Originally published: 14/06/2017 13:18
Publication number: ELQ-61660-1
View all versions & Certificate
Publication number: ELQ-61660-1
View all versions & Certificate
How to Write a Summary Business Plan
The Essential Pieces and Some Tips on how to write a summary business plan
Introduction
The shorter you can make your summary business plan, the better. You want to focus on just a few key elements of your business that will generate the most excitement among those reading it — without requiring them to invest a weekend in doing so. You can always pass along a more detailed plan to those interested later. ‘One of the most common mistakes is for people to get bogged down in details,’ says Mark Herschberg, a veteran entrepreneur and instructor at MIT. ‘You don’t need to describe every feature, or have detailed product designs. If your investors have detailed questions, they’ll ask for more information.’
- Step n°1 |
A few "Dont's"
With that in mind, here are some suggestions for things to leave OUT of your summary business plan, according to Malla Haridat, founder and CEO of New York City-based New Designs for Life, an organization that teaches children about entrepreneurship:
-Excessive market research: ‘You need to do a tight analysis of your product or service and the competitors. But you should be able to summarize it into one page max.’
-An overwritten product description: ‘You need to spend no more than a paragraph on this.’
-Detailed finances: ‘Bottom line — How much money do you have? How much does it take to run the business? How much will you earn (hopefully)?’
Turning to what you DO want to focus on, consider the following tips offered by Ken Halkin, a business consultant in Amesbury, Massachusetts:
- Step n°2 |
Description
Kick off your plan with a one-page description of your business. Give a brief history of the business and its ownership structure by focusing on:
-Who you are
-What you do
-Where you are - Step n°3 |
Vision Statement
Write a concise one- or two-paragraph vision statement, which gives your answer to the question: ‘What do we want this company to become over the next five to 10 years?’ - Step n°4 |
Mission Statement
Lay the groundwork for your ‘brand promise’ in a one or two paragraph description of what your company will be to its customers.
