All business plans should establish strategy, tactics, milestones, tasks, assumptions, and essential numbers (projected sales, direct costs, expenses, and cash flow). All business plans should develop accountability and tracking.
Highlight the key aspects of your financial plan, ideally with a chart that shows your planned sales, expenses, and profitability. If your business model (i.e., how you make money) needs additional explanation, this is where you would do it.
Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. In fact, it`s very common for investors to ask for only the executive summary when they are evaluating your business. If they like what they see in the executive summary, they`ll often follow up with a request for a complete plan, a pitch presentation, and more in-depth financials.
Writing a business plan may seem like a big hurdle, but it doesn`t have to be. You know your business—you`re the expert on it. For that reason alone, writing a business plan and then leveraging your plan for growth won`t be nearly as challenging as you think.
Defining the problem you are solving for your customers is by far the most critical element of your business plan and crucial for your business success. If you can`t pinpoint a problem that your potential customers have, then you might not have a viable business concept.
People who read your business plan will already know a little bit about your business because they read your executive summary. 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.