In the beginning, one may have the urge to delve straight into specific strategies, such as evaluating production methods, studying market segments, and evaluating the competition—but do not do that, at least not yet.
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.
Why? Because once you know the details of your business inside and out, you will be better prepared to write your executive summary. After all, this section is a summary of everything else you`re going to write about.
Without a business plan as a baseline, it will be far more difficult to track your progress, make adjustments, and have historical information readily available to reference when making difficult decisions. Creating a business plan ensures that you have a roadmap that doesn`t just outline where you plan to go, but where you`ve already been.
The vision should include tangible goals such as profits and market share, but more importantly, it should focus on the intangible/unquantifiable long-term goals, such as your willingness to adapt, emerging business-trends, and an ever-present desire to `excel.`
And you don`t have to start with the full, detailed business plan that I`m going to describe here. In fact, it can be much easier to start with a simple, one-page business plan—what we call a Lean Plan—and then come back and build a slightly longer, more detailed business plan later.