BCC The Importance of Executive Summary in A Business Plan Discussion

1.) For this interactivity, you will visit the website, https://www.bplans.com/, to research 500+ of the free sample business plans. Discuss with your classmates the following:

• What do entrepreneurs usually mean when they talk about a business plan?
• When should you write a business plan? When might it not be necessary or even advisable to write a plan?
• Why is the executive summary so important?
• Describe the major sections to be included in a business plan

2.) respond to the two student posts below.

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• AVORY Caruthers,
  When an entrepreneur is talking about a business plan, they are talking about a plan that is on paper that lays out the future of their business. It sets out the strategies, goals, tactics, milestones, and essential information that will help them become successful! It is basically the blueprint that one will follow in their business! Entrepreneurs who write a business plan are more likely to succeed and stay on top! Being in the business market means competition. This is why it is important to have a business plan before or in the early stages of starting the business. You don’t want to create the entirety of the business plan in the beginning of starting a business. However, laying out those basic steps, strategies, numbers, goals, etc. will help the business get started and make it easier. After a few months, however, once the business is up and running, revising and paying more attention to the business plan will be good for the advancement of the business. You don’t want to invest a ton of time in the business plan at the beginning because it could end up changing completely, so getting the basics down and then, after a few months of understanding the business and working in it, growing the business plan will help the business prosper! According to the video listed above, the executive summary is “the business in a nutshell” The executive summary gives readers an overview and insight of the business without having to read the entirety of the business plan. It allows them to learn about the business and see if it’s a business they want to invest their time in. A business plan may not be necessary if a new idea pops into your head. While these ideas may be great, they could just be a hobby or something fun in which a business plan might not be beneficial until it’s something that you may want to invest in or create a business out of! The major sections of a business plan include things such as the: Executive Summary, description of your business, the services and products, marketing and sales, operations, the team, and financial summary.
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• Sijuan Cantrell,

In its simplest form, a business plan is a guide or a roadmap for your business that outlines goals and details how you plan to achieve those goals. Overall, writing a business plan is an opportunity to assess if a good idea is also a good investment opportunity. It does so by providing evidence that your business can sell enough products or services to make an attractive profit. If done well, it can be a tool used by company insiders for direction and to aid in the development of relationship with outsiders who could help the company achieve its goals. A business plan should be developed before you start a business. A business plan is necessary however, not all business plans are the same, and not every business needs the same level of detail. An executive summary is a section of the business plan that conveys a clear and concise overall picture of the proposed venture and creates interest in the venture. It is the most important section of the business plan. If you’re using your plan to persuade prospective investors or lenders, know this is often the only part they read before deciding whether or not to read the rest of your plan. Your Executive Summary must convey your enthusiasm for your business and get readers excited about it, too. The major sections common to most business plans are the cover page, table of contents, executive summary, company description, industry, target customer, and competitor analysis, product/service plan, marketing plan, operations and development plan, management team. Critical risks, offering, exit strategy, financial plan, and appendix of supporting document.