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The last key element of an executive summary that investors will want to see is the progress that you’ve made so far and future milestones that you intend to hit.
If you can show that your potential customers are already interested in—or perhaps already buying—your product or service, this is great to highlight.
Writing a business plan is an opportunity to carefully think through every step of starting your company so you can prepare for success.
This is your chance to discover any weaknesses in your business idea, identify opportunities you may not have considered, and plan how you will deal with challenges that are likely to arise.
You can skip the executive summary (or greatly reduce it in scope) if you are writing an internal business plan that’s purely a strategic guide for your company.
In that case, you can dispense with details about the management team, funding requirements, and traction, and instead treat the executive summary as an overview of the strategic direction of the company, to ensure that all team members are on the same page.People who read your business plan will already know a little bit about your business because they read your executive summary. For a business with a physical location, perhaps there aren’t any existing solutions within reasonable driving distance.But this chapter is still hugely important because it’s where you expand on your initial overview, providing more details and answering additional questions that you won’t cover in the executive summary. Defining the problem you are solving for your customers is far and away the most critical element of your business plan and crucial for your business success.A well-written business plan can help convince investors or lenders to finance your business.After you complete the 11 worksheets, you will have a working business plan for your startup.Accommodate your investors, and keep explanations of your product simple and direct, using terms that everyone can understand.You can always use the appendix of your plan to provide the full specs if needed.You’re most likely targeting a specific market segment such as “style-conscious men” or “runners.” This will make it much easier for you to target your marketing and sales efforts and attract the kinds of customers that are most likely to buy from you.If you are writing a business plan to get a bank loan or because you’re asking angel investors or venture capitalists for funding, you must include the details of what you need in the executive summary.Writing a business plan may seem like a big hurdle, but it doesn’t have to be. For that reason alone, writing a business plan and then leveraging your plan for growth won’t be nearly as challenging as you think.The rest of this article will delve into the specifics of what you should include in your business plan, what you should skip, the critical financial projections, and links to additional resources that can help jump-start your plan.