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Creating Your Successful Business Plan - Part 2 - Executive Summary

 


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1. Executive Summary

All potential bankers, investors, and partners read your executive summary to give them an overall idea of your business. It tells lenders if it is a safe idea to invest in your company. This is your sales pitch. Use the opportunity to show that you and your potential venture have the capacity to provide results. You want your reader to be intrigued with your idea, by providing a concise report of your plan.

It may be smart to write your executive summary after completing your business plan. Since it is a abstract of the entire piece, writing it last can ensure that it provides a complete enough synopsis, and truly captures the essence of your company profile.

Description of Business

Start your executive summary be briefly describing the profession you are in. Include the form of industry you are wanting to start, i. e. proprietorship, partnership, or corporation. Explain if your company will merchandise, manufacture, or provide a service. Is this a new outfit, a takeover, an expansion, or a franchise?

Clearly illustrate you corporation's objectives, including short-term goals and your strategy for achieving those goals.

Goods/Services Summary

Continue by giving a clear, concise description of the goods or services your cartel will offer. Be sure to describe what developmental stage your product is currently in. Is your commodity currently a concept, prototype, or is it merchandise that is ready for the market?

One of the most important features of your analysis will be describing your competitive advantage. You want to persuade your reader of how and why your partnership will be successful, and why it is an improvement over similar currently offered goods/services.

Market Summary

Explain who your target audience will be, and why. Be sure to portray that there will be demand for your product or utility. Describe the syndicate's market potential, including any relevant population information. Will your pursuit serve a local, geographic, or national customer base?

Next, list your key management team, with a brief description of their qualifications and reasons they are capable of starting the enterprise.

Conclude your synopsis with information pertaining to finances and funding requirements. Include a timeline which details how funds will be used, projected revenues, and projected market share.

As stated at the top, it is better to write your executive summary last, after writing the rest of your business plan. This helps ensure that your governing abstract will provide a complete picture of your venture idea.

It may be that the executive summary is the only part of your proposal that ever gets read, which just goes to show how important it is to develop a solid brief.

When you develop your analysis, create an “elevator pitch. " This is a three minute rundown of your summation, with the purpose of creating interest in your idea from potential lenders or partners.

Mr. Oliver is a marketing agent of Small Business Advocate. The Small Business Advocate, provides expert advice on small businesses. For more information on their Small Business Advocate please visit their website.

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