What Is the Executive Summary of the Business Plan?
The executive summary of the business plan is considered as one of the most important section of any business plan. As a matter of fact, business owners recognized the executive summary as the doorway to their simple business plan as it outlines company’s purpose and goals and captures the attention of the readers so that they will read the business plan all the way through.
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The executive summary includes:
What to Include in a Business Plan
The business plan examples in pdf tells the future of your business. It defines what you plan to do and how you plan to do it. That being said, your business plan should include the following.
- Your business concept. This is where your business, particular products and service, and your daily plans for your business is discussed.
- Your business strategies. Including marketing and sales strategies, and how you can make your business a success
- Your business products and services. This is where you put into details the products and services your business offers and what are their competitive advantages.
- The target markets. Who are your customers and demographic audience, and how you can attract and retain them to make profits.
- Your management team. The background information on your team, specifically their accomplished projects.
- Your business financial need. How you expect your business strategies will pay out.
Why Prepare a Business Plan?
Below are the five reason why your business needs an effective business plan.
- To test the probability of your business idea.
- To steer your quality plan of business towards success and give the possible chance to achieve it.
- To secure funding.
- To make business planning easy and effective.
- To attract more clients and investor.
Use our free business plan and business plan examples in doc to give you a head start in preparing one.
What to Avoid in Your Business Plan
If you want your business plan to be a success and effective, avoid these common mistakes in making a business plan.
- The executive summary does not succinctly describe your business idea and why it will be successful.
- The business plan is all about the business and not your service for potential customers.
- Not enough details on products and services.
- No clear written objective statement on how the business can generate value.
- The business sales forecast is not credible and reliable.
- The funding of your business is not supported by the financial statements.
- Not giving more importance of having a good cash flow statement.
Tips for Preparing a Business Plan
Here are tips for preparing a business plan.
- Make your business plan as concise as possible. Get rid of the filler words even if it makes your business plan sounds nice. It is still a waste of space and makes your business plan longer.
- Be realistic. What your write in your business plan must be true and accurate.
- Be conservative in your business plan. Present explanations that show you are conservative in your predictions
- Provide visuals in your business plan. Graph, charts, and any visuals can help you convey what you wanted your business plan to show.
Check out our business plan examples in excel for more tips and fully modifiable templates.