Drucker argues that what underlies the current malaise of so many large and successful organizations worldwide is that their theory of the business no longer works.
The Executive Summary is a brief outline of the company's purpose and goals.
While it can be tough to fit on one or two pages, a good Summary includes: A brief description of products and services A summary of objectives A solid description of the market A high-level justification for viability including a quick look at your competition and your competitive advantage A snapshot of growth potential An overview of funding requirements I know that seems like a lot, and that's why it's so important you get it right.
The Executive Summary is often the make-or-break section of your business plan. A great business solves customer problems; if your Summary cannot clearly describe, in one or two pages, how your business will solve a particular problem and make a profit, then it's very possible the opportunity does not exist--or your plan to take advantage of a genuine opportunity is not well developed.
So think of it as a snapshot of your business plan. Don't try to "hype" your business--focus on helping a busy reader get a great feel for what you plan to do, how you plan to do it, and how you will succeed.
Since a business plan should above all help you start and grow your business, your Executive Summary should first and foremost help you do the following. Refine and tighten your concept.
Think of it as a written "elevator pitch" with more detail, of course. Your Summary describes the highlights of your plan, includes only the most critical points, and leaves out less important issues and factors.
As you develop your Summary you will naturally focus on the issues that contribute most to potential success. If your concept is too fuzzy, too broad, or too complicated, go back and start again. Most great businesses can be described in several sentences, not several pages.
Your business plan walks the reader through your plan. What ranks high in terms of importance? Acquiring the right location? Your Summary can serve as a guide to writing the rest of your plan.
Make the rest of the process easy. Once your Summary is complete, you can use it as an outline for the rest of your plan. Simply flesh out the highlights with more detail. Then work to accomplish your secondary objective by focusing on your readers. Even though you may be creating a business plan solely for your own purposes, at some point you may decide to seek financing or to bring on other investors, so make sure your Summary meets their needs as well.
Work hard to set the stage for the rest of the plan. Let your excitement for your idea and your business shine through. In short, make readers want to turn the page and keep reading. Just make sure your sizzle meets your steak by providing clear, factual descriptions.
The following is how an Executive Summary for a bicycle rental store might read.A business plan that asks -- and answers -- the right questions is a powerful tool. How to Write a Great Business Plan (Harvard Business Review Classics) by Sahlman, William A. and a great selection of similar Used, New and Collectible Books available now at initiativeblog.com How to Write a Great Business Plan (Harvard Business Review Classics) [William A.
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This paper focuses not only on what makes a good business plan but what makes a great business plan in the context of the entrepreneurial venture.
3 Rationale of writing a business plan A business plan in hand is like a street directory to a destination. Find helpful customer reviews and review ratings for How to Write a Great Business Plan (Harvard Business Review Classics) at initiativeblog.com Read honest and unbiased product reviews from our users.
What makes a great résumé and cover letter? Linda Spencer, associate director and coordinator of career advising at Harvard Extension School, shares examples of a few strong résumés and explains what makes them stand out.