Writing a business plan can be daunting, but it doesn’t have to be. So far in this series of articles, we have covered step 1: determining audience; step 2: defining mission, vision, & core values; step 3: company description; step 4: market analysis; step 5: SWOT analysis; step 6: the products & services section; step 7: the industry background section; step 8: the marketing plan; & step 9 is the financial plan. The last step in writing a business plan is the executive summary.
The executive summary is a one-page description of your practice, its goals, & your explanation of how it will succeed. The executive summary may be the only page of the business plan that people read, so it is vital to make it concise and engaging. You will write this section last so that you can highlight & summarize the points which you will explain later in the document.
Here are the points you need to cover in your executive summary.
Mission Statement
One or two sentences describing your practice’s overarching philosophy. Your “why.”
Industry & Market Environment
A brief description of the setting of your practice, the opportunity you are taking advantage of & why your practice is poised to do well.
Competitive Advantages
What makes your practice stand out from existing ones in your market?
Financial Potential
You should acknowledge the risks involved and highlight the potential for financial success.
Management Team
Describe your practice’s key players and their roles in its success.
Background Information
Describe what stage your practice is in (planning stage, start-up, or expansion), its entity structure, & its financial status.
Capital Sources
Where is your funding coming from? What about your team? What contacts do you have in the industry?
If you are writing your executive summary, congratulations. Your business plan is in the final stage. However, remember that the business plan is a dynamic document & needs to be regularly reviewed & updated. Still don’t know where to start? Talk to us today & we can help!
References
https://hbr.org/product/creating-business-plans-hbr-20-minute-manager-series/16998?sku=16998-PBK-ENG