally diminishes due to the availability of detailed information about the firm's strategy, products, revenues, costs, and profits. Hence, investors such as bondholders and shareholders are more inclined to provide capital, as they can rely on concrete financial data and plans.