Unit 6: Other Business Planning Elements

6a. Apply best practices in business plan writing, such as brevity and conciseness

  • What elements of the business plan should be considered?
  • Why is an executive summary written last?
  • How should a business plan be formatted?

To be the most useful, business plans must be realistic. For example, sales projections and cash flow in the first draft of a business plan may not coincide with the rest of the plan. This is why it is important to focus on several drafts of the plan. When reviewing the second draft of a plan, the entrepreneur should review and revise sales projections, adjust strategies to make financial statements realistic, and ensure the written and financial parts of the plan are well synchronized. 

A business plan should include the essential initial resource, note the business model, have an introduction, operations plan, human resource plan, marketing plan, and financial plans. Goals throughout the plan should be clear. Once this is done, an entrepreneur writes the executive summary, proofreads it, and creates a pitch for the plan. 

To review, see:

 

6b. Analyze the different elements of a business plan, such as the executive summary

  • What is an executive summary?
  • What should be included in a business description for a business plan?
  • What types of formats and samples of business plans are available?

The executive summary of a business plan is usually written last and outlines all of the key elements of the entire business plan. When writing a business description for the business plan, the business description describes the industry, your product or service, the business itself, and success factors.

When considering what to write in a business plan, reviewing templates and considering its format and how long it will be, such as choosing a traditional business plan or a lean startup plan, are all important decisions to be made.

To review, see:

 

Unit 6 Vocabulary

This vocabulary list includes terms you will need to know to successfully complete the final exam. 

  • executive summary
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