Get a professional business plan template at no cost. You can subscribe to Kim's business growth tips by email, or connect on LinkedInTwitter and Facebook. It's definitely not the most exciting part of starting a business.
The Executive Summary is a brief outline of the company's purpose and business plan contains. While it can be tough to fit on one or two pages, a good Summary includes: A brief description of products and services A summary of objectives A solid description of the market A high-level justification for viability including a quick look at your competition and your competitive advantage A snapshot of growth potential An overview of funding requirements I know that seems like a lot, and that's why it's so important you get it right.
The Executive Summary is often the make-or-break section of your business plan. A great business solves customer problems; if your Summary cannot clearly describe, in one or two pages, how your business will solve a particular problem and make a profit, then it's very possible the opportunity does not exist--or your plan to take advantage of a genuine opportunity is not well developed.
So think of it as a snapshot of your business plan. Don't try to "hype" your business--focus on helping a busy reader get a great feel for what you plan to do, how you plan to do it, and how you will succeed.
Since a business plan should above all help you start and grow your business, your Executive Summary should first and foremost help you do the following.
Refine and tighten your concept. Think of it as a written "elevator pitch" with more detail, of course. Your Summary describes the highlights of your plan, includes only the most critical points, and leaves out less important issues and factors.
As you develop your Summary you will naturally focus on the issues that contribute most to potential success. If your concept is too fuzzy, too broad, or too complicated, go back and start again.
Most great businesses can be described in several sentences, not several pages. Your business plan walks the reader through your plan.
What ranks high in terms of importance? Acquiring the right location? Your Summary can serve as a guide to writing the rest of your plan. Make the rest of the process easy. Once your Summary is complete, you can use it as an outline for the rest of your plan.
Follow up with plan versus actual comparison. A business plan is a great start, but tracking real-world results and learning from them is where a business plan really helps you manage your business. Business Plan Pro Premier Edition takes your actual numbers and compares them to your projections. To an entrepreneur creating his first business plan, the task may at first seem overwhelming. An easy way to begin is to focus on describing the action steps required to build the business -- a. A business plan is a document that summarizes the operational and financial objectives of a business and contains the detailed plans and budgets showing how the objectives are to be realized. It is the road map to the success of your business. For anyone starting a business, it's a vital first step.
Simply flesh out the highlights with more detail. Then work to accomplish your secondary objective by focusing on your readers. Even though you may be creating a business plan solely for your own purposes, at some point you may decide to seek financing or to bring on other investors, so make sure your Summary meets their needs as well.Aug 20, · What is a business plan?
If you’ve ever jotted down a business idea on a napkin with a few tasks you need to accomplish, you’ve written a business plan—or at least the very basic components of one.
At its heart, a business plan is just a plan for how your business is going to work, and how you’re going to make it succeed. /5(). The One Page Business Plan for the Busy Executive Written specifically for professional business managers and executives. Thousands of business executives have already successfully written and implemented One Page Plans with this simple and effective planning methodology.
A business plan is a good way to explore the feasibility of a new business without actually having to start it and run it. A good plan can help you see serious flaws in your business concept. Business Plan template A Business Plan is like a blue print for your business - it details all your goals and how you plan to achieve them.
You will be required to submit a Business Plan with your final Start Up Loan application. Elements of a Business Plan There are seven major sections of a business plan, and each one is a complex document. Read this selection from our business plan tutorial to fully understand these.
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