Key Parts Of A Business Plan
The reason this section gets so much attention is that it might be the only section the reader looks at when making a decision to go forward or stop.To paraphrase an old proverb, “you can tell the quality of a business plan from its executive summary.” The executive summary is the ultimate elevator pitch where you introduce the idea, provide background, talk about approach and results, and convey confidence that you will be successful.The specific marketing actions are developed in the Marketing Action Plan, which is used to implement your business idea.In other words, what are you going to do to drive traffic to your front door — both literally and figuratively? For each of the five marketing steps, note the cost to implement (which, when totaled, becomes your marketing budget), if the items can be completed by you alone or whether you will need assistance, and the sales expectations (which when added together, become the sales forecast).Therefore, it is advisable to have an introductory page in your financial plan explaining in plain English the key assumptions and how each one was determined.If you can convince the reader about the reasonableness of the assumptions, then the sale has already been made when they read the financial statements.
The number one issue for small businesses is finding customers.
And of this sum, show how much you will be investing versus the amount being sought from the funder.
Remember that while the executive summary appears first in the business plan, it should be written last since it is the summary.
Where there might be experience/skills gaps, mention how you plan to add others to the team to provide this expertise.
One of the final elements in your business plan is the financial statements.