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Business Plan Conclusion: Summary & Recap
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You’ve written your business plan, but now you want to wrap it up to make a lasting impact on your reader. In this article, we will define the conclusion to a business plan as well as provide some tips to help you attract and seal the deal with potential investors and lenders.
What is a Business Plan Conclusion?
This business plan conclusion is a concise summary and recap of all of the components of a business plan , but especially the executive summary. It summarizes your business plan in 2-3 paragraphs, with an emphasis on the most important points.
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Is the Business Conclusion Necessary?
It’s good practice for business plans, but not always necessary to be successful in obtaining funding.
If you have a stellar executive summary, it may be unnecessary.
If the business conclusion is written well enough, it can serve as an executive summary of sorts – a short recap that provides more detail than the business plan as a whole, but only includes the most important points. It could also serve as an executive summary that is more concise than an actual executive summary.
How To Write a Conclusion for Your Business Plan
The conclusion of your business plan is the last thing people read before deciding to invest in you and your business, so it needs to make a lasting impression.
Determine Location
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Depending on your intended audience, there are two common places for the conclusion. If your plan is meant for internal purposes, you may have the conclusion at the end of the entire document. However, if you are seeking funds from investors, you want to place the conclusion at the end of the Executive Summary, increasing the chances that it is actually read.
Review & Concisely Recap
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Startups might include the following information:.
- Funding requirements
- Service or benefit to the investor
- Target market and audience
- How products or services solve the target market’s problem
- Marketing strategy
- Competitive advantage
- Management team experience
- Financial projections
- Launch plan
Established businesses might include information in their conclusions such as:
- Mission statement
- Company’s history
- Products and/or services
- Historical growth data
- Financial summary
- Company’s goals
Summarize the 3-5 points in a couple of paragraphs. You don’t need to summarize everything that happened in your business plan, just the most important points of the business plan.
Support Your Claims with Stats and/or Visuals
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Establish a Call-To-Action (CTA)
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Proofread & Spell-Check
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The conclusion needs to give your readers a sense of closure by wrapping up all loose ends while making your last pitch effort to obtain the money your business may need.
Business Plan Conclusion Example
Use this conclusion example to help you with how to end a business plan, but keep in mind to make it relevant to your target audience, industry, and funding requirements:
Expanding into the Seattle metro area will allow Skyridge to provide its cutting-edge technology to more people who need it. Purchasing the fabrication plant in Seattle allows us to produce all of our products in-house and in one location, delivering them promptly and efficiently to the northwestern region.
We have the power to change the way people use technology, and we want [Investor’s Name] to be a part of it. By investing in Skyridge’s growth, [Investor’s Name] will benefit in the following ways:
- Inclusion with a startup that has seen XXX% growth over the past X years and our company’s management team with XX years of experience in the technology industry
- Contribution to Seattle’s economic growth and its citizens’ access to technology that enhances their lives
- Participation in company planning meetings and receive an XX% share in all profits earned
We can add to the number of lives Skyridge’s technologies impact, generate more job opportunities in the region, and alter the technology sector if we work together. If you agree with our vision for a better future for everyone, join us.
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Related Articles To Help You Write a Business Plan
- How to Write an Executive Summary
- How to Expertly Write the Company Description in Your Business Plan
- How to Write the Market Analysis Section of a Business Plan
- The Customer Analysis Section of Your Business Plan
- Completing the Competitive Analysis Section of Your Business Plan
- How to Write the Management Team Section of a Business Plan + Examples
- Financial Assumptions and Your Business Plan
- How to Create Financial Projections for Your Business Plan
- Everything You Need to Know about the Business Plan Appendix
Other Helpful Business Plan Articles & Templates
![summary and conclusion of a business plan Business Plan Template & Guide for Small Businesses](https://www.growthink.com/wp-content/uploads/business-plan-template-growthink.png)
How to Write a Business Plan Executive Summary (Example Included!)
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How do you turn your brilliant business idea into a reality? You've done your homework and know that to get investors or partners, you need a business plan . But more than that, you want to really stand out and make a strong first impression—and that's where the business plan executive summary steps in.
This key section gives a quick snapshot of your entire business strategy, and is designed to catch the interest of potential investors, stakeholders, or partners. It can be the difference between landing that dream deal or getting lost in the slush pile.
So, what's better than a business plan executive summary example to point you in the right direction? Below, you'll find a great one—plus tips on what to include, what to avoid, and how to craft yours.
What is a business plan executive summary?
A business plan executive summary is a condensed overview of the key elements of your business plan. It introduces your business, what you offer (products or services), your target market, and what sets you apart from the competition. It also outlines your financial projections and funding needs (if applicable) and gives a clear picture of your company description and vision.
Your business plan executive summary could be decisive in several situations:
- Pitching to investors: Investors often make preliminary decisions based on the executive summary. A well-crafted summary can get you a meeting and a chance to present your full business plan.
- Summarizing for stakeholders: Stakeholders need to quickly understand your business's direction and key strategies. An executive summary gives them a concise update.
- Business competitions: In many business plan competitions, judges rely on the executive summary to decide which plans move to the next round.
Now that you understand the importance of an executive summary in a business plan, let’s see the key components that make up a winning one.
What should an executive summary include in a business plan
Crafting an effective executive summary means transforming the most critical elements of your business plan into a clear and compelling story. It's typically positioned at the beginning of the document but is written last to ensure it accurately reflects the entire plan.
Here are the key parts of an executive summary in a business plan:
Mission statement
Your mission statement is the heart of your business; it can grab your audience's attention and clarify your business’s core values and objectives. Briefly describe your company’s purpose and what you aim to achieve.
Company history and management team
Provide a brief overview of your business’s history, noting key milestones and achievements. Introduce your management team, highlighting their experience and expertise. This section helps build credibility and shows that you have a capable team behind the business.
Products or services
Describe the products or services your business offers, focusing on what makes them unique and how they meet market needs. This part should clearly explain the value your offerings provide.
Target market
Define your target customers, including their demographics, needs, and pain points. Highlight the demand for your products or services and how your business meets this demand. Assess your main competitors, identifying their strengths, weaknesses, and market share.
Competitive edge
Identify what sets your business apart from the competition. This could be unique technology, excellent customer service, a strong brand, patents, or trademarks—anything that really gives you an edge. Emphasize these strengths to show why your business will thrive in the market.
Financial projections
Give a high-level overview of your financial projections, covering revenue, profit margins, and growth expectations. This section should reassure readers about your business’s financial viability and potential for success. Do not forget to include the amount of funding you're seeking and how you'll use it to achieve your goals.
Speaking of funding, you can build your dream business with the help of a high-paying job—browse open jobs on The Muse »
How to write a business plan executive summary: Dos and Don'ts
So, how do you write an executive summary for a business plan? Here's what you should do—and what you should avoid.
- Hook them early: Start with a captivating introduction that grabs the reader's attention. This could be a strong opening statement or an impactful statistic that highlights your most compelling value proposition.
- Write with clarity: Keep your language clear and straightforward. Using jargon or technical terms could confuse your audience.
- Tell a story : People are naturally drawn to stories. Try to frame your business plan executive summary as a narrative that includes challenges and successes.
- Focus on impact: Prioritize the most important information. Remember, it's a summary, not the full story.
- Quantify your success: Use data and metrics whenever you can to back up your claims about market size, growth potential, and financial projections.
- Proofread like a pro: Typos and grammatical errors can leave a negative impression. Double (or triple) check your work before sending it out. Don’t just use spelling and grammar check—actually re-read it to catch any mistakes.
- Showcase your passion: That should be the easy part. Just let your enthusiasm for your business and its mission shine through!
- Bury the lead: Don't wait until the end to share your most important information. Start strong and capture their interest right away.
- Be too vague: Instead, be specific and provide concrete details. Vague statements don’t add value or clarity, so they don't belong in your business executive summary.
- Ignore your audience: Tailor your summary to the needs and interests of your audience. Consider what they need to know and what will capture their interest.
- Overpromise and underdeliver: Be realistic about your projections and timelines. Setting unrealistic expectations can damage your credibility.
- Get bogged down in details: Save the nitty-gritty details for your full business plan. Focus on the key highlights in your executive summary.
- Forget the call to action: Tell your readers what you want them to do next. Do you want them to invest? Partner with you? Clearly outline your desired outcome.
- Write in a vacuum: Get feedback from trusted advisors or mentors before finalizing your summary. Fresh eyes can help spot areas for improvement.
Business plan executive summary example
Wondering how these tips look in action? Here's the business plan summary example you've been looking for.
This one is for a fictitious company—let's call it Econnovate—specializing in renewable energy solutions. Use it as a guide to craft your own business plan executive summary.
Mission and vision statements
Econnovate is revolutionizing the energy landscape with innovative, sustainable solutions that empower businesses and communities to embrace a cleaner future. Our mission is to use the power of renewable energy sources to provide innovative, affordable, and sustainable energy solutions to reduce our reliance on fossil fuels and create a more environmentally conscious world.
Founded in 2021, Econnovate is a team of passionate engineers and environmental enthusiasts dedicated to developing cutting-edge renewable energy technologies. Our team boasts over 50 years of combined industry experience, including experts in technology, marketing, and operations. Headquartered in Denver, CO, we operate with a global mindset, serving clients across diverse industries and geographies.
Our products
Econnovate's flagship product, SolarMax, is a cutting-edge solar panel system that offers 20% more efficiency than conventional panels. Additionally, we provide EcoBattery, a state-of-the-art energy storage solution that maximizes the utility of our solar panels, ensuring energy availability even during non-sunny periods. Our products are designed to be both cost-effective and easy to install, making sustainable energy accessible to a wider audience.
The global renewable energy market is expected to grow at a CAGR of 7.8% over the next decade. Our target market includes environmentally conscious homeowners and businesses seeking sustainable energy solutions. With increasing regulatory support and growing environmental awareness, the demand for our products is poised for substantial growth.
Econnovate’s proprietary solar technology not only increases efficiency but also reduces costs, giving us a significant edge over competitors. We not only provide renewable energy solutions but also adhere to sustainable practices in our own operations. Additionally, our exceptional customer service and strong brand reputation further differentiate us in the marketplace. We also offer comprehensive warranties and maintenance services, ensuring long-term customer satisfaction and loyalty.
We project a 30% annual revenue growth over the next five years, with profitability expected to be achieved by year three. Our robust financial model is based on conservative estimates and thorough market analysis. By year five, we anticipate generating $50 million in annual revenue, with a healthy profit margin of 15%.
We are seeking $2 million in funding to scale our manufacturing capabilities and expand our market reach. This investment will enable Econnovate to double production capacity and increase market share by 15% within two years. The funds will be allocated to enhancing our production facilities, boosting our marketing plan, and expanding our sales team.
1. What is an executive summary in a business plan?
It's a concise summary of the key points of a business plan, highlighting the business’s mission, products or services, market, competitive advantages, financial projections, and funding needs. The goal is to give a quick overview that captures the reader’s interest and encourages them to read the full plan.
2. How long should an executive summary be?
An executive summary is typically one to two pages long. It should provide a concise overview without overwhelming the reader. Focus on the most important aspects of your business plan, making sure each point is clear and impactful.
3. Can I use a template to write an executive summary?
Yes! Templates offer an effective structure and help ensure you cover all essential elements. But don't just fill in the blanks. Tailor the template to fit your business and make it your own. (Feel free to use our example as a guide.)
4. Should an executive summary be written in first person or third person?
An executive summary is typically written in the third person to maintain a professional tone. However, if your business plan is for internal use or a more personal presentation, using the first person can be appropriate. The key is to keep your writing clear and professional at all times.
5. How do I make my executive summary stand out?
To make your executive summary stand out, focus on being clear and compelling. Start with a strong opening statement that grabs attention. Use visual elements like bullet points, headings, and charts to make it easy to read. Highlight your unique selling points and ensure your summary is free of complex jargon and technical language.
Remember, your executive summary is often the first impression of your business, so make it count!
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How to Write a Business Plan Conclusion?
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Business Plan Template
- Vinay Kevadia
- June 20, 2024
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Completed writing your business plan?
Let’s wrap it up with a conclusion that ends your business plan on an exciting and positive note. Not to forget—a conclusion that convinces the readers about your business’s potential to succeed.
In this blog post, you will learn exactly how to write a conclusion of a business plan and get an example to guide you.
Let’s get started.
What is a business plan conclusion?
A business plan conclusion is the final section concluding very concisely the points discussed in your business plan.
It reinforces the business’s strengths and feasibility and reassures the readers of potential business success. It clarifies the reader’s benefit of associating with your business and convinces them of a profitable investment opportunity.
A conclusion is about 3-4 paragraphs long and is designed to drive action and leave a lasting impression on reader’s minds.
Business plan conclusion vs. executive summary
Many people confuse a conclusion and an executive summary to be the same. However, they are not. Let’s see how.
- An executive summary is a broad overview of your entire business plan. The conclusion, on the other hand, is a concise summary reinforcing the key takeaways of your plan.
- While an executive summary introduces the readers to your business idea, a conclusion convinces them to take the desired action.
- An executive summary is a preview of what the plan will be about. The conclusion, on the contrary, is a review of what the plan has discussed.
- An executive summary is concise. However, conclusions are more concise covering only the aspects that can drive decisions and actions.
Clear enough, right? Let’s move ahead.
Why is a business plan conclusion important?
Although a conclusion is not mandatory, it is an important aspect of a business plan. It communicates your passion and commitment to a business idea and convinces the readers of your ability to succeed.
A conclusion synthesizes the key insights of your business plan focusing on aspects such as market analysis , business strategy, competitive advantage, and milestones. It reinforces your plan’s vision and establishes your strategic position amongst readers.
A well-crafted conclusion will drive desired actions from the readers. It can seal the deal and fulfill your objective of writing a business plan.
How to write a conclusion for your business plan?
From what information to include to where to place the conclusion—this section will guide you to write an impactful conclusion for your business plan.
1. Choose the right placement
There are two places for you to place your conclusion. It can either be after your executive summary or at the end of the document.
The location changes depending on who you plan to present your business plan with.
If you prepare a business plan for investors , placing your conclusion after the executive summary will increase the likelihood of it getting read.
However, the conclusion should be placed at the end for business plans that are prepared for internal use and business partners. Conclusion in this case reviews and emphasizes the company’s strengths.
2. Place the right information
The information in your conclusion changes depending on your audience and the intent of the business plan.
For instance, if you’re a new business trying to secure funds, your conclusion can synthesize the key details about the following:
- Funding demands
- Benefit to the investors
- Target market and target customers
- Solution for the problem
- Marketing strategy
- Team members and their expertise
- Financial projections
- Competitive advantage
- Launch plan
However, if you’re a small business trying to grow or use this plan for internal use, consider covering key insights from the following aspects:
- Mission statement
- History and the milestones
- Data supporting growth
- Industry trends
- Financial summary
- Long-term goals and objectives
These are the details you can cover while writing your conclusion. However, including every bit of these in your conclusion is unnecessary.
Think from your reader’s perspective. Determine the information that would excite them about your business and form your conclusion accordingly.
3. Include stats and visuals
Now that you’ve decided on the placement and information to be included in your conclusion, it’s time to make your conclusion zesty.
How? Get the facts and stats that would support the claims you make in your conclusion.
For instance, if you’re promising growth, show market research that supports your claim. Again, if you’re promising a certain return on investment, include the statistics that can make investors believe you.
Sway away from vague statements and assumptions. And, if you feel that the statistic would be best absorbed through visual charts or graphics, don’t be afraid to add one.
4. Add a CTA
If you want the readers to take action, guide them. Add a crisp clear call to action(CTA) and explain how the readers would benefit from taking that action.
For instance,
- Join us as a silent partner by investing in Beanco.
- Invest $2 M and secure a 20% stake in equity.
- Support our growth by sharing references.
Don’t beat around the bush. If you are making a funding request, be unapologetic. And even if not, your CTA should suggest how a reader can support your growth.
5. Review and proofread
Once your conclusion is ready, re-read and proofread it for any grammatical or spelling errors. Fix the flow and remove fluff to make your conclusion crisp and persuasive.
Get your friends and business partners to read the conclusion and check if the message you are trying to send is crisp and clear. If not, make the necessary adjustments.
Business plan conclusion example
Use this business plan conclusion as a reference and tailor yours keeping in mind the needs, objectives, and audience for your business plan.
Launching EcoRide Electric Scooters will revolutionize urban transportation by providing an eco-friendly, efficient, and affordable solution for city commuters. Our innovative design and advanced technology will set us apart in the rapidly growing market for sustainable transport options.
We are poised to make a significant impact on urban mobility, and we want [Investor’s Name] to be a foundational part of our journey. By investing in EcoRide Electric Scooters, [Investor’s Name] will benefit in the following ways:
- Joining a groundbreaking startup with a vision to reduce urban pollution and traffic congestion, led by a passionate team with over 20 years of combined experience in the automotive and tech industries.
- Supporting the development and deployment of cutting-edge electric scooters, contributing to a cleaner, greener urban environment.
- Gaining equity in a high-potential startup with a scalable business model and the potential for significant returns as we expand to new markets.
Together, we can transform urban transportation, reduce carbon footprints, and create a sustainable future for city dwellers. If you share our vision for a cleaner, more efficient urban commute, partner with us.
Let’s conclude your business plan
Now that you have understood the process and referred to an example, let’s conclude your business plan.
Identify the information you must highlight, encapsulate it into a powerful conclusion, and pair it with an even more powerful CTA.
However, remember that the conclusion just seals the deal. It’s the business plan that will hook your readers till the end. With Upmetrics’s AI business plan generator , you can create truly engaging business plans in just about 10 minutes.
So, improvise your business plan, sum it up with a convincing conclusion, and send over your business plan to your potential investors to secure funding.
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Frequently Asked Questions
How long should a business plan conclusion be.
A conclusion of your business plan can be anywhere between 2-3 paragraphs long. In this ideal length, you must outline the key takeaways of your plan, clarify the next step to the readers, and explain to them the benefit of supporting your business.
What is the most important part of a business plan conclusion?
A CTA is the most important part of the conclusion, especially if you are trying to raise funds. However, if you are writing a plan for internal purposes, focus more on synthesizing the key essentials of a plan.
Can I include new information in the conclusion?
A conclusion does not introduce any new information. It simply reinforces the business’s position and convinces the readers to take the desired action for one last time. For instance, offer funding for your business.
Is it necessary to include a call to action in the conclusion?
It is very important to add a crisp clear CTA while concluding your plan. You can’t expect the readers to invest in your business or help you grow if you don’t clarify the steps to take action.
About the Author
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Vinay Kevadiya
Vinay Kevadiya is the founder and CEO of Upmetrics, the #1 business planning software. His ultimate goal with Upmetrics is to revolutionize how entrepreneurs create, manage, and execute their business plans. He enjoys sharing his insights on business planning and other relevant topics through his articles and blog posts. Read more
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How to Write an Executive Summary
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9 min. read
Updated December 13, 2023
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An executive summary isn’t just the beginning of your business plan – it’s your opening act, your first chance to impress potential investors, banks, clients and other stakeholders.
An effective executive summary gives decision-makers critical information about your business instantly.
Creating an executive summary is more than just a writing exercise. It requires careful crafting and strategic thinking, as well as an ability to balance the needs to be both succinct and comprehensive.
![summary and conclusion of a business plan YouTube video](https://i.ytimg.com/vi/R39z7lPFx4M/hqdefault.jpg)
- What is an executive summary?
The executive summary is a brief introduction and summary of your business plan. It introduces your business, the problem you solve, and what you’re asking from your readers. Anyone should be able to understand your business by simply reading this section of your plan.
While structurally it is the first chapter of your plan—you should write it last. Once you know the details of your business inside and out, you will be better prepared to write this section.
- Why write an executive summary?
The business plan executive summary provides quick access to critical information from your more detailed business plan.
It is essential for informing anyone outside of your business. Many people—including investors and bankers—will only read your summary. Others will use it to decide if they should read the rest. For you, it is a snapshot of your business to reference when planning or revising your strategy.
Now if you’re writing a business plan solely for internal use you may not need an executive summary. However, some internal plans may necessitate writing an executive summary for assignment—such as for an annual operations plan or a strategic plan .
It takes some effort to do a good summary, so if you don’t have a business use in mind, don’t do it.
- How long should it be?
Business plan executive summaries should be as short as possible. Your audience has limited time and attention and they want to quickly get the details of your business plan.
Try to keep your executive summary under two pages if possible, although it can be longer if absolutely necessary. If you have a one-page business plan, you can even use that as your executive summary.
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- Executive summary outline
Two pages isn’t a ton of space to capture the full scope of your vision for the business. That means every sentence of your executive summary counts.
You will want to immediately capture the reader’s attention with a compelling introduction. Without getting too lengthy, present who you are as an organization, the problem you are seeking to solve, your skills, and why you are the best entity to solve the problem you’ve outlined.
It’s crucial to establish the need or problem your business is solving in a clear manner, in order to convince your audience that it must be addressed. Following that, recommend the solution and show its value. Be clear and firm in your recommendation, making sure to justify your cause and highlighting key reasons why your organization is the perfect fit for the solution you’re proposing. Finally, a strong conclusion is needed to reiterate the main points and wrap up the executive summary.
What to include in your executive summary
1. business overview.
A one-sentence description that explains what you do, why you do it, and how you do it.
Summarize the problem you’re solving in the market and reference any data that solidifies that there is a need.
3. Solution
Describe your product or service and how it addresses the problem you identified.
4. Target market
Who is your ideal customer? Describe who they are, how they’ll benefit, and why they’re an attainable customer base.
5. Competition
Who are your competitors? List out any primary competition as well as alternatives that your customers may consider. Include key details about their current offerings, promotions, and business strategy.
6. Your team
In your executive summary, outline your organizational structure and current team. List out brief explanations of who you and your team are, your qualifications, and what your function will be within the business. It may be valuable to also highlight any gaps in your team and how you intend to fill them. If you have potential partners or candidates in mind, briefly mention them and expand on their qualifications within your full business plan.
7. Financial summary
Highlight key aspects of your financial plan that address sales, expenses, and profitability. Try to keep these in chart or graph form to ensure the information is easy to consume and resonates visually.
8. Funding requirements
This section is only necessary if you’re seeking out funding or pitching to investors. Be sure to throw out your financing number and reasoning upfront, rather than hiding it later on in your plan. It helps investors understand your position, what you’re asking for, and how you’ll use it.
9. Milestones and traction
Add initial sales, pre-sales, newsletter sign-ups, or anything else that showcases customer interest. Outline what steps you’ve already taken to launch your business, the milestones you’ve hit, and your goals and milestones for the next month, six months, year, etc.
Executive summary vs introduction
A common mistake some people make when starting an executive summary outline is thinking it performs the same function as the introduction to their business plan. In fact, the two serve different purposes and contain different types of information, even though they are both essential.
As we’ve discussed, the executive summary is a high-level overview of the entire business plan. The introduction, by contrast, dives deeper into your business, providing information about the nature of your business, the history of your company, your mission statement, products or services, and the specific problem that your business solves.
The introduction is more detailed, and usually comes right after the executive summary.
On the other hand, the introduction gives investors or lenders – anyone reading your business plan – a sense of why they should continue reading. Think of it more as the space to tell stakeholders why you are speaking to them. An executive summary can also serve this purpose, but the introduction is meant to speak more directly to your target audience, while an executive summary could give a larger audience a general overview of your business.
Tips for writing an effective executive summary
Here are a few best practices to make writing your executive summary easier, and ultimately more effective.
1. Think of an executive summary as your pitch
The executive summary is like an elevator pitch. You’re selling someone on reading your full plan while quickly summarizing the key points. Readers will expect it to cover certain areas of your business—such as the product, market, and financial highlights, at the very least.
While you need to include what’s necessary, you should also highlight areas that you believe will spark the reader’s interest. Remember, you’re telling the brief but convincing story of your business with this summary. Just be sure that you’re able to back it up with the right details with the rest of your business plan.
2. Write it last
Even though the executive summary is at the beginning of a finished business plan, many experienced entrepreneurs choose to write it after everything else. In theory, this makes it easier to write since all of the information is already written out and just needs to be condensed into a shorter format.
Now, if you’ve started with a one-page plan, this process is even easier. Just use your one-page plan as a starting point and add additional details to any sections that need it. You may even find that no changes are necessary.
3. Keep it short
Ideally, the executive summary is short—usually just a page or two, five at the outside—and highlights the points you’ve made elsewhere in your business plan. Whatever length you land on, just focus on being brief and concise. Keep it as short as you can without missing the essentials.
4. Keep it simple
Form follows function, so don’t overcomplicate or over-explain things. The best executive summaries are a mixture of short text, broken up with bullets and subheadings, and illustrations, such as a bar chart showing financial highlights.
Run through a legibility test after writing your summary. Is it easy to skim through? Are the right pieces of information jumping out? If the answer to either of those questions is no, then work back through and try breaking up information or adjusting the formatting.
5. Create an executive summary outline based on importance and strengths
Organize your executive summary outline so that the most important information appears first. While there are specific components to include, there is no set order of appearance. So, use the order to show emphasis.
Lead with what you want to get the most attention, and add the rest by order of importance. For example, you may start with the problem because that can add drama and urgency that tees up the solution you provide.
Additional resources to write a great executive summary
Need more information and guidance to craft a convincing executive summary? Check out these in-depth resources and templates.
Key mistakes to avoid when writing an executive summary
Here are the critical mistakes you should avoid when writing your executive summary.
How to write your executive summary for specific audiences
The executive summary should tell your audience exactly what your business is, what it does, and why it’s worth their time. Here’s how you can take it a step further and fine-tune it for specific people.
How to develop a mission statement
Learn to put a heart behind the business and create an easy-to-understand narrative by writing a mission statement.
Executive Summary FAQ
What is in an executive summary?
The executive summary of a business plan is a brief introduction and summary of your business strategy, operations, and goals.
What is the purpose of an executive summary?
An executive summary is typically written to convince someone to read your more detailed plan. For investors, it may be the only thing they look at when deciding if they’d like to hear your pitch. Loan officers may review it to determine if your business seems financially sound. And partners, mentors, or anyone else may use it to determine if they want to be involved with your business.
How do you start an executive summary?
While there is no required order for an executive summary, it’s often recommended that you lead with the problem you’re solving or the purpose of your business. This will help frame your intent for the reader, and ideally make them more interested in learning more.
How do you write a good executive summary?
A good executive summary is brief, convincing, and easy to read. Focus on keeping things short and concise, only including necessary information. Be sure to lead and highlight anything that is especially interesting or important about your business. And after writing, spend some time reviewing and reformatting to make your summary as attractive to read as possible.
![Content Author: Tim Berry Content Author: Tim Berry](https://secure.gravatar.com/avatar/be084ba8f13a71bda6c110d1c05c9228?s=88&d=https%3A%2F%2Fweb-cdn.paloalto.com%2Fbplans%2Fauthors%2Fdefault-author.png&r=g)
Tim Berry is the founder and chairman of Palo Alto Software , a co-founder of Borland International, and a recognized expert in business planning. He has an MBA from Stanford and degrees with honors from the University of Oregon and the University of Notre Dame. Today, Tim dedicates most of his time to blogging, teaching and evangelizing for business planning.
![summary and conclusion of a business plan Check out LivePlan](https://web-cdn.paloalto.com/common/adbutler/EvergreenLeftRail/default.png?format=auto)
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How to Write an Executive Summary (+ Examples)
![summary and conclusion of a business plan Avatar photo](https://sharpsheets.io/wp-content/uploads/2022/12/cropped-RemiPic-70x70.jpeg)
- March 21, 2024
- Business Plan , How to Write
![summary and conclusion of a business plan executive summary example](https://sharpsheets.io/wp-content/uploads/2024/03/Screenshot-2024-03-20-at-18.43.47.png.webp)
The executive summary is the cornerstone of any business plan, serving as a gateway for readers to understand the essence of your proposal.
It summarizes the plan’s key points into a digestible format, making it crucial for capturing the interest of investors, partners, and stakeholders.
In this comprehensive guide, we’ll explore what the executive summary is, why we use it, and also how you can create one for your business plan. Let’s dive in!
What is an Executive Summary?
An executive summary is a concise and compelling overview of a business plan (or simply a report), designed to provide readers, such as investors, partners, or upper management, with a quick and clear understanding of the document’s most critical aspects.
For a business plan, it summarizes the key points including the business overview , market analysis , strategy plan timeline and financial projections.
Typically, the executive summary is the first section of a business plan, but it should be written last to ensure it accurately reflects the content of the entire document.
The primary goal of an executive summary is to engage the reader’s interest and encourage them to read the full document.
It should be succinct, typically no more than one to two pages, and articulate enough to stand on its own, presenting the essence of the business proposal or report without requiring the reader to go through the entire document for basic understanding.
Why Do We Use It?
The executive summary plays a crucial role in whether a business plan opens doors to funding, partnerships, or other opportunities . It’s often the first (and sometimes the only) part of the plan that stakeholders read, making it essential for making a strong, positive first impression. As such, we use it in order to:
- Capture Attention: Given the volume of business plans investors, partners, and lenders might receive, an executive summary’s primary function is to grab the reader’s attention quickly. It highlights the most compelling aspects of the business to encourage further reading.
- Save Time: It provides a succinct overview of the business plan, allowing readers to understand the key points without going through the entire document. This is particularly beneficial for busy stakeholders who need to make informed decisions efficiently.
- Facilitate Understanding: An executive summary distills complex business concepts and strategies into a concise format. Therefore, it makes it easier for readers to grasp the business’s core mission, strategic direction, and potential for success.
- Driving Action: By summarizing the financial projections and funding requirements, an executive summary can effectively communicate the investment opportunity. Indeed the investment opportunity, whether to raise money from investors or a loan from a bank, is the most common reason why we prepare business plans.
- Setting the Tone: The executive summary sets the tone for the entire business plan. A well-written summary indicates a well-thought-out business plan, reflecting the professionalism and competence of the management team.
How to Write an Executive Summary in 4 Simple Steps
Here’s a streamlined approach to crafting an impactful executive summary:
1. Start with Your Business Overview
- Company Name: Begin with the name of your business.
- Location: Provide the location of your business operations.
- Business model: Briefly describe how you make money, the producfs and/or services your business offers.
2. Highlight the Market Opportunity
- Target Market : Identify your target market and its size.
- Market Trends : Highlight the key market trends that justify the need for your product or service.
- Competitive Landscape : Describe how your business is positioned to meet this need effectively.
3. Present Your Management Team
- Team Overview: Introduce the key members of your management team and their roles.
- Experience: Highlight relevant experience and skills that contribute to the business’s success.
4. Include Financial Projections
- Financial Summary: Provide a snapshot of key financial projections, including revenue, profits, and cash flow over the next three to five years.
- Funding Requirements: If seeking investment, specify the amount needed and how it will be used.
2 Executive Summary Examples
Here are 2 examples you can use as an inspiration to create yours. These are taken from our coffee shop and hair salon business plan templates.
Coffee Shop Executive Summary
![summary and conclusion of a business plan](https://sharpsheets.io/wp-content/uploads/2024/03/Business-Plan_Coffee-Shop-1-1024x576.png.webp)
Hair Salon Executive Summary
![summary and conclusion of a business plan](https://sharpsheets.io/wp-content/uploads/2024/03/Business-Plan_Hair-Salon-1-1024x576.png.webp)
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How to Write a Business Plan in 9 Steps (+ Template and Examples)
Every successful business has one thing in common, a good and well-executed business plan. A business plan is more than a document, it is a complete guide that outlines the goals your business wants to achieve, including its financial goals . It helps you analyze results, make strategic decisions, show your business operations and growth.
If you want to start a business or already have one and need to pitch it to investors for funding, writing a good business plan improves your chances of attracting financiers. As a startup, if you want to secure loans from financial institutions, part of the requirements involve submitting your business plan.
Writing a business plan does not have to be a complicated or time-consuming process. In this article, you will learn the step-by-step process for writing a successful business plan.
You will also learn what you need a business plan for, tips and strategies for writing a convincing business plan, business plan examples and templates that will save you tons of time, and the alternatives to the traditional business plan.
Let’s get started.
What Do You Need A Business Plan For?
Businesses create business plans for different purposes such as to secure funds, monitor business growth, measure your marketing strategies, and measure your business success.
1. Secure Funds
One of the primary reasons for writing a business plan is to secure funds, either from financial institutions/agencies or investors.
For you to effectively acquire funds, your business plan must contain the key elements of your business plan . For example, your business plan should include your growth plans, goals you want to achieve, and milestones you have recorded.
A business plan can also attract new business partners that are willing to contribute financially and intellectually. If you are writing a business plan to a bank, your project must show your traction , that is, the proof that you can pay back any loan borrowed.
Also, if you are writing to an investor, your plan must contain evidence that you can effectively utilize the funds you want them to invest in your business. Here, you are using your business plan to persuade a group or an individual that your business is a source of a good investment.
2. Monitor Business Growth
A business plan can help you track cash flows in your business. It steers your business to greater heights. A business plan capable of tracking business growth should contain:
- The business goals
- Methods to achieve the goals
- Time-frame for attaining those goals
A good business plan should guide you through every step in achieving your goals. It can also track the allocation of assets to every aspect of the business. You can tell when you are spending more than you should on a project.
You can compare a business plan to a written GPS. It helps you manage your business and hints at the right time to expand your business.
3. Measure Business Success
A business plan can help you measure your business success rate. Some small-scale businesses are thriving better than more prominent companies because of their track record of success.
Right from the onset of your business operation, set goals and work towards them. Write a plan to guide you through your procedures. Use your plan to measure how much you have achieved and how much is left to attain.
You can also weigh your success by monitoring the position of your brand relative to competitors. On the other hand, a business plan can also show you why you have not achieved a goal. It can tell if you have elapsed the time frame you set to attain a goal.
4. Document Your Marketing Strategies
You can use a business plan to document your marketing plans. Every business should have an effective marketing plan.
Competition mandates every business owner to go the extraordinary mile to remain relevant in the market. Your business plan should contain your marketing strategies that work. You can measure the success rate of your marketing plans.
In your business plan, your marketing strategy must answer the questions:
- How do you want to reach your target audience?
- How do you plan to retain your customers?
- What is/are your pricing plans?
- What is your budget for marketing?
![summary and conclusion of a business plan Business Plan Infographic](https://www.founderjar.com/wp-content/uploads/2021/07/Business-Plan-Infographic.jpg)
How to Write a Business Plan Step-by-Step
1. create your executive summary.
The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans . Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.
![summary and conclusion of a business plan Executive Summary of the business plan](https://www.founderjar.com/wp-content/uploads/2021/07/Executive-Summary-of-the-business-plan.jpg)
Generally, there are nine sections in a business plan, the executive summary should condense essential ideas from the other eight sections.
A good executive summary should do the following:
- A Snapshot of Growth Potential. Briefly inform the reader about your company and why it will be successful)
- Contain your Mission Statement which explains what the main objective or focus of your business is.
- Product Description and Differentiation. Brief description of your products or services and why it is different from other solutions in the market.
- The Team. Basic information about your company’s leadership team and employees
- Business Concept. A solid description of what your business does.
- Target Market. The customers you plan to sell to.
- Marketing Strategy. Your plans on reaching and selling to your customers
- Current Financial State. Brief information about what revenue your business currently generates.
- Projected Financial State. Brief information about what you foresee your business revenue to be in the future.
The executive summary is the make-or-break section of your business plan. If your summary cannot in less than two pages cannot clearly describe how your business will solve a particular problem of your target audience and make a profit, your business plan is set on a faulty foundation.
Avoid using the executive summary to hype your business, instead, focus on helping the reader understand the what and how of your plan.
View the executive summary as an opportunity to introduce your vision for your company. You know your executive summary is powerful when it can answer these key questions:
- Who is your target audience?
- What sector or industry are you in?
- What are your products and services?
- What is the future of your industry?
- Is your company scaleable?
- Who are the owners and leaders of your company? What are their backgrounds and experience levels?
- What is the motivation for starting your company?
- What are the next steps?
Writing the executive summary last although it is the most important section of your business plan is an excellent idea. The reason why is because it is a high-level overview of your business plan. It is the section that determines whether potential investors and lenders will read further or not.
The executive summary can be a stand-alone document that covers everything in your business plan. It is not uncommon for investors to request only the executive summary when evaluating your business. If the information in the executive summary impresses them, they will ask for the complete business plan.
If you are writing your business plan for your planning purposes, you do not need to write the executive summary.
2. Add Your Company Overview
The company overview or description is the next section in your business plan after the executive summary. It describes what your business does.
Adding your company overview can be tricky especially when your business is still in the planning stages. Existing businesses can easily summarize their current operations but may encounter difficulties trying to explain what they plan to become.
Your company overview should contain the following:
- What products and services you will provide
- Geographical markets and locations your company have a presence
- What you need to run your business
- Who your target audience or customers are
- Who will service your customers
- Your company’s purpose, mission, and vision
- Information about your company’s founders
- Who the founders are
- Notable achievements of your company so far
When creating a company overview, you have to focus on three basics: identifying your industry, identifying your customer, and explaining the problem you solve.
If you are stuck when creating your company overview, try to answer some of these questions that pertain to you.
- Who are you targeting? (The answer is not everyone)
- What pain point does your product or service solve for your customers that they will be willing to spend money on resolving?
- How does your product or service overcome that pain point?
- Where is the location of your business?
- What products, equipment, and services do you need to run your business?
- How is your company’s product or service different from your competition in the eyes of your customers?
- How many employees do you need and what skills do you require them to have?
After answering some or all of these questions, you will get more than enough information you need to write your company overview or description section. When writing this section, describe what your company does for your customers.
![summary and conclusion of a business plan It describes what your business does](https://www.founderjar.com/wp-content/uploads/2021/07/Company-Description-describes-what-your-business-does.jpg)
The company description or overview section contains three elements: mission statement, history, and objectives.
- Mission Statement
The mission statement refers to the reason why your business or company is existing. It goes beyond what you do or sell, it is about the ‘why’. A good mission statement should be emotional and inspirational.
Your mission statement should follow the KISS rule (Keep It Simple, Stupid). For example, Shopify’s mission statement is “Make commerce better for everyone.”
When describing your company’s history, make it simple and avoid the temptation of tying it to a defensive narrative. Write it in the manner you would a profile. Your company’s history should include the following information:
- Founding Date
- Major Milestones
- Location(s)
- Flagship Products or Services
- Number of Employees
- Executive Leadership Roles
When you fill in this information, you use it to write one or two paragraphs about your company’s history.
Business Objectives
Your business objective must be SMART (specific, measurable, achievable, realistic, and time-bound.) Failure to clearly identify your business objectives does not inspire confidence and makes it hard for your team members to work towards a common purpose.
3. Perform Market and Competitive Analyses to Proof a Big Enough Business Opportunity
The third step in writing a business plan is the market and competitive analysis section. Every business, no matter the size, needs to perform comprehensive market and competitive analyses before it enters into a market.
Performing market and competitive analyses are critical for the success of your business. It helps you avoid entering the right market with the wrong product, or vice versa. Anyone reading your business plans, especially financiers and financial institutions will want to see proof that there is a big enough business opportunity you are targeting.
This section is where you describe the market and industry you want to operate in and show the big opportunities in the market that your business can leverage to make a profit. If you noticed any unique trends when doing your research, show them in this section.
Market analysis alone is not enough, you have to add competitive analysis to strengthen this section. There are already businesses in the industry or market, how do you plan to take a share of the market from them?
You have to clearly illustrate the competitive landscape in your business plan. Are there areas your competitors are doing well? Are there areas where they are not doing so well? Show it.
Make it clear in this section why you are moving into the industry and what weaknesses are present there that you plan to explain. How are your competitors going to react to your market entry? How do you plan to get customers? Do you plan on taking your competitors' competitors, tap into other sources for customers, or both?
Illustrate the competitive landscape as well. What are your competitors doing well and not so well?
Answering these questions and thoughts will aid your market and competitive analysis of the opportunities in your space. Depending on how sophisticated your industry is, or the expectations of your financiers, you may need to carry out a more comprehensive market and competitive analysis to prove that big business opportunity.
Instead of looking at the market and competitive analyses as one entity, separating them will make the research even more comprehensive.
Market Analysis
Market analysis, boarding speaking, refers to research a business carried out on its industry, market, and competitors. It helps businesses gain a good understanding of their target market and the outlook of their industry. Before starting a company, it is vital to carry out market research to find out if the market is viable.
![summary and conclusion of a business plan Market Analysis for Online Business](https://www.founderjar.com/wp-content/uploads/2021/07/Market-Analysis-for-Online-Business.jpg)
The market analysis section is a key part of the business plan. It is the section where you identify who your best clients or customers are. You cannot omit this section, without it your business plan is incomplete.
A good market analysis will tell your readers how you fit into the existing market and what makes you stand out. This section requires in-depth research, it will probably be the most time-consuming part of the business plan to write.
- Market Research
To create a compelling market analysis that will win over investors and financial institutions, you have to carry out thorough market research . Your market research should be targeted at your primary target market for your products or services. Here is what you want to find out about your target market.
- Your target market’s needs or pain points
- The existing solutions for their pain points
- Geographic Location
- Demographics
The purpose of carrying out a marketing analysis is to get all the information you need to show that you have a solid and thorough understanding of your target audience.
Only after you have fully understood the people you plan to sell your products or services to, can you evaluate correctly if your target market will be interested in your products or services.
You can easily convince interested parties to invest in your business if you can show them you thoroughly understand the market and show them that there is a market for your products or services.
How to Quantify Your Target Market
One of the goals of your marketing research is to understand who your ideal customers are and their purchasing power. To quantify your target market, you have to determine the following:
- Your Potential Customers: They are the people you plan to target. For example, if you sell accounting software for small businesses , then anyone who runs an enterprise or large business is unlikely to be your customers. Also, individuals who do not have a business will most likely not be interested in your product.
- Total Households: If you are selling household products such as heating and air conditioning systems, determining the number of total households is more important than finding out the total population in the area you want to sell to. The logic is simple, people buy the product but it is the household that uses it.
- Median Income: You need to know the median income of your target market. If you target a market that cannot afford to buy your products and services, your business will not last long.
- Income by Demographics: If your potential customers belong to a certain age group or gender, determining income levels by demographics is necessary. For example, if you sell men's clothes, your target audience is men.
What Does a Good Market Analysis Entail?
Your business does not exist on its own, it can only flourish within an industry and alongside competitors. Market analysis takes into consideration your industry, target market, and competitors. Understanding these three entities will drastically improve your company’s chances of success.
![summary and conclusion of a business plan Market Analysis Steps](https://www.founderjar.com/wp-content/uploads/2021/07/Market-Analysis-Steps.jpg)
You can view your market analysis as an examination of the market you want to break into and an education on the emerging trends and themes in that market. Good market analyses include the following:
- Industry Description. You find out about the history of your industry, the current and future market size, and who the largest players/companies are in your industry.
- Overview of Target Market. You research your target market and its characteristics. Who are you targeting? Note, it cannot be everyone, it has to be a specific group. You also have to find out all information possible about your customers that can help you understand how and why they make buying decisions.
- Size of Target Market: You need to know the size of your target market, how frequently they buy, and the expected quantity they buy so you do not risk overproducing and having lots of bad inventory. Researching the size of your target market will help you determine if it is big enough for sustained business or not.
- Growth Potential: Before picking a target market, you want to be sure there are lots of potential for future growth. You want to avoid going for an industry that is declining slowly or rapidly with almost zero growth potential.
- Market Share Potential: Does your business stand a good chance of taking a good share of the market?
- Market Pricing and Promotional Strategies: Your market analysis should give you an idea of the price point you can expect to charge for your products and services. Researching your target market will also give you ideas of pricing strategies you can implement to break into the market or to enjoy maximum profits.
- Potential Barriers to Entry: One of the biggest benefits of conducting market analysis is that it shows you every potential barrier to entry your business will likely encounter. It is a good idea to discuss potential barriers to entry such as changing technology. It informs readers of your business plan that you understand the market.
- Research on Competitors: You need to know the strengths and weaknesses of your competitors and how you can exploit them for the benefit of your business. Find patterns and trends among your competitors that make them successful, discover what works and what doesn’t, and see what you can do better.
The market analysis section is not just for talking about your target market, industry, and competitors. You also have to explain how your company can fill the hole you have identified in the market.
Here are some questions you can answer that can help you position your product or service in a positive light to your readers.
- Is your product or service of superior quality?
- What additional features do you offer that your competitors do not offer?
- Are you targeting a ‘new’ market?
Basically, your market analysis should include an analysis of what already exists in the market and an explanation of how your company fits into the market.
Competitive Analysis
In the competitive analysis section, y ou have to understand who your direct and indirect competitions are, and how successful they are in the marketplace. It is the section where you assess the strengths and weaknesses of your competitors, the advantage(s) they possess in the market and show the unique features or qualities that make you different from your competitors.
![summary and conclusion of a business plan Four Steps to Create a Competitive Marketing Analysis](https://www.founderjar.com/wp-content/uploads/2021/07/Four-Steps-to-Create-a-Competitive-Marketing-Analysis.jpg)
Many businesses do market analysis and competitive analysis together. However, to fully understand what the competitive analysis entails, it is essential to separate it from the market analysis.
Competitive analysis for your business can also include analysis on how to overcome barriers to entry in your target market.
The primary goal of conducting a competitive analysis is to distinguish your business from your competitors. A strong competitive analysis is essential if you want to convince potential funding sources to invest in your business. You have to show potential investors and lenders that your business has what it takes to compete in the marketplace successfully.
Competitive analysis will s how you what the strengths of your competition are and what they are doing to maintain that advantage.
When doing your competitive research, you first have to identify your competitor and then get all the information you can about them. The idea of spending time to identify your competitor and learn everything about them may seem daunting but it is well worth it.
Find answers to the following questions after you have identified who your competitors are.
- What are your successful competitors doing?
- Why is what they are doing working?
- Can your business do it better?
- What are the weaknesses of your successful competitors?
- What are they not doing well?
- Can your business turn its weaknesses into strengths?
- How good is your competitors’ customer service?
- Where do your competitors invest in advertising?
- What sales and pricing strategies are they using?
- What marketing strategies are they using?
- What kind of press coverage do they get?
- What are their customers saying about your competitors (both the positive and negative)?
If your competitors have a website, it is a good idea to visit their websites for more competitors’ research. Check their “About Us” page for more information.
![summary and conclusion of a business plan How to Perform Competitive Analysis](https://www.founderjar.com/wp-content/uploads/2021/07/How-to-Perform-Competitive-Analysis.jpg)
If you are presenting your business plan to investors, you need to clearly distinguish yourself from your competitors. Investors can easily tell when you have not properly researched your competitors.
Take time to think about what unique qualities or features set you apart from your competitors. If you do not have any direct competition offering your product to the market, it does not mean you leave out the competitor analysis section blank. Instead research on other companies that are providing a similar product, or whose product is solving the problem your product solves.
The next step is to create a table listing the top competitors you want to include in your business plan. Ensure you list your business as the last and on the right. What you just created is known as the competitor analysis table.
Direct vs Indirect Competition
You cannot know if your product or service will be a fit for your target market if you have not understood your business and the competitive landscape.
There is no market you want to target where you will not encounter competition, even if your product is innovative. Including competitive analysis in your business plan is essential.
If you are entering an established market, you need to explain how you plan to differentiate your products from the available options in the market. Also, include a list of few companies that you view as your direct competitors The competition you face in an established market is your direct competition.
In situations where you are entering a market with no direct competition, it does not mean there is no competition there. Consider your indirect competition that offers substitutes for the products or services you offer.
For example, if you sell an innovative SaaS product, let us say a project management software , a company offering time management software is your indirect competition.
There is an easy way to find out who your indirect competitors are in the absence of no direct competitors. You simply have to research how your potential customers are solving the problems that your product or service seeks to solve. That is your direct competition.
Factors that Differentiate Your Business from the Competition
There are three main factors that any business can use to differentiate itself from its competition. They are cost leadership, product differentiation, and market segmentation.
1. Cost Leadership
A strategy you can impose to maximize your profits and gain an edge over your competitors. It involves offering lower prices than what the majority of your competitors are offering.
A common practice among businesses looking to enter into a market where there are dominant players is to use free trials or pricing to attract as many customers as possible to their offer.
2. Product Differentiation
Your product or service should have a unique selling proposition (USP) that your competitors do not have or do not stress in their marketing.
Part of the marketing strategy should involve making your products unique and different from your competitors. It does not have to be different from your competitors, it can be the addition to a feature or benefit that your competitors do not currently have.
3. Market Segmentation
As a new business seeking to break into an industry, you will gain more success from focusing on a specific niche or target market, and not the whole industry.
If your competitors are focused on a general need or target market, you can differentiate yourself from them by having a small and hyper-targeted audience. For example, if your competitors are selling men’s clothes in their online stores , you can sell hoodies for men.
4. Define Your Business and Management Structure
The next step in your business plan is your business and management structure. It is the section where you describe the legal structure of your business and the team running it.
Your business is only as good as the management team that runs it, while the management team can only strive when there is a proper business and management structure in place.
If your company is a sole proprietor or a limited liability company (LLC), a general or limited partnership, or a C or an S corporation, state it clearly in this section.
Use an organizational chart to show the management structure in your business. Clearly show who is in charge of what area in your company. It is where you show how each key manager or team leader’s unique experience can contribute immensely to the success of your company. You can also opt to add the resumes and CVs of the key players in your company.
The business and management structure section should show who the owner is, and other owners of the businesses (if the business has other owners). For businesses or companies with multiple owners, include the percent ownership of the various owners and clearly show the extent of each others’ involvement in the company.
Investors want to know who is behind the company and the team running it to determine if it has the right management to achieve its set goals.
Management Team
The management team section is where you show that you have the right team in place to successfully execute the business operations and ideas. Take time to create the management structure for your business. Think about all the important roles and responsibilities that you need managers for to grow your business.
Include brief bios of each key team member and ensure you highlight only the relevant information that is needed. If your team members have background industry experience or have held top positions for other companies and achieved success while filling that role, highlight it in this section.
![summary and conclusion of a business plan Create Management Team For Business Plan](https://www.founderjar.com/wp-content/uploads/2021/07/Create-Management-Team-For-Business-Plan.jpg)
A common mistake that many startups make is assigning C-level titles such as (CMO and CEO) to everyone on their team. It is unrealistic for a small business to have those titles. While it may look good on paper for the ego of your team members, it can prevent investors from investing in your business.
Instead of building an unrealistic management structure that does not fit your business reality, it is best to allow business titles to grow as the business grows. Starting everyone at the top leaves no room for future change or growth, which is bad for productivity.
Your management team does not have to be complete before you start writing your business plan. You can have a complete business plan even when there are managerial positions that are empty and need filling.
If you have management gaps in your team, simply show the gaps and indicate you are searching for the right candidates for the role(s). Investors do not expect you to have a full management team when you are just starting your business.
Key Questions to Answer When Structuring Your Management Team
- Who are the key leaders?
- What experiences, skills, and educational backgrounds do you expect your key leaders to have?
- Do your key leaders have industry experience?
- What positions will they fill and what duties will they perform in those positions?
- What level of authority do the key leaders have and what are their responsibilities?
- What is the salary for the various management positions that will attract the ideal candidates?
Additional Tips for Writing the Management Structure Section
1. Avoid Adding ‘Ghost’ Names to Your Management Team
There is always that temptation to include a ‘ghost’ name to your management team to attract and influence investors to invest in your business. Although the presence of these celebrity management team members may attract the attention of investors, it can cause your business to lose any credibility if you get found out.
Seasoned investors will investigate further the members of your management team before committing fully to your business If they find out that the celebrity name used does not play any actual role in your business, they will not invest and may write you off as dishonest.
2. Focus on Credentials But Pay Extra Attention to the Roles
Investors want to know the experience that your key team members have to determine if they can successfully reach the company’s growth and financial goals.
While it is an excellent boost for your key management team to have the right credentials, you also want to pay extra attention to the roles they will play in your company.
Organizational Chart
![summary and conclusion of a business plan Organizational chart Infographic](https://www.founderjar.com/wp-content/uploads/2021/07/An-organizational-chart-helps-to-identify-how-best-to-structure-your-management-team.jpg)
Adding an organizational chart in this section of your business plan is not necessary, you can do it in your business plan’s appendix.
If you are exploring funding options, it is not uncommon to get asked for your organizational chart. The function of an organizational chart goes beyond raising money, you can also use it as a useful planning tool for your business.
An organizational chart can help you identify how best to structure your management team for maximum productivity and point you towards key roles you need to fill in the future.
You can use the organizational chart to show your company’s internal management structure such as the roles and responsibilities of your management team, and relationships that exist between them.
5. Describe Your Product and Service Offering
In your business plan, you have to describe what you sell or the service you plan to offer. It is the next step after defining your business and management structure. The products and services section is where you sell the benefits of your business.
Here you have to explain how your product or service will benefit your customers and describe your product lifecycle. It is also the section where you write down your plans for intellectual property like patent filings and copyrighting.
The research and development that you are undertaking for your product or service need to be explained in detail in this section. However, do not get too technical, sell the general idea and its benefits.
If you have any diagrams or intricate designs of your product or service, do not include them in the products and services section. Instead, leave them for the addendum page. Also, if you are leaving out diagrams or designs for the addendum, ensure you add this phrase “For more detail, visit the addendum Page #.”
Your product and service section in your business plan should include the following:
- A detailed explanation that clearly shows how your product or service works.
- The pricing model for your product or service.
- Your business’ sales and distribution strategy.
- The ideal customers that want your product or service.
- The benefits of your products and services.
- Reason(s) why your product or service is a better alternative to what your competitors are currently offering in the market.
- Plans for filling the orders you receive
- If you have current or pending patents, copyrights, and trademarks for your product or service, you can also discuss them in this section.
What to Focus On When Describing the Benefits, Lifecycle, and Production Process of Your Products or Services
In the products and services section, you have to distill the benefits, lifecycle, and production process of your products and services.
When describing the benefits of your products or services, here are some key factors to focus on.
- Unique features
- Translating the unique features into benefits
- The emotional, psychological, and practical payoffs to attract customers
- Intellectual property rights or any patents
When describing the product life cycle of your products or services, here are some key factors to focus on.
- Upsells, cross-sells, and down-sells
- Time between purchases
- Plans for research and development.
When describing the production process for your products or services, you need to think about the following:
- The creation of new or existing products and services.
- The sources for the raw materials or components you need for production.
- Assembling the products
- Maintaining quality control
- Supply-chain logistics (receiving the raw materials and delivering the finished products)
- The day-to-day management of the production processes, bookkeeping, and inventory.
Tips for Writing the Products or Services Section of Your Business Plan
1. Avoid Technical Descriptions and Industry Buzzwords
The products and services section of your business plan should clearly describe the products and services that your company provides. However, it is not a section to include technical jargons that anyone outside your industry will not understand.
A good practice is to remove highly detailed or technical descriptions in favor of simple terms. Industry buzzwords are not necessary, if there are simpler terms you can use, then use them. If you plan to use your business plan to source funds, making the product or service section so technical will do you no favors.
2. Describe How Your Products or Services Differ from Your Competitors
When potential investors look at your business plan, they want to know how the products and services you are offering differ from that of your competition. Differentiating your products or services from your competition in a way that makes your solution more attractive is critical.
If you are going the innovative path and there is no market currently for your product or service, you need to describe in this section why the market needs your product or service.
For example, overnight delivery was a niche business that only a few companies were participating in. Federal Express (FedEx) had to show in its business plan that there was a large opportunity for that service and they justified why the market needed that service.
3. Long or Short Products or Services Section
Should your products or services section be short? Does the long products or services section attract more investors?
There are no straightforward answers to these questions. Whether your products or services section should be long or relatively short depends on the nature of your business.
If your business is product-focused, then automatically you need to use more space to describe the details of your products. However, if the product your business sells is a commodity item that relies on competitive pricing or other pricing strategies, you do not have to use up so much space to provide significant details about the product.
Likewise, if you are selling a commodity that is available in numerous outlets, then you do not have to spend time on writing a long products or services section.
The key to the success of your business is most likely the effectiveness of your marketing strategies compared to your competitors. Use more space to address that section.
If you are creating a new product or service that the market does not know about, your products or services section can be lengthy. The reason why is because you need to explain everything about the product or service such as the nature of the product, its use case, and values.
A short products or services section for an innovative product or service will not give the readers enough information to properly evaluate your business.
4. Describe Your Relationships with Vendors or Suppliers
Your business will rely on vendors or suppliers to supply raw materials or the components needed to make your products. In your products and services section, describe your relationships with your vendors and suppliers fully.
Avoid the mistake of relying on only one supplier or vendor. If that supplier or vendor fails to supply or goes out of business, you can easily face supply problems and struggle to meet your demands. Plan to set up multiple vendor or supplier relationships for better business stability.
5. Your Primary Goal Is to Convince Your Readers
The primary goal of your business plan is to convince your readers that your business is viable and to create a guide for your business to follow. It applies to the products and services section.
When drafting this section, think like the reader. See your reader as someone who has no idea about your products and services. You are using the products and services section to provide the needed information to help your reader understand your products and services. As a result, you have to be clear and to the point.
While you want to educate your readers about your products or services, you also do not want to bore them with lots of technical details. Show your products and services and not your fancy choice of words.
Your products and services section should provide the answer to the “what” question for your business. You and your management team may run the business, but it is your products and services that are the lifeblood of the business.
Key Questions to Answer When Writing your Products and Services Section
Answering these questions can help you write your products and services section quickly and in a way that will appeal to your readers.
- Are your products existing on the market or are they still in the development stage?
- What is your timeline for adding new products and services to the market?
- What are the positives that make your products and services different from your competitors?
- Do your products and services have any competitive advantage that your competitors’ products and services do not currently have?
- Do your products or services have any competitive disadvantages that you need to overcome to compete with your competitors? If your answer is yes, state how you plan to overcome them,
- How much does it cost to produce your products or services? How much do you plan to sell it for?
- What is the price for your products and services compared to your competitors? Is pricing an issue?
- What are your operating costs and will it be low enough for you to compete with your competitors and still take home a reasonable profit margin?
- What is your plan for acquiring your products? Are you involved in the production of your products or services?
- Are you the manufacturer and produce all the components you need to create your products? Do you assemble your products by using components supplied by other manufacturers? Do you purchase your products directly from suppliers or wholesalers?
- Do you have a steady supply of products that you need to start your business? (If your business is yet to kick-off)
- How do you plan to distribute your products or services to the market?
You can also hint at the marketing or promotion plans you have for your products or services such as how you plan to build awareness or retain customers. The next section is where you can go fully into details about your business’s marketing and sales plan.
6. Show and Explain Your Marketing and Sales Plan
Providing great products and services is wonderful, but it means nothing if you do not have a marketing and sales plan to inform your customers about them. Your marketing and sales plan is critical to the success of your business.
The sales and marketing section is where you show and offer a detailed explanation of your marketing and sales plan and how you plan to execute it. It covers your pricing plan, proposed advertising and promotion activities, activities and partnerships you need to make your business a success, and the benefits of your products and services.
There are several ways you can approach your marketing and sales strategy. Ideally, your marketing and sales strategy has to fit the unique needs of your business.
In this section, you describe how the plans your business has for attracting and retaining customers, and the exact process for making a sale happen. It is essential to thoroughly describe your complete marketing and sales plans because you are still going to reference this section when you are making financial projections for your business.
Outline Your Business’ Unique Selling Proposition (USP)
![summary and conclusion of a business plan Unique Selling Proposition (USP)](https://www.founderjar.com/wp-content/uploads/2021/07/Unique-Selling-Proposition-USP.jpg)
The sales and marketing section is where you outline your business’s unique selling proposition (USP). When you are developing your unique selling proposition, think about the strongest reasons why people should buy from you over your competition. That reason(s) is most likely a good fit to serve as your unique selling proposition (USP).
Target Market and Target Audience
Plans on how to get your products or services to your target market and how to get your target audience to buy them go into this section. You also highlight the strengths of your business here, particularly what sets them apart from your competition.
![summary and conclusion of a business plan Target Market Vs Target Audience](https://www.founderjar.com/wp-content/uploads/2021/07/Target-Market-Vs-Target-Audience.jpg)
Before you start writing your marketing and sales plan, you need to have properly defined your target audience and fleshed out your buyer persona. If you do not first understand the individual you are marketing to, your marketing and sales plan will lack any substance and easily fall.
Creating a Smart Marketing and Sales Plan
Marketing your products and services is an investment that requires you to spend money. Like any other investment, you have to generate a good return on investment (ROI) to justify using that marketing and sales plan. Good marketing and sales plans bring in high sales and profits to your company.
Avoid spending money on unproductive marketing channels. Do your research and find out the best marketing and sales plan that works best for your company.
Your marketing and sales plan can be broken into different parts: your positioning statement, pricing, promotion, packaging, advertising, public relations, content marketing, social media, and strategic alliances.
Your Positioning Statement
Your positioning statement is the first part of your marketing and sales plan. It refers to the way you present your company to your customers.
Are you the premium solution, the low-price solution, or are you the intermediary between the two extremes in the market? What do you offer that your competitors do not that can give you leverage in the market?
Before you start writing your positioning statement, you need to spend some time evaluating the current market conditions. Here are some questions that can help you to evaluate the market
- What are the unique features or benefits that you offer that your competitors lack?
- What are your customers’ primary needs and wants?
- Why should a customer choose you over your competition? How do you plan to differentiate yourself from the competition?
- How does your company’s solution compare with other solutions in the market?
After answering these questions, then you can start writing your positioning statement. Your positioning statement does not have to be in-depth or too long.
All you need to explain with your positioning statement are two focus areas. The first is the position of your company within the competitive landscape. The other focus area is the core value proposition that sets your company apart from other alternatives that your ideal customer might consider.
Here is a simple template you can use to develop a positioning statement.
For [description of target market] who [need of target market], [product or service] [how it meets the need]. Unlike [top competition], it [most essential distinguishing feature].
For example, let’s create the positioning statement for fictional accounting software and QuickBooks alternative , TBooks.
“For small business owners who need accounting services, TBooks is an accounting software that helps small businesses handle their small business bookkeeping basics quickly and easily. Unlike Wave, TBooks gives small businesses access to live sessions with top accountants.”
You can edit this positioning statement sample and fill it with your business details.
After writing your positioning statement, the next step is the pricing of your offerings. The overall positioning strategy you set in your positioning statement will often determine how you price your products or services.
Pricing is a powerful tool that sends a strong message to your customers. Failure to get your pricing strategy right can make or mar your business. If you are targeting a low-income audience, setting a premium price can result in low sales.
You can use pricing to communicate your positioning to your customers. For example, if you are offering a product at a premium price, you are sending a message to your customers that the product belongs to the premium category.
Basic Rules to Follow When Pricing Your Offering
Setting a price for your offering involves more than just putting a price tag on it. Deciding on the right pricing for your offering requires following some basic rules. They include covering your costs, primary and secondary profit center pricing, and matching the market rate.
- Covering Your Costs: The price you set for your products or service should be more than it costs you to produce and deliver them. Every business has the same goal, to make a profit. Depending on the strategy you want to use, there are exceptions to this rule. However, the vast majority of businesses follow this rule.
- Primary and Secondary Profit Center Pricing: When a company sets its price above the cost of production, it is making that product its primary profit center. A company can also decide not to make its initial price its primary profit center by selling below or at even with its production cost. It rather depends on the support product or even maintenance that is associated with the initial purchase to make its profit. The initial price thus became its secondary profit center.
- Matching the Market Rate: A good rule to follow when pricing your products or services is to match your pricing with consumer demand and expectations. If you price your products or services beyond the price your customer perceives as the ideal price range, you may end up with no customers. Pricing your products too low below what your customer perceives as the ideal price range may lead to them undervaluing your offering.
Pricing Strategy
Your pricing strategy influences the price of your offering. There are several pricing strategies available for you to choose from when examining the right pricing strategy for your business. They include cost-plus pricing, market-based pricing, value pricing, and more.
![summary and conclusion of a business plan Pricing strategy influences the price of offering](https://www.founderjar.com/wp-content/uploads/2021/07/Pricing-strategy-influences-the-price-of-offering.jpg)
- Cost-plus Pricing: This strategy is one of the simplest and oldest pricing strategies. Here you consider the cost of producing a unit of your product and then add a profit to it to arrive at your market price. It is an effective pricing strategy for manufacturers because it helps them cover their initial costs. Another name for the cost-plus pricing strategy is the markup pricing strategy.
- Market-based Pricing: This pricing strategy analyses the market including competitors’ pricing and then sets a price based on what the market is expecting. With this pricing strategy, you can either set your price at the low-end or high-end of the market.
- Value Pricing: This pricing strategy involves setting a price based on the value you are providing to your customer. When adopting a value-based pricing strategy, you have to set a price that your customers are willing to pay. Service-based businesses such as small business insurance providers , luxury goods sellers, and the fashion industry use this pricing strategy.
After carefully sorting out your positioning statement and pricing, the next item to look at is your promotional strategy. Your promotional strategy explains how you plan on communicating with your customers and prospects.
As a business, you must measure all your costs, including the cost of your promotions. You also want to measure how much sales your promotions bring for your business to determine its usefulness. Promotional strategies or programs that do not lead to profit need to be removed.
There are different types of promotional strategies you can adopt for your business, they include advertising, public relations, and content marketing.
Advertising
Your business plan should include your advertising plan which can be found in the marketing and sales plan section. You need to include an overview of your advertising plans such as the areas you plan to spend money on to advertise your business and offers.
Ensure that you make it clear in this section if your business will be advertising online or using the more traditional offline media, or the combination of both online and offline media. You can also include the advertising medium you want to use to raise awareness about your business and offers.
Some common online advertising mediums you can use include social media ads, landing pages, sales pages, SEO, Pay-Per-Click, emails, Google Ads, and others. Some common traditional and offline advertising mediums include word of mouth, radios, direct mail, televisions, flyers, billboards, posters, and others.
A key component of your advertising strategy is how you plan to measure the effectiveness and success of your advertising campaign. There is no point in sticking with an advertising plan or medium that does not produce results for your business in the long run.
Public Relations
A great way to reach your customers is to get the media to cover your business or product. Publicity, especially good ones, should be a part of your marketing and sales plan. In this section, show your plans for getting prominent reviews of your product from reputable publications and sources.
Your business needs that exposure to grow. If public relations is a crucial part of your promotional strategy, provide details about your public relations plan here.
Content Marketing
Content marketing is a popular promotional strategy used by businesses to inform and attract their customers. It is about teaching and educating your prospects on various topics of interest in your niche, it does not just involve informing them about the benefits and features of the products and services you have,
![summary and conclusion of a business plan The Benefits of Content Marketing](https://www.founderjar.com/wp-content/uploads/2021/07/The-Benefits-of-Content-Marketing.jpg)
Businesses publish content usually for free where they provide useful information, tips, and advice so that their target market can be made aware of the importance of their products and services. Content marketing strategies seek to nurture prospects into buyers over time by simply providing value.
Your company can create a blog where it will be publishing content for its target market. You will need to use the best website builder such as Wix and Squarespace and the best web hosting services such as Bluehost, Hostinger, and other Bluehost alternatives to create a functional blog or website.
If content marketing is a crucial part of your promotional strategy (as it should be), detail your plans under promotions.
Including high-quality images of the packaging of your product in your business plan is a lovely idea. You can add the images of the packaging of that product in the marketing and sales plan section. If you are not selling a product, then you do not need to include any worry about the physical packaging of your product.
When organizing the packaging section of your business plan, you can answer the following questions to make maximum use of this section.
- Is your choice of packaging consistent with your positioning strategy?
- What key value proposition does your packaging communicate? (It should reflect the key value proposition of your business)
- How does your packaging compare to that of your competitors?
Social Media
Your 21st-century business needs to have a good social media presence. Not having one is leaving out opportunities for growth and reaching out to your prospect.
You do not have to join the thousands of social media platforms out there. What you need to do is join the ones that your customers are active on and be active there.
![summary and conclusion of a business plan Most popular social media platforms](https://www.founderjar.com/wp-content/uploads/2021/07/Most-popular-social-media-platforms.jpg)
Businesses use social media to provide information about their products such as promotions, discounts, the benefits of their products, and content on their blogs.
Social media is also a platform for engaging with your customers and getting feedback about your products or services. Make no mistake, more and more of your prospects are using social media channels to find more information about companies.
You need to consider the social media channels you want to prioritize your business (prioritize the ones your customers are active in) and your branding plans in this section.
![summary and conclusion of a business plan Choosing the right social media platform](https://www.founderjar.com/wp-content/uploads/2021/07/Choosing-the-right-social-media-platform.jpg)
Strategic Alliances
If your company plans to work closely with other companies as part of your sales and marketing plan, include it in this section. Prove details about those partnerships in your business plan if you have already established them.
Strategic alliances can be beneficial for all parties involved including your company. Working closely with another company in the form of a partnership can provide access to a different target market segment for your company.
The company you are partnering with may also gain access to your target market or simply offer a new product or service (that of your company) to its customers.
Mutually beneficial partnerships can cover the weaknesses of one company with the strength of another. You should consider strategic alliances with companies that sell complimentary products to yours. For example, if you provide printers, you can partner with a company that produces ink since the customers that buy printers from you will also need inks for printing.
Steps Involved in Creating a Marketing and Sales Plan
1. Focus on Your Target Market
Identify who your customers are, the market you want to target. Then determine the best ways to get your products or services to your potential customers.
2. Evaluate Your Competition
One of the goals of having a marketing plan is to distinguish yourself from your competition. You cannot stand out from them without first knowing them in and out.
You can know your competitors by gathering information about their products, pricing, service, and advertising campaigns.
These questions can help you know your competition.
- What makes your competition successful?
- What are their weaknesses?
- What are customers saying about your competition?
3. Consider Your Brand
Customers' perception of your brand has a strong impact on your sales. Your marketing and sales plan should seek to bolster the image of your brand. Before you start marketing your business, think about the message you want to pass across about your business and your products and services.
4. Focus on Benefits
The majority of your customers do not view your product in terms of features, what they want to know is the benefits and solutions your product offers. Think about the problems your product solves and the benefits it delivers, and use it to create the right sales and marketing message.
Your marketing plan should focus on what you want your customer to get instead of what you provide. Identify those benefits in your marketing and sales plan.
5. Focus on Differentiation
Your marketing and sales plan should look for a unique angle they can take that differentiates your business from the competition, even if the products offered are similar. Some good areas of differentiation you can use are your benefits, pricing, and features.
Key Questions to Answer When Writing Your Marketing and Sales Plan
- What is your company’s budget for sales and marketing campaigns?
- What key metrics will you use to determine if your marketing plans are successful?
- What are your alternatives if your initial marketing efforts do not succeed?
- Who are the sales representatives you need to promote your products or services?
- What are the marketing and sales channels you plan to use? How do you plan to get your products in front of your ideal customers?
- Where will you sell your products?
You may want to include samples of marketing materials you plan to use such as print ads, website descriptions, and social media ads. While it is not compulsory to include these samples, it can help you better communicate your marketing and sales plan and objectives.
The purpose of the marketing and sales section is to answer this question “How will you reach your customers?” If you cannot convincingly provide an answer to this question, you need to rework your marketing and sales section.
7. Clearly Show Your Funding Request
If you are writing your business plan to ask for funding from investors or financial institutions, the funding request section is where you will outline your funding requirements. The funding request section should answer the question ‘How much money will your business need in the near future (3 to 5 years)?’
A good funding request section will clearly outline and explain the amount of funding your business needs over the next five years. You need to know the amount of money your business needs to make an accurate funding request.
Also, when writing your funding request, provide details of how the funds will be used over the period. Specify if you want to use the funds to buy raw materials or machinery, pay salaries, pay for advertisements, and cover specific bills such as rent and electricity.
In addition to explaining what you want to use the funds requested for, you need to clearly state the projected return on investment (ROI) . Investors and creditors want to know if your business can generate profit for them if they put funds into it.
Ensure you do not inflate the figures and stay as realistic as possible. Investors and financial institutions you are seeking funds from will do their research before investing money in your business.
If you are not sure of an exact number to request from, you can use some range of numbers as rough estimates. Add a best-case scenario and a work-case scenario to your funding request. Also, include a description of your strategic future financial plans such as selling your business or paying off debts.
Funding Request: Debt or Equity?
When making your funding request, specify the type of funding you want. Do you want debt or equity? Draw out the terms that will be applicable for the funding, and the length of time the funding request will cover.
Case for Equity
If your new business has not yet started generating profits, you are most likely preparing to sell equity in your business to raise capital at the early stage. Equity here refers to ownership. In this case, you are selling a portion of your company to raise capital.
Although this method of raising capital for your business does not put your business in debt, keep in mind that an equity owner may expect to play a key role in company decisions even if he does not hold a major stake in the company.
Most equity sales for startups are usually private transactions . If you are making a funding request by offering equity in exchange for funding, let the investor know that they will be paid a dividend (a share of the company’s profit). Also, let the investor know the process for selling their equity in your business.
Case for Debt
You may decide not to offer equity in exchange for funds, instead, you make a funding request with the promise to pay back the money borrowed at the agreed time frame.
When making a funding request with an agreement to pay back, note that you will have to repay your creditors both the principal amount borrowed and the interest on it. Financial institutions offer this type of funding for businesses.
Large companies combine both equity and debt in their capital structure. When drafting your business plan, decide if you want to offer both or one over the other.
Before you sell equity in exchange for funding in your business, consider if you are willing to accept not being in total control of your business. Also, before you seek loans in your funding request section, ensure that the terms of repayment are favorable.
You should set a clear timeline in your funding request so that potential investors and creditors can know what you are expecting. Some investors and creditors may agree to your funding request and then delay payment for longer than 30 days, meanwhile, your business needs an immediate cash injection to operate efficiently.
Additional Tips for Writing the Funding Request Section of your Business Plan
The funding request section is not necessary for every business, it is only needed by businesses who plan to use their business plan to secure funding.
If you are adding the funding request section to your business plan, provide an itemized summary of how you plan to use the funds requested. Hiring a lawyer, accountant, or other professionals may be necessary for the proper development of this section.
You should also gather and use financial statements that add credibility and support to your funding requests. Ensure that the financial statements you use should include your projected financial data such as projected cash flows, forecast statements, and expenditure budgets.
If you are an existing business, include all historical financial statements such as cash flow statements, balance sheets and income statements .
Provide monthly and quarterly financial statements for a year. If your business has records that date back beyond the one-year mark, add the yearly statements of those years. These documents are for the appendix section of your business plan.
8. Detail Your Financial Plan, Metrics, and Projections
If you used the funding request section in your business plan, supplement it with a financial plan, metrics, and projections. This section paints a picture of the past performance of your business and then goes ahead to make an informed projection about its future.
The goal of this section is to convince readers that your business is going to be a financial success. It outlines your business plan to generate enough profit to repay the loan (with interest if applicable) and to generate a decent return on investment for investors.
If you have an existing business already in operation, use this section to demonstrate stability through finance. This section should include your cash flow statements, balance sheets, and income statements covering the last three to five years. If your business has some acceptable collateral that you can use to acquire loans, list it in the financial plan, metrics, and projection section.
Apart from current financial statements, this section should also contain a prospective financial outlook that spans the next five years. Include forecasted income statements, cash flow statements, balance sheets, and capital expenditure budget.
If your business is new and is not yet generating profit, use clear and realistic projections to show the potentials of your business.
When drafting this section, research industry norms and the performance of comparable businesses. Your financial projections should cover at least five years. State the logic behind your financial projections. Remember you can always make adjustments to this section as the variables change.
The financial plan, metrics, and projection section create a baseline which your business can either exceed or fail to reach. If your business fails to reach your projections in this section, you need to understand why it failed.
Investors and loan managers spend a lot of time going through the financial plan, metrics, and projection section compared to other parts of the business plan. Ensure you spend time creating credible financial analyses for your business in this section.
Many entrepreneurs find this section daunting to write. You do not need a business degree to create a solid financial forecast for your business. Business finances, especially for startups, are not as complicated as they seem. There are several online tools and templates that make writing this section so much easier.
Use Graphs and Charts
The financial plan, metrics, and projection section is a great place to use graphs and charts to tell the financial story of your business. Charts and images make it easier to communicate your finances.
Accuracy in this section is key, ensure you carefully analyze your past financial statements properly before making financial projects.
Address the Risk Factors and Show Realistic Financial Projections
Keep your financial plan, metrics, and projection realistic. It is okay to be optimistic in your financial projection, however, you have to justify it.
You should also address the various risk factors associated with your business in this section. Investors want to know the potential risks involved, show them. You should also show your plans for mitigating those risks.
What You Should In The Financial Plan, Metrics, and Projection Section of Your Business Plan
The financial plan, metrics, and projection section of your business plan should have monthly sales and revenue forecasts for the first year. It should also include annual projections that cover 3 to 5 years.
A three-year projection is a basic requirement to have in your business plan. However, some investors may request a five-year forecast.
Your business plan should include the following financial statements: sales forecast, personnel plan, income statement, income statement, cash flow statement, balance sheet, and an exit strategy.
1. Sales Forecast
Sales forecast refers to your projections about the number of sales your business is going to record over the next few years. It is typically broken into several rows, with each row assigned to a core product or service that your business is offering.
One common mistake people make in their business plan is to break down the sales forecast section into long details. A sales forecast should forecast the high-level details.
For example, if you are forecasting sales for a payroll software provider, you could break down your forecast into target market segments or subscription categories.
![summary and conclusion of a business plan Benefits of Sales Forecasting](https://www.founderjar.com/wp-content/uploads/2021/07/Benefits-of-Sales-Forecasting.jpg)
Your sales forecast section should also have a corresponding row for each sales row to cover the direct cost or Cost of Goods Sold (COGS). The objective of these rows is to show the expenses that your business incurs in making and delivering your product or service.
Note that your Cost of Goods Sold (COGS) should only cover those direct costs incurred when making your products. Other indirect expenses such as insurance, salaries, payroll tax, and rent should not be included.
For example, the Cost of Goods Sold (COGS) for a restaurant is the cost of ingredients while for a consulting company it will be the cost of paper and other presentation materials.
![summary and conclusion of a business plan Factors that affect sales forecasting](https://www.founderjar.com/wp-content/uploads/2021/07/Factors-that-affect-sales-forecasting.jpg)
2. Personnel Plan
The personnel plan section is where you provide details about the payment plan for your employees. For a small business, you can easily list every position in your company and how much you plan to pay in the personnel plan.
However, for larger businesses, you have to break the personnel plan into functional groups such as sales and marketing.
The personnel plan will also include the cost of an employee beyond salary, commonly referred to as the employee burden. These costs include insurance, payroll taxes , and other essential costs incurred monthly as a result of having employees on your payroll.
![summary and conclusion of a business plan True HR Cost Infographic](https://www.founderjar.com/wp-content/uploads/2021/07/True-HR-Cost.jpg)
3. Income Statement
The income statement section shows if your business is making a profit or taking a loss. Another name for the income statement is the profit and loss (P&L). It takes data from your sales forecast and personnel plan and adds other ongoing expenses you incur while running your business.
![summary and conclusion of a business plan The income statement section](https://www.founderjar.com/wp-content/uploads/2021/07/The-income-statement-section.jpg)
Every business plan should have an income statement. It subtracts your business expenses from its earnings to show if your business is generating profit or incurring losses.
The income statement has the following items: sales, Cost of Goods Sold (COGS), gross margin, operating expenses, total operating expenses, operating income , total expenses, and net profit.
- Sales refer to the revenue your business generates from selling its products or services. Other names for sales are income or revenue.
- Cost of Goods Sold (COGS) refers to the total cost of selling your products. Other names for COGS are direct costs or cost of sales. Manufacturing businesses use the Costs of Goods Manufactured (COGM) .
- Gross Margin is the figure you get when you subtract your COGS from your sales. In your income statement, you can express it as a percentage of total sales (Gross margin / Sales = Gross Margin Percent).
- Operating Expenses refer to all the expenses you incur from running your business. It exempts the COGS because it stands alone as a core part of your income statement. You also have to exclude taxes, depreciation, and amortization. Your operating expenses include salaries, marketing expenses, research and development (R&D) expenses, and other expenses.
- Total Operating Expenses refers to the sum of all your operating expenses including those exemptions named above under operating expenses.
- Operating Income refers to earnings before interest, taxes, depreciation, and amortization. It is simply known as the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization). Calculating your operating income is simple, all you need to do is to subtract your COGS and total operating expenses from your sales.
- Total Expenses refer to the sum of your operating expenses and your business’ interest, taxes, depreciation, and amortization.
- Net profit shows whether your business has made a profit or taken a loss during a given timeframe.
4. Cash Flow Statement
The cash flow statement tracks the money you have in the bank at any given point. It is often confused with the income statement or the profit and loss statement. They are both different types of financial statements. The income statement calculates your profits and losses while the cash flow statement shows you how much you have in the bank.
![summary and conclusion of a business plan Cash Flow Statement Example](https://www.founderjar.com/wp-content/uploads/2021/07/Cash-Flow-Statement-Example.jpg)
5. Balance Sheet
The balance sheet is a financial statement that provides an overview of the financial health of your business. It contains information about the assets and liabilities of your company, and owner’s or shareholders’ equity.
You can get the net worth of your company by subtracting your company’s liabilities from its assets.
![summary and conclusion of a business plan Balance sheet Formula](https://www.founderjar.com/wp-content/uploads/2021/07/Balance-sheet-Formula.jpg)
6. Exit Strategy
The exit strategy refers to a probable plan for selling your business either to the public in an IPO or to another company. It is the last thing you include in the financial plan, metrics, and projection section.
You can choose to omit the exit strategy from your business plan if you plan to maintain full ownership of your business and do not plan on seeking angel investment or virtual capitalist (VC) funding.
Investors may want to know what your exit plan is. They invest in your business to get a good return on investment.
Your exit strategy does not have to include long and boring details. Ensure you identify some interested parties who may be interested in buying the company if it becomes a success.
![summary and conclusion of a business plan Exit Strategy Section of Business Plan Infographic](https://www.founderjar.com/wp-content/uploads/2021/07/Exit-Strategy-Section-of-Business-Plan-Infographic.jpg)
Key Questions to Answer with Your Financial Plan, Metrics, and Projection
Your financial plan, metrics, and projection section helps investors, creditors, or your internal managers to understand what your expenses are, the amount of cash you need, and what it takes to make your company profitable. It also shows what you will be doing with any funding.
You do not need to show actual financial data if you do not have one. Adding forecasts and projections to your financial statements is added proof that your strategy is feasible and shows investors you have planned properly.
Here are some key questions to answer to help you develop this section.
- What is your sales forecast for the next year?
- When will your company achieve a positive cash flow?
- What are the core expenses you need to operate?
- How much money do you need upfront to operate or grow your company?
- How will you use the loans or investments?
9. Add an Appendix to Your Business Plan
Adding an appendix to your business plan is optional. It is a useful place to put any charts, tables, legal notes, definitions, permits, résumés, and other critical information that do not fit into other sections of your business plan.
The appendix section is where you would want to include details of a patent or patent-pending if you have one. You can always add illustrations or images of your products here. It is the last section of your business plan.
When writing your business plan, there are details you cut short or remove to prevent the entire section from becoming too lengthy. There are also details you want to include in the business plan but are not a good fit for any of the previous sections. You can add that additional information to the appendix section.
Businesses also use the appendix section to include supporting documents or other materials specially requested by investors or lenders.
You can include just about any information that supports the assumptions and statements you made in the business plan under the appendix. It is the one place in the business plan where unrelated data and information can coexist amicably.
If your appendix section is lengthy, try organizing it by adding a table of contents at the beginning of the appendix section. It is also advisable to group similar information to make it easier for the reader to access them.
A well-organized appendix section makes it easier to share your information clearly and concisely. Add footnotes throughout the rest of the business plan or make references in the plan to the documents in the appendix.
The appendix section is usually only necessary if you are seeking funding from investors or lenders, or hoping to attract partners.
People reading business plans do not want to spend time going through a heap of backup information, numbers, and charts. Keep these documents or information in the Appendix section in case the reader wants to dig deeper.
Common Items to Include in the Appendix Section of Your Business Plan
The appendix section includes documents that supplement or support the information or claims given in other sections of the business plans. Common items you can include in the appendix section include:
- Additional data about the process of manufacturing or creation
- Additional description of products or services such as product schematics
- Additional financial documents or projections
- Articles of incorporation and status
- Backup for market research or competitive analysis
- Bank statements
- Business registries
- Client testimonials (if your business is already running)
- Copies of insurances
- Credit histories (personal or/and business)
- Deeds and permits
- Equipment leases
- Examples of marketing and advertising collateral
- Industry associations and memberships
- Images of product
- Intellectual property
- Key customer contracts
- Legal documents and other contracts
- Letters of reference
- Links to references
- Market research data
- Organizational charts
- Photographs of potential facilities
- Professional licenses pertaining to your legal structure or type of business
- Purchase orders
- Resumes of the founder(s) and key managers
- State and federal identification numbers or codes
- Trademarks or patents’ registrations
Avoid using the appendix section as a place to dump any document or information you feel like adding. Only add documents or information that you support or increase the credibility of your business plan.
Tips and Strategies for Writing a Convincing Business Plan
To achieve a perfect business plan, you need to consider some key tips and strategies. These tips will raise the efficiency of your business plan above average.
1. Know Your Audience
When writing a business plan, you need to know your audience . Business owners write business plans for different reasons. Your business plan has to be specific. For example, you can write business plans to potential investors, banks, and even fellow board members of the company.
The audience you are writing to determines the structure of the business plan. As a business owner, you have to know your audience. Not everyone will be your audience. Knowing your audience will help you to narrow the scope of your business plan.
Consider what your audience wants to see in your projects, the likely questions they might ask, and what interests them.
- A business plan used to address a company's board members will center on its employment schemes, internal affairs, projects, stakeholders, etc.
- A business plan for financial institutions will talk about the size of your market and the chances for you to pay back any loans you demand.
- A business plan for investors will show proof that you can return the investment capital within a specific time. In addition, it discusses your financial projections, tractions, and market size.
2. Get Inspiration from People
Writing a business plan from scratch as an entrepreneur can be daunting. That is why you need the right inspiration to push you to write one. You can gain inspiration from the successful business plans of other businesses. Look at their business plans, the style they use, the structure of the project, etc.
To make your business plan easier to create, search companies related to your business to get an exact copy of what you need to create an effective business plan. You can also make references while citing examples in your business plans.
When drafting your business plan, get as much help from others as you possibly can. By getting inspiration from people, you can create something better than what they have.
3. Avoid Being Over Optimistic
Many business owners make use of strong adjectives to qualify their content. One of the big mistakes entrepreneurs make when preparing a business plan is promising too much.
The use of superlatives and over-optimistic claims can prepare the audience for more than you can offer. In the end, you disappoint the confidence they have in you.
In most cases, the best option is to be realistic with your claims and statistics. Most of the investors can sense a bit of incompetency from the overuse of superlatives. As a new entrepreneur, do not be tempted to over-promise to get the interests of investors.
The concept of entrepreneurship centers on risks, nothing is certain when you make future analyses. What separates the best is the ability to do careful research and work towards achieving that, not promising more than you can achieve.
To make an excellent first impression as an entrepreneur, replace superlatives with compelling data-driven content. In this way, you are more specific than someone promising a huge ROI from an investment.
4. Keep it Simple and Short
When writing business plans, ensure you keep them simple throughout. Irrespective of the purpose of the business plan, your goal is to convince the audience.
One way to achieve this goal is to make them understand your proposal. Therefore, it would be best if you avoid the use of complex grammar to express yourself. It would be a huge turn-off if the people you want to convince are not familiar with your use of words.
Another thing to note is the length of your business plan. It would be best if you made it as brief as possible.
You hardly see investors or agencies that read through an extremely long document. In that case, if your first few pages can’t convince them, then you have lost it. The more pages you write, the higher the chances of you derailing from the essential contents.
To ensure your business plan has a high conversion rate, you need to dispose of every unnecessary information. For example, if you have a strategy that you are not sure of, it would be best to leave it out of the plan.
5. Make an Outline and Follow Through
A perfect business plan must have touched every part needed to convince the audience. Business owners get easily tempted to concentrate more on their products than on other sections. Doing this can be detrimental to the efficiency of the business plan.
For example, imagine you talking about a product but omitting or providing very little information about the target audience. You will leave your clients confused.
To ensure that your business plan communicates your full business model to readers, you have to input all the necessary information in it. One of the best ways to achieve this is to design a structure and stick to it.
This structure is what guides you throughout the writing. To make your work easier, you can assign an estimated word count or page limit to every section to avoid making it too bulky for easy reading. As a guide, the necessary things your business plan must contain are:
- Table of contents
- Introduction
- Product or service description
- Target audience
- Market size
- Competition analysis
- Financial projections
Some specific businesses can include some other essential sections, but these are the key sections that must be in every business plan.
6. Ask a Professional to Proofread
When writing a business plan, you must tie all loose ends to get a perfect result. When you are done with writing, call a professional to go through the document for you. You are bound to make mistakes, and the way to correct them is to get external help.
You should get a professional in your field who can relate to every section of your business plan. It would be easier for the professional to notice the inner flaws in the document than an editor with no knowledge of your business.
In addition to getting a professional to proofread, get an editor to proofread and edit your document. The editor will help you identify grammatical errors, spelling mistakes, and inappropriate writing styles.
Writing a business plan can be daunting, but you can surmount that obstacle and get the best out of it with these tips.
Business Plan Examples and Templates That’ll Save You Tons of Time
1. hubspot's one-page business plan.
![summary and conclusion of a business plan HubSpot's One Page Business Plan](https://www.founderjar.com/wp-content/uploads/2021/07/HubSpots-One-Page-Business-Plan.jpg)
The one-page business plan template by HubSpot is the perfect guide for businesses of any size, irrespective of their business strategy. Although the template is condensed into a page, your final business plan should not be a page long! The template is designed to ask helpful questions that can help you develop your business plan.
Hubspot’s one-page business plan template is divided into nine fields:
- Business opportunity
- Company description
- Industry analysis
- Target market
- Implementation timeline
- Marketing plan
- Financial summary
- Funding required
2. Bplan’s Free Business Plan Template
![summary and conclusion of a business plan Bplan’s Free Business Plan Template](https://www.founderjar.com/wp-content/uploads/2021/07/Bplans-Free-Business-Plan-Template.jpg)
Bplans' free business plan template is investor-approved. It is a rich template used by prestigious educational institutions such as Babson College and Princeton University to teach entrepreneurs how to create a business plan.
The template has six sections: the executive summary, opportunity, execution, company, financial plan, and appendix. There is a step-by-step guide for writing every little detail in the business plan. Follow the instructions each step of the way and you will create a business plan that impresses investors or lenders easily.
3. HubSpot's Downloadable Business Plan Template
![summary and conclusion of a business plan HubSpot's Downloadable Business Plan Template](https://www.founderjar.com/wp-content/uploads/2021/07/HubSpots-Downloadable-Business-Plan-Template.jpg)
HubSpot’s downloadable business plan template is a more comprehensive option compared to the one-page business template by HubSpot. This free and downloadable business plan template is designed for entrepreneurs.
The template is a comprehensive guide and checklist for business owners just starting their businesses. It tells you everything you need to fill in each section of the business plan and how to do it.
There are nine sections in this business plan template: an executive summary, company and business description, product and services line, market analysis, marketing plan, sales plan, legal notes, financial considerations, and appendix.
4. Business Plan by My Own Business Institute
![summary and conclusion of a business plan The Business Profile](https://www.founderjar.com/wp-content/uploads/2021/07/The-Business-Profile.jpg)
My Own Business Institute (MOBI) which is a part of Santa Clara University's Center for Innovation and Entrepreneurship offers a free business plan template. You can either copy the free business template from the link provided above or download it as a Word document.
The comprehensive template consists of a whopping 15 sections.
- The Business Profile
- The Vision and the People
- Home-Based Business and Freelance Business Opportunities
- Organization
- Licenses and Permits
- Business Insurance
- Communication Tools
- Acquisitions
- Location and Leasing
- Accounting and Cash Flow
- Opening and Marketing
- Managing Employees
- Expanding and Handling Problems
There are lots of helpful tips on how to fill each section in the free business plan template by MOBI.
5. Score's Business Plan Template for Startups
![summary and conclusion of a business plan Score's Business Plan Template for Startups](https://www.founderjar.com/wp-content/uploads/2021/07/Scores-Business-Plan-Template-for-Startups.jpg)
Score is an American nonprofit organization that helps entrepreneurs build successful companies. This business plan template for startups by Score is available for free download. The business plan template asks a whooping 150 generic questions that help entrepreneurs from different fields to set up the perfect business plan.
The business plan template for startups contains clear instructions and worksheets, all you have to do is answer the questions and fill the worksheets.
There are nine sections in the business plan template: executive summary, company description, products and services, marketing plan, operational plan, management and organization, startup expenses and capitalization, financial plan, and appendices.
The ‘refining the plan’ resource contains instructions that help you modify your business plan to suit your specific needs, industry, and target audience. After you have completed Score’s business plan template, you can work with a SCORE mentor for expert advice in business planning.
6. Minimalist Architecture Business Plan Template by Venngage
![summary and conclusion of a business plan Minimalist Architecture Business Plan Template by Venngage](https://www.founderjar.com/wp-content/uploads/2021/07/Minimalist-Architecture-Business-Plan-Template-by-Venngage.jpg)
The minimalist architecture business plan template is a simple template by Venngage that you can customize to suit your business needs .
There are five sections in the template: an executive summary, statement of problem, approach and methodology, qualifications, and schedule and benchmark. The business plan template has instructions that guide users on what to fill in each section.
7. Small Business Administration Free Business Plan Template
![summary and conclusion of a business plan Small Business Administration Free Business Plan Template](https://www.founderjar.com/wp-content/uploads/2021/07/Small-Business-Administration-Free-Business-Plan-Template.jpg)
The Small Business Administration (SBA) offers two free business plan templates, filled with practical real-life examples that you can model to create your business plan. Both free business plan templates are written by fictional business owners: Rebecca who owns a consulting firm, and Andrew who owns a toy company.
There are five sections in the two SBA’s free business plan templates.
- Executive Summary
- Company Description
- Service Line
- Marketing and Sales
8. The $100 Startup's One-Page Business Plan
![summary and conclusion of a business plan The $100 Startup's One Page Business Plan](https://www.founderjar.com/wp-content/uploads/2021/07/The-100-Startups-One-Page-Business-Plan.jpg)
The one-page business plan by the $100 startup is a simple business plan template for entrepreneurs who do not want to create a long and complicated plan . You can include more details in the appendices for funders who want more information beyond what you can put in the one-page business plan.
There are five sections in the one-page business plan such as overview, ka-ching, hustling, success, and obstacles or challenges or open questions. You can answer all the questions using one or two sentences.
9. PandaDoc’s Free Business Plan Template
![summary and conclusion of a business plan PandaDoc’s Free Business Plan Template](https://www.founderjar.com/wp-content/uploads/2021/07/PandaDocs-Free-Business-Plan-Template.jpg)
The free business plan template by PandaDoc is a comprehensive 15-page document that describes the information you should include in every section.
There are 11 sections in PandaDoc’s free business plan template.
- Executive summary
- Business description
- Products and services
- Operations plan
- Management organization
- Financial plan
- Conclusion / Call to action
- Confidentiality statement
You have to sign up for its 14-day free trial to access the template. You will find different business plan templates on PandaDoc once you sign up (including templates for general businesses and specific businesses such as bakeries, startups, restaurants, salons, hotels, and coffee shops)
PandaDoc allows you to customize its business plan templates to fit the needs of your business. After editing the template, you can send it to interested parties and track opens and views through PandaDoc.
10. Invoiceberry Templates for Word, Open Office, Excel, or PPT
![summary and conclusion of a business plan Invoiceberry Templates Business Concept](https://www.founderjar.com/wp-content/uploads/2021/07/Invoiceberry-Templates-Business-Concept.jpg)
InvoiceBerry is a U.K based online invoicing and tracking platform that offers free business plan templates in .docx, .odt, .xlsx, and .pptx formats for freelancers and small businesses.
Before you can download the free business plan template, it will ask you to give it your email address. After you complete the little task, it will send the download link to your inbox for you to download. It also provides a business plan checklist in .xlsx file format that ensures you add the right information to the business plan.
Alternatives to the Traditional Business Plan
A business plan is very important in mapping out how one expects their business to grow over a set number of years, particularly when they need external investment in their business. However, many investors do not have the time to watch you present your business plan. It is a long and boring read.
Luckily, there are three alternatives to the traditional business plan (the Business Model Canvas, Lean Canvas, and Startup Pitch Deck). These alternatives are less laborious and easier and quicker to present to investors.
Business Model Canvas (BMC)
The business model canvas is a business tool used to present all the important components of setting up a business, such as customers, route to market, value proposition, and finance in a single sheet. It provides a very focused blueprint that defines your business initially which you can later expand on if needed.
![summary and conclusion of a business plan Business Model Canvas (BMC) Infographic](https://www.founderjar.com/wp-content/uploads/2021/07/Business-Model-Canvas-BMC.jpg)
The sheet is divided mainly into company, industry, and consumer models that are interconnected in how they find problems and proffer solutions.
Segments of the Business Model Canvas
The business model canvas was developed by founder Alexander Osterwalder to answer important business questions. It contains nine segments.
![summary and conclusion of a business plan Segments of the Business Model Canvas](https://www.founderjar.com/wp-content/uploads/2021/07/Segments-of-the-Business-Model-Canvas.jpg)
- Key Partners: Who will be occupying important executive positions in your business? What do they bring to the table? Will there be a third party involved with the company?
- Key Activities: What important activities will production entail? What activities will be carried out to ensure the smooth running of the company?
- The Product’s Value Propositions: What does your product do? How will it be different from other products?
- Customer Segments: What demography of consumers are you targeting? What are the habits of these consumers? Who are the MVPs of your target consumers?
- Customer Relationships: How will the team support and work with its customer base? How do you intend to build and maintain trust with the customer?
- Key Resources: What type of personnel and tools will be needed? What size of the budget will they need access to?
- Channels: How do you plan to create awareness of your products? How do you intend to transport your product to the customer?
- Cost Structure: What is the estimated cost of production? How much will distribution cost?
- Revenue Streams: For what value are customers willing to pay? How do they prefer to pay for the product? Are there any external revenues attached apart from the main source? How do the revenue streams contribute to the overall revenue?
Lean Canvas
The lean canvas is a problem-oriented alternative to the standard business model canvas. It was proposed by Ash Maurya, creator of Lean Stack as a development of the business model generation. It uses a more problem-focused approach and it majorly targets entrepreneurs and startup businesses.
![summary and conclusion of a business plan The lean canvas is a problem oriented alternative to the standard business model canvas](https://www.founderjar.com/wp-content/uploads/2021/07/The-lean-canvas-is-a-problem-oriented-alternative-to-the-standard-business-model-canvas.jpg)
Lean Canvas uses the same 9 blocks concept as the business model canvas, however, they have been modified slightly to suit the needs and purpose of a small startup. The key partners, key activities, customer relationships, and key resources are replaced by new segments which are:
- Problem: Simple and straightforward number of problems you have identified, ideally three.
- Solution: The solutions to each problem.
- Unfair Advantage: Something you possess that can't be easily bought or replicated.
- Key Metrics: Important numbers that will tell how your business is doing.
Startup Pitch Deck
While the business model canvas compresses into a factual sheet, startup pitch decks expand flamboyantly.
Pitch decks, through slides, convey your business plan, often through graphs and images used to emphasize estimations and observations in your presentation. Entrepreneurs often use pitch decks to fully convince their target audience of their plans before discussing funding arrangements.
![summary and conclusion of a business plan Startup Pitch Deck Presentation](https://www.founderjar.com/wp-content/uploads/2021/07/Startup-Pitch-Deck-Presentation.jpg)
Considering the likelihood of it being used in a small time frame, a good startup pitch deck should ideally contain 20 slides or less to have enough time to answer questions from the audience.
Unlike the standard and lean business model canvases, a pitch deck doesn't have a set template on how to present your business plan but there are still important components to it. These components often mirror those of the business model canvas except that they are in slide form and contain more details.
![summary and conclusion of a business plan Airbnb Pitch Deck](https://www.founderjar.com/wp-content/uploads/2021/07/Airbnb-Pitch-Deck.jpg)
Using Airbnb (one of the most successful start-ups in recent history) for reference, the important components of a good slide are listed below.
- Cover/Introduction Slide: Here, you should include your company's name and mission statement. Your mission statement should be a very catchy tagline. Also, include personal information and contact details to provide an easy link for potential investors.
- Problem Slide: This slide requires you to create a connection with the audience or the investor that you are pitching. For example in their pitch, Airbnb summarized the most important problems it would solve in three brief points – pricing of hotels, disconnection from city culture, and connection problems for local bookings.
- Solution Slide: This slide includes your core value proposition. List simple and direct solutions to the problems you have mentioned
- Customer Analysis: Here you will provide information on the customers you will be offering your service to. The identity of your customers plays an important part in fundraising as well as the long-run viability of the business.
- Market Validation: Use competitive analysis to show numbers that prove the presence of a market for your product, industry behavior in the present and the long run, as well as the percentage of the market you aim to attract. It shows that you understand your competitors and customers and convinces investors of the opportunities presented in the market.
- Business Model: Your business model is the hook of your presentation. It may vary in complexity but it should generally include a pricing system informed by your market analysis. The goal of the slide is to confirm your business model is easy to implement.
- Marketing Strategy: This slide should summarize a few customer acquisition methods that you plan to use to grow the business.
- Competitive Advantage: What this slide will do is provide information on what will set you apart and make you a more attractive option to customers. It could be the possession of technology that is not widely known in the market.
- Team Slide: Here you will give a brief description of your team. Include your key management personnel here and their specific roles in the company. Include their educational background, job history, and skillsets. Also, talk about their accomplishments in their careers so far to build investors' confidence in members of your team.
- Traction Slide: This validates the company’s business model by showing growth through early sales and support. The slide aims to reduce any lingering fears in potential investors by showing realistic periodic milestones and profit margins. It can include current sales, growth, valuable customers, pre-orders, or data from surveys outlining current consumer interest.
- Funding Slide: This slide is popularly referred to as ‘the ask'. Here you will include important details like how much is needed to get your business off the ground and how the funding will be spent to help the company reach its goals.
- Appendix Slides: Your pitch deck appendix should always be included alongside a standard pitch presentation. It consists of additional slides you could not show in the pitch deck but you need to complement your presentation.
It is important to support your calculations with pictorial renditions. Infographics, such as pie charts or bar graphs, will be more effective in presenting the information than just listing numbers. For example, a six-month graph that shows rising profit margins will easily look more impressive than merely writing it.
Lastly, since a pitch deck is primarily used to secure meetings and you may be sharing your pitch with several investors, it is advisable to keep a separate public version that doesn't include financials. Only disclose the one with projections once you have secured a link with an investor.
Advantages of the Business Model Canvas, Lean Canvas, and Startup Pitch Deck over the Traditional Business Plan
- Time-Saving: Writing a detailed traditional business plan could take weeks or months. On the other hand, all three alternatives can be done in a few days or even one night of brainstorming if you have a comprehensive understanding of your business.
- Easier to Understand: Since the information presented is almost entirely factual, it puts focus on what is most important in running the business. They cut away the excess pages of fillers in a traditional business plan and allow investors to see what is driving the business and what is getting in the way.
- Easy to Update: Businesses typically present their business plans to many potential investors before they secure funding. What this means is that you may regularly have to amend your presentation to update statistics or adjust to audience-specific needs. For a traditional business plan, this could mean rewriting a whole section of your plan. For the three alternatives, updating is much easier because they are not voluminous.
- Guide for a More In-depth Business Plan: All three alternatives have the added benefit of being able to double as a sketch of your business plan if the need to create one arises in the future.
Business Plan FAQ
Business plans are important for any entrepreneur who is looking for a framework to run their company over some time or seeking external support. Although they are essential for new businesses, every company should ideally have a business plan to track their growth from time to time. They can be used by startups seeking investments or loans to convey their business ideas or an employee to convince his boss of the feasibility of starting a new project. They can also be used by companies seeking to recruit high-profile employee targets into key positions or trying to secure partnerships with other firms.
Business plans often vary depending on your target audience, the scope, and the goals for the plan. Startup plans are the most common among the different types of business plans. A start-up plan is used by a new business to present all the necessary information to help get the business up and running. They are usually used by entrepreneurs who are seeking funding from investors or bank loans. The established company alternative to a start-up plan is a feasibility plan. A feasibility plan is often used by an established company looking for new business opportunities. They are used to show the upsides of creating a new product for a consumer base. Because the audience is usually company people, it requires less company analysis. The third type of business plan is the lean business plan. A lean business plan is a brief, straight-to-the-point breakdown of your ideas and analysis for your business. It does not contain details of your proposal and can be written on one page. Finally, you have the what-if plan. As it implies, a what-if plan is a preparation for the worst-case scenario. You must always be prepared for the possibility of your original plan being rejected. A good what-if plan will serve as a good plan B to the original.
A good business plan has 10 key components. They include an executive plan, product analysis, desired customer base, company analysis, industry analysis, marketing strategy, sales strategy, financial projection, funding, and appendix. Executive Plan Your business should begin with your executive plan. An executive plan will provide early insight into what you are planning to achieve with your business. It should include your mission statement and highlight some of the important points which you will explain later. Product Analysis The next component of your business plan is your product analysis. A key part of this section is explaining the type of item or service you are going to offer as well as the market problems your product will solve. Desired Consumer Base Your product analysis should be supplemented with a detailed breakdown of your desired consumer base. Investors are always interested in knowing the economic power of your market as well as potential MVP customers. Company Analysis The next component of your business plan is your company analysis. Here, you explain how you want to run your business. It will include your operational strategy, an insight into the workforce needed to keep the company running, and important executive positions. It will also provide a calculation of expected operational costs. Industry Analysis A good business plan should also contain well laid out industry analysis. It is important to convince potential investors you know the companies you will be competing with, as well as your plans to gain an edge on the competition. Marketing Strategy Your business plan should also include your marketing strategy. This is how you intend to spread awareness of your product. It should include a detailed explanation of the company brand as well as your advertising methods. Sales Strategy Your sales strategy comes after the market strategy. Here you give an overview of your company's pricing strategy and how you aim to maximize profits. You can also explain how your prices will adapt to market behaviors. Financial Projection The financial projection is the next component of your business plan. It explains your company's expected running cost and revenue earned during the tenure of the business plan. Financial projection gives a clear idea of how your company will develop in the future. Funding The next component of your business plan is funding. You have to detail how much external investment you need to get your business idea off the ground here. Appendix The last component of your plan is the appendix. This is where you put licenses, graphs, or key information that does not fit in any of the other components.
The business model canvas is a business management tool used to quickly define your business idea and model. It is often used when investors need you to pitch your business idea during a brief window.
A pitch deck is similar to a business model canvas except that it makes use of slides in its presentation. A pitch is not primarily used to secure funding, rather its main purpose is to entice potential investors by selling a very optimistic outlook on the business.
Business plan competitions help you evaluate the strength of your business plan. By participating in business plan competitions, you are improving your experience. The experience provides you with a degree of validation while practicing important skills. The main motivation for entering into the competitions is often to secure funding by finishing in podium positions. There is also the chance that you may catch the eye of a casual observer outside of the competition. These competitions also provide good networking opportunities. You could meet mentors who will take a keen interest in guiding you in your business journey. You also have the opportunity to meet other entrepreneurs whose ideas can complement yours.
Exlore Further
- 12 Key Elements of a Business Plan (Top Components Explained)
- 13 Sources of Business Finance For Companies & Sole Traders
- 5 Common Types of Business Structures (+ Pros & Cons)
- How to Buy a Business in 8 Steps (+ Due Diligence Checklist)
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Martin luenendonk.
Martin loves entrepreneurship and has helped dozens of entrepreneurs by validating the business idea, finding scalable customer acquisition channels, and building a data-driven organization. During his time working in investment banking, tech startups, and industry-leading companies he gained extensive knowledge in using different software tools to optimize business processes.
This insights and his love for researching SaaS products enables him to provide in-depth, fact-based software reviews to enable software buyers make better decisions.
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Writing an Effective Business Plan Conclusion: Tips & Examples
Do you need help concluding the business plan that you have worked so hard to create? A well-crafted business plan conclusion is essential for setting the tone for the entire document, and summarizing the key points that justify why the business will be successful. In this article, we will explore how to write an effective business plan conclusion that will ensure that your plan is read and taken seriously.
How to End a Business Plan?
The conclusion of your business plan should briefly summarize the main points of your argument. It should state why you believe your business will succeed and explain how you intend to achieve your goals. A business plan conclusion should cover the opportunity, highlight the strengths of your plan, summarize your vision, and remind the reader why your business is in a unique position to succeed.
A template example of a solid business plan conclusion follows:
- Opportunity: Explain the opportunity that your business is capitalizing on and why it is attractive.
- Key Strengths: Highlight the key strengths of your plan, such as your competitive advantage and any unique selling points.
- Vision: Summarize your vision for the business and its future.
- Unique Position: Remind the reader why your business is in a unique position to succeed.
It is important to keep your business plan conclusion succinct and to the point. It should be no longer than a few paragraphs, and should be a clear and concise summary of the entire document.
At Atlantabusinesses.com, we understand how important it is to have a clear and effective business plan conclusion. We are experts in the field of business brokering, and we can help you through the entire process of buying or selling a business. Visit our website for more information, and for answers to all your questions about selling a business and about business brokers.
What is the final stage of the business plan?
Conclude your business plan with a presentation for obtaining funding, and provide any relevant data, graphs, and charts to back it up. Make it explicit how much money you are asking for from investors—whether it is equity, a collaboration, or a loan.
What is the appropriate way to conclude a business plan letter?
What should be included in the concluding section of a business plan.
It should also include a description of the problems you are trying to solve, a review of your marketing strategy, and an assessment of the financials. The best way to write an executive summary is to write it after you have a thorough understanding of your entire plan and can succinctly summarize it. The executive summary should include your company’s mission statement, a description of the products and services you offer or plan to offer, an overview of the problems you are aiming to solve, an assessment of your marketing strategy and an overview of the financials.
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How To Write A Business Plan (2024 Guide)
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Table of Contents
Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.
Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.
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Drafting the Summary
An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.
Ask for Help
When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.
After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business.
The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.
Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.
Numbers-based Goals
Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.
Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.
Intangible Goals
Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.
The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.
If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.
This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.
You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.
Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.
Business Operations Costs
Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.
Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.
Other Costs
Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.
Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.
How do I write a simple business plan?
When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.
What are some common mistakes in a business plan?
The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.
What basic items should be included in a business plan?
When writing out a business plan, you want to make sure that you cover everything related to your concept for the business, an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.
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How to make a business plan
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Table of Contents
How to make a good business plan: step-by-step guide.
A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.
A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.
But where do you start? How do you create a business plan that sets you up for success?
This article will explore the step-by-step process of creating a comprehensive business plan.
What is a business plan?
A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:
Products or services
Target market
Competitors
Marketing and sales strategies
Financial plan
Management team
A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.
As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.
Business plan vs. business model canvas
A business plan may seem similar to a business model canvas, but each document serves a different purpose.
A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:
Key partnerships
Key activities
Key propositions
Customer relationships
Customer segments
Key resources
Cost structure
Revenue streams
On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.
A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.
A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.
Why is a business plan important?
A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.
Here are some of the many benefits of having a thorough business plan.
Helps to define the business goals and objectives
A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.
A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.
Guides decision-making
A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.
With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.
Attracts investors and secures funding
Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.
A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.
Identifies potential challenges and risks
A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:
Is there enough demand for my product or service?
Will I have enough capital to start my business?
Is the market oversaturated with too many competitors?
What will happen if my marketing strategy is ineffective?
By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.
Provides a basis for measuring success
A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:
Are we where we want to be at this point?
Did we achieve our goals?
If not, why not, and what do we need to do?
After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.
How to make a business plan step by step
The steps below will guide you through the process of creating a business plan and what key components you need to include.
1. Create an executive summary
Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.
Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.
2. Write your company description
Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.
Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.
3. Conduct a market analysis
Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.
Use the Competitive Analysis Template to brainstorm answers to simple questions like:
What does the current market look like?
Who are your competitors?
What are they offering?
What will give you a competitive advantage?
Who is your target market?
What are they looking for and why?
How will your product or service satisfy a need?
These questions should give you valuable insights into the current market and where your business stands.
4. Describe your products and services
Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.
Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.
5. Design a marketing and sales strategy
Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:
Pricing strategy
Advertising and promotional tactics
Sales channels
The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.
6. Determine budget and financial projections
Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.
Some details to include in this section are:
Startup costs
Revenue projections
Profit and loss statement
Funding you have received or plan to receive
Strategy for raising funds
7. Set the organization and management structure
Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.
As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.
8. Make an action plan
At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.
Types of business plans
Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.
Startup business plan
A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.
Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.
Strategic business plan
A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.
The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.
Operational business plan
An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:
Organizational structure
Staffing plan
Production plan
Quality control
Inventory management
Supply chain
The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.
Growth-business plan
A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.
The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).
One-page business plan
A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.
A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.
Best practices for how to make a good business plan
Here are some additional tips for creating a business plan:
Use a template
A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.
Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.
Be practical
Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.
Be specific
Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.
Be thorough with your research
Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.
Get input from others
It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.
Review and revise regularly
A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.
Create a winning business plan to chart your path to success
Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.
The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.
Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.
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How to Conclude a Business Plan
by Mariel Loveland
Published on 28 May 2019
It doesn’t matter if you’re launching a brand new business or planning to expand your already successful venture: you will need a business plan. This is a road map that helps you achieve all of your business goals. It basically answers a series of questions about your company ranging from what your product is to who you’re selling it to. This, of course, can be figurative as some businesses provide services, rather than products.
For example, a plumbing company’s product is fixing pipes, not typically the retail sale of the pipes themselves. A medical practice’s product is diagnosing and curing illnesses, not typically the medicine itself (that’s usually left up to the pharmacies).
Partially completed written business plan.
Word processing software.
Inside every business plan is a conclusion – and it varies depending on the industry and the audience. Regardless, this is your final pitch to summarize your entire report. A solid business plan conclusion example is one that highlights strengths and ensures the reader that your business will be a success.
Share the conclusion of your plan with a few people you trust to make sure company outsiders can understand your points.
Explain The “Why” Behind Your Business Plan
In your business plan conclusion pdf (or printed paper if you’re going old school), you need to tell readers why they’re actually reading your business plan in the first place. For example, the conclusion of a business plan for a coffee shop looking for funding might briefly mention that you’re searching for a certain amount of money to remodel your dining space or buy a new espresso machine.
You might also want to use different business plan conclusion examples for different audiences. If you’re looking for $100,000 in funding from investors, disclose financial details in your conclusion. If you’re looking for a new partner or to sell your business, you’ll need to outline this in your conclusion as well. You might actually be looking for investors and partners or looking for investors or a buyer at the same time. Print out business plan conclusion PDFs for each specific instance.
State The Key Milestones
Your business plan probably has stacks of pages with different milestones. When do you expect to turn a profit? How long will it take you to train new staff? In how many months do you expect to break a sales milestone? Even your executive summary, the shorter preface to your plan that explains your key assumptions in everyday speak versus industry jargon, has a few milestones buried deep in its short pages.
State your key milestones in your conclusion, whether you place this in an executive summary or at the end of your report. For example, the conclusion of a business plan for a coffee shop might say that you expect to sell 1,000 lattes by the first month. Write this down along with the percentage of increased revenue you expect month-to-month and the measures you’ll take to get there. Put the milestones in a graph, table or column for easy digestibility.
Create a Call to Action
The best business plans don’t just end with an “okay, now what?” They end with inspiration. To do this, you’ll need to add a call-to-action to your business plan conclusion. The call-to-action can be anything from “invest money today” to “join us as a partner.”
For example, the conclusion of a business plan for a coffee shop might include “try one of our specialty cold brews today.” This is a successful business plan conclusion example because it gives investors the opportunity to try your product to see if they really believe in what you’re offering.
Not all Business Plan Conclusion Examples Are at the End
Before printing out your business plan conclusion PDF, think about where you’re going to actually put your conclusion. This might come at the end of your executive summary, which is at the beginning of your business plan.
You also might wish to write a longer conclusion at the end of your business plan. Either is effective, though the executive summary does come first and is most easily digested. You might have the biggest opportunity to show your business prowess in a place most investors are going to read first.
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What Is a Business Plan?
Understanding business plans, how to write a business plan, common elements of a business plan, the bottom line, business plan: what it is, what's included, and how to write one.
Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.
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A business plan is a document that outlines a company's goals and the strategies to achieve them. It's valuable for both startups and established companies. For startups, a well-crafted business plan is crucial for attracting potential lenders and investors. Established businesses use business plans to stay on track and aligned with their growth objectives. This article will explain the key components of an effective business plan and guidance on how to write one.
Key Takeaways
- A business plan is a document detailing a company's business activities and strategies for achieving its goals.
- Startup companies use business plans to launch their venture and to attract outside investors.
- For established companies, a business plan helps keep the executive team focused on short- and long-term objectives.
- There's no single required format for a business plan, but certain key elements are essential for most companies.
Investopedia / Ryan Oakley
Any new business should have a business plan in place before beginning operations. Banks and venture capital firms often want to see a business plan before considering making a loan or providing capital to new businesses.
Even if a company doesn't need additional funding, having a business plan helps it stay focused on its goals. Research from the University of Oregon shows that businesses with a plan are significantly more likely to secure funding than those without one. Moreover, companies with a business plan grow 30% faster than those that don't plan. According to a Harvard Business Review article, entrepreneurs who write formal plans are 16% more likely to achieve viability than those who don't.
A business plan should ideally be reviewed and updated periodically to reflect achieved goals or changes in direction. An established business moving in a new direction might even create an entirely new plan.
There are numerous benefits to creating (and sticking to) a well-conceived business plan. It allows for careful consideration of ideas before significant investment, highlights potential obstacles to success, and provides a tool for seeking objective feedback from trusted outsiders. A business plan may also help ensure that a company’s executive team remains aligned on strategic action items and priorities.
While business plans vary widely, even among competitors in the same industry, they often share basic elements detailed below.
A well-crafted business plan is essential for attracting investors and guiding a company's strategic growth. It should address market needs and investor requirements and provide clear financial projections.
While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.
Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.
The length of a business plan can vary greatly from business to business. Regardless, gathering the basic information into a 15- to 25-page document is best. Any additional crucial elements, such as patent applications, can be referenced in the main document and included as appendices.
Common elements in many business plans include:
- Executive summary : This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
- Products and services : Describe the products and services the company offers or plans to introduce. Include details on pricing, product lifespan, and unique consumer benefits. Mention production and manufacturing processes, relevant patents , proprietary technology , and research and development (R&D) information.
- Market analysis : Explain the current state of the industry and the competition. Detail where the company fits in, the types of customers it plans to target, and how it plans to capture market share from competitors.
- Marketing strategy : Outline the company's plans to attract and retain customers, including anticipated advertising and marketing campaigns. Describe the distribution channels that will be used to deliver products or services to consumers.
- Financial plans and projections : Established businesses should include financial statements, balance sheets, and other relevant financial information. New businesses should provide financial targets and estimates for the first few years. This section may also include any funding requests.
Investors want to see a clear exit strategy, expected returns, and a timeline for cashing out. It's likely a good idea to provide five-year profitability forecasts and realistic financial estimates.
2 Types of Business Plans
Business plans can vary in format, often categorized into traditional and lean startup plans. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.
- Traditional business plans : These are detailed and lengthy, requiring more effort to create but offering comprehensive information that can be persuasive to potential investors.
- Lean startup business plans : These are concise, sometimes just one page, and focus on key elements. While they save time, companies should be ready to provide additional details if requested by investors or lenders.
Why Do Business Plans Fail?
A business plan isn't a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections. Markets and the economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All this calls for building flexibility into your plan, so you can pivot to a new course if needed.
How Often Should a Business Plan Be Updated?
How frequently a business plan needs to be revised will depend on its nature. Updating your business plan is crucial due to changes in external factors (market trends, competition, and regulations) and internal developments (like employee growth and new products). While a well-established business might want to review its plan once a year and make changes if necessary, a new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.
What Does a Lean Startup Business Plan Include?
The lean startup business plan is ideal for quickly explaining a business, especially for new companies that don't have much information yet. Key sections may include a value proposition , major activities and advantages, resources (staff, intellectual property, and capital), partnerships, customer segments, and revenue sources.
A well-crafted business plan is crucial for any company, whether it's a startup looking for investment or an established business wanting to stay on course. It outlines goals and strategies, boosting a company's chances of securing funding and achieving growth.
As your business and the market change, update your business plan regularly. This keeps it relevant and aligned with your current goals and conditions. Think of your business plan as a living document that evolves with your company, not something carved in stone.
University of Oregon Department of Economics. " Evaluation of the Effectiveness of Business Planning Using Palo Alto's Business Plan Pro ." Eason Ding & Tim Hursey.
Bplans. " Do You Need a Business Plan? Scientific Research Says Yes ."
Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."
Harvard Business Review. " How to Write a Winning Business Plan ."
U.S. Small Business Administration. " Write Your Business Plan ."
SCORE. " When and Why Should You Review Your Business Plan? "
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Business Plan Example and Template
Learn how to create a business plan
What is a Business Plan?
A business plan is a document that contains the operational and financial plan of a business, and details how its objectives will be achieved. It serves as a road map for the business and can be used when pitching investors or financial institutions for debt or equity financing .
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A business plan should follow a standard format and contain all the important business plan elements. Typically, it should present whatever information an investor or financial institution expects to see before providing financing to a business.
Contents of a Business Plan
A business plan should be structured in a way that it contains all the important information that investors are looking for. Here are the main sections of a business plan:
1. Title Page
The title page captures the legal information of the business, which includes the registered business name, physical address, phone number, email address, date, and the company logo.
2. Executive Summary
The executive summary is the most important section because it is the first section that investors and bankers see when they open the business plan. It provides a summary of the entire business plan. It should be written last to ensure that you don’t leave any details out. It must be short and to the point, and it should capture the reader’s attention. The executive summary should not exceed two pages.
3. Industry Overview
The industry overview section provides information about the specific industry that the business operates in. Some of the information provided in this section includes major competitors, industry trends, and estimated revenues. It also shows the company’s position in the industry and how it will compete in the market against other major players.
4. Market Analysis and Competition
The market analysis section details the target market for the company’s product offerings. This section confirms that the company understands the market and that it has already analyzed the existing market to determine that there is adequate demand to support its proposed business model.
Market analysis includes information about the target market’s demographics , geographical location, consumer behavior, and market needs. The company can present numbers and sources to give an overview of the target market size.
A business can choose to consolidate the market analysis and competition analysis into one section or present them as two separate sections.
5. Sales and Marketing Plan
The sales and marketing plan details how the company plans to sell its products to the target market. It attempts to present the business’s unique selling proposition and the channels it will use to sell its goods and services. It details the company’s advertising and promotion activities, pricing strategy, sales and distribution methods, and after-sales support.
6. Management Plan
The management plan provides an outline of the company’s legal structure, its management team, and internal and external human resource requirements. It should list the number of employees that will be needed and the remuneration to be paid to each of the employees.
Any external professionals, such as lawyers, valuers, architects, and consultants, that the company will need should also be included. If the company intends to use the business plan to source funding from investors, it should list the members of the executive team, as well as the members of the advisory board.
7. Operating Plan
The operating plan provides an overview of the company’s physical requirements, such as office space, machinery, labor, supplies, and inventory . For a business that requires custom warehouses and specialized equipment, the operating plan will be more detailed, as compared to, say, a home-based consulting business. If the business plan is for a manufacturing company, it will include information on raw material requirements and the supply chain.
8. Financial Plan
The financial plan is an important section that will often determine whether the business will obtain required financing from financial institutions, investors, or venture capitalists. It should demonstrate that the proposed business is viable and will return enough revenues to be able to meet its financial obligations. Some of the information contained in the financial plan includes a projected income statement , balance sheet, and cash flow.
9. Appendices and Exhibits
The appendices and exhibits part is the last section of a business plan. It includes any additional information that banks and investors may be interested in or that adds credibility to the business. Some of the information that may be included in the appendices section includes office/building plans, detailed market research , products/services offering information, marketing brochures, and credit histories of the promoters.
![summary and conclusion of a business plan Business Plan Template - Components](https://cdn.corporatefinanceinstitute.com/assets/business-plan.png)
Business Plan Template
Here is a basic template that any business can use when developing its business plan:
Section 1: Executive Summary
- Present the company’s mission.
- Describe the company’s product and/or service offerings.
- Give a summary of the target market and its demographics.
- Summarize the industry competition and how the company will capture a share of the available market.
- Give a summary of the operational plan, such as inventory, office and labor, and equipment requirements.
Section 2: Industry Overview
- Describe the company’s position in the industry.
- Describe the existing competition and the major players in the industry.
- Provide information about the industry that the business will operate in, estimated revenues, industry trends, government influences, as well as the demographics of the target market.
Section 3: Market Analysis and Competition
- Define your target market, their needs, and their geographical location.
- Describe the size of the market, the units of the company’s products that potential customers may buy, and the market changes that may occur due to overall economic changes.
- Give an overview of the estimated sales volume vis-à-vis what competitors sell.
- Give a plan on how the company plans to combat the existing competition to gain and retain market share.
Section 4: Sales and Marketing Plan
- Describe the products that the company will offer for sale and its unique selling proposition.
- List the different advertising platforms that the business will use to get its message to customers.
- Describe how the business plans to price its products in a way that allows it to make a profit.
- Give details on how the company’s products will be distributed to the target market and the shipping method.
Section 5: Management Plan
- Describe the organizational structure of the company.
- List the owners of the company and their ownership percentages.
- List the key executives, their roles, and remuneration.
- List any internal and external professionals that the company plans to hire, and how they will be compensated.
- Include a list of the members of the advisory board, if available.
Section 6: Operating Plan
- Describe the location of the business, including office and warehouse requirements.
- Describe the labor requirement of the company. Outline the number of staff that the company needs, their roles, skills training needed, and employee tenures (full-time or part-time).
- Describe the manufacturing process, and the time it will take to produce one unit of a product.
- Describe the equipment and machinery requirements, and if the company will lease or purchase equipment and machinery, and the related costs that the company estimates it will incur.
- Provide a list of raw material requirements, how they will be sourced, and the main suppliers that will supply the required inputs.
Section 7: Financial Plan
- Describe the financial projections of the company, by including the projected income statement, projected cash flow statement, and the balance sheet projection.
Section 8: Appendices and Exhibits
- Quotes of building and machinery leases
- Proposed office and warehouse plan
- Market research and a summary of the target market
- Credit information of the owners
- List of product and/or services
Related Readings
Thank you for reading CFI’s guide to Business Plans. To keep learning and advancing your career, the following CFI resources will be helpful:
- Corporate Structure
- Three Financial Statements
- Business Model Canvas Examples
- See all management & strategy resources
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How To Write the Conclusion of a Business Plan
Your business plan’s conclusion should encapsulate your overall justification for why your venture will succeed in order to draw investors or motivate your staff. Additionally, it ought to give a short future outlook outlining your goals for development and growth. The conclusion should also restate your company’s key selling points and leave readers with a favorable impression.
Business Plan Writer Explains How to Write a Business Plan: Part 8 The Conclusion
How to write a business plan conclusion
When writing a business plan’s conclusion, adhere to these guidelines:
1. Decide where you want it to be
Choose whether you want the executive summary or the entire document to contain your business plan’s conclusion. Consider placing the conclusion at the end of the executive summary if you are writing a business plan to attract investors or raise money. The executive summary introduces the key points of the business plan and outlines the company’s funding requirements and conditions. It can be more persuasive to potential investors to place the conclusion at the end of this summary, and it also increases the likelihood that it will be read.
You might select a more conventional location for your conclusion at the end of the document if you are writing a business plan for an established company to track progress or provide information to a third party. In this case, your conclusion should review and highlight the company’s advantages.
2. Include the right information
Depending on whether your business is a startup looking to raise capital or an established organization evaluating goals, the information you include in your business plan conclusion will vary. New companies trying to get funding might include:
Established businesses might include information in their conclusions such as:
Not all conclusions need all these details. The most crucial information for the purpose of your business plan should be included, but the conclusion should be brief. When selecting what to include in your conclusion, keep your audience in mind. Focus on the value your company provides to investors, for instance, and the reasons why this opportunity is special. Focus on company leadership’s experience and ways to lower the lender’s risk when applying for a business loan.
3. Add facts and statistics
Facts, figures, and statistics should be used to support the conclusions in your business plan. Investors want evidence that your business can succeed and that they will see a return on their investment. Include details like your track record of expanding this or other businesses, or the information you used to calculate how much funding you need. This information is more convincing than assumptions or vague statements.
4. Maintain a positive tone
Your business plan’s conclusion should be formal and upbeat in nature. You want to convey your optimism and enthusiasm for the company’s success so that the reader will feel motivated or enthusiastic to support the business. Use language that is assertive and active and conveys your confidence in the business.
5. Include a call to action
At the conclusion of your essay, include a brief call to action that instructs the reader on what to do next. The reader should be motivated to support the business’s objectives in the manner you desire. You might conclude by saying something like, “Invest in the success of Harper Corps by joining us as a minority partner in WinTec Enterprises.” In your call to action, use action words and emphasize how the reader will benefit from taking that action.
6. Review your conclusion
Make sure your business plan’s conclusion is written with proper spelling, grammar, and punctuation by reading it after you’ve finished. You want it to flow naturally and be both concise and clear. Ask a friend or coworker who is not familiar with the objectives of your company to read it as well. Ask them if they have any questions about the book’s conclusion and whether reading it has piqued their interest or excitement. Then make improvements as needed.
What is a business plan conclusion?
The goal of a business plan conclusion is to persuade the reader of the company’s success by summarizing the plan’s advantages. The conclusion should highlight how the organization makes money and why it is a good investment because businesses typically produce business plans in order to obtain funding or investors. Businesses also create business plans to evaluate their performance or set new objectives.
In a business plan, the conclusion can be found at the end of the whole thing or at the end of the executive summary. The executive summary, which appears at the start of the business plan, provides an overview of what the reader can expect to learn and persuades them to continue reading. Some people conflate the executive summary and the conclusion, but there are several significant differences between the two.
Every business, whether new or established, should have a business plan with a succinct and focused conclusion.
Business plan conclusion example
Use this sample business plan conclusion as a model for your own plan’s conclusion, being sure to customize it to your target audience’s needs and requirements:
Expanding Bridgewater & Co. Our already prosperous company will be able to provide cutting-edge health technologies to more people who need them thanks to its expansion into the Denver metropolitan area. Buying this manufacturing facility in Denver gives us the chance to produce all of our goods internally and in a single location and ship them out quickly and effectively to the area. We want Sixty-Seven Investors to be a part of this exciting revolution because we have the unique ability to change lives. Investing in Bridgewater & Co. s expansion benefits Sixty-Seven Investors by:
We can save more lives if we work together, Bridgewater & Co. Products change, add to the community’s employment opportunities, and revolutionize the health technology sector. Invest with us if you share our vision for a more prosperous and healthy future.
How do you conclude a business plan presentation?
Conclusion. The conclusion of a business plan doesn’t necessarily need to be lengthy; in fact, it can be quite succinct. Your conclusion should restate the opportunity, highlight the plan’s key strengths, summarize your vision, and remind the reader of the reasons why your company is in a position to carry out the plan successfully.
What is summary in business plan?
One of the most crucial components of your plan is the executive summary, which is a synopsis of all the important sections of your business plan.
What should be done after finishing the business plan?
- Make sure it connects to your purpose.
- Begin to test and measure.
- Use the 80/20 rule.
- Learn something new (quickly)
What is recommendation in a business plan?
A business recommendation letter, also known as a reference letter, is an endorsement of the products or services that one company has provided to another business or individual.
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Executive Summary of the Business Plan
How to Write an Executive Summary That Gets Your Business Plan Read
Susan Ward wrote about small businesses for The Balance for 18 years. She has run an IT consulting firm and designed and presented courses on how to promote small businesses.
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An executive summary of a business plan is an overview. Its purpose is to summarize the key points of a document for its readers, saving them time and preparing them for the upcoming content.
Think of the executive summary as an advance organizer for the reader. Above all else, it must be clear and concise. But it also has to entice the reader to read the rest of the business plan .
This is why the executive summary is often called the most important part of the business plan. If it doesn’t capture the reader's attention, the plan will be set aside unread—a disaster if you've written your business plan as part of an attempt to get money to start your new business . (Getting startup money is not the only reason to write a business plan; there are other just-as-important reasons .)
Because it is an overview of the entire plan, it is common to write the executive summary last (and writing it last can make it much easier).
What Information Goes in an Executive Summary?
The information you need to include varies somewhat depending on whether your business is a startup or an established business.
For a startup business typically one of the main goals of the business plan is to convince banks, angel investors , or venture capitalists to invest in your business by providing startup capital in the form of debt or equity financing .
In order to do so you will have to provide a solid case for your business idea which makes your executive summary all the more important. A typical executive summary for a startup company includes the following sections:
- The business opportunity. Describe the need or the opportunity.
- Taking advantage of the opportunity. Explain how will your business will serve the market.
- The target market . Describe the customer base you will be targeting.
- Business model . Describe your products or services and and what will make them appealing to the target market.
- Marketing and sales strategy . Briefly outline your plans for marketing your products and services.
- The competition. Describe your competition and your strategy for getting market share. What is your competitive advantage, e.g. what will you offer to customers that your competitors cannot?
- Financial analysis. Summarize the financial plan including projections for at least the next three years.
- Owners/Staff. Describe the owners and the key staff members and the expertise they bring to the venture.
- Implementation plan. Outline the schedule for taking your business from the planning stage to opening your doors.
For established businesses the executive summary typically includes information about achievements, growth plans , etc. A typical executive summary outline for an established business includes:
- Mission Statement . Articulates the purpose of your business. In a few sentences describe what your company does and your core values and business philosophy.
- Company Information. Give a brief history of your company —d escribe your products or services, when and where it was formed, who the owners and key employees are, statistics such as the number of employees, business locations, etc.
- Business Highlights. Describe the evolution of the businesshow it has grown, including year-over-year revenue increases, profitability, increases in market share, number of customers, etc.
- Financial Summary. If the purpose of updating the business plan is to seek additional financing for expansion, then give a brief financial summary.
- Future goals. Describe your goals for the business . If you are seeking financing explain how additional funding will be used to expand the business or otherwise increase profits.
How Do I Write an Executive Summary of a Business Plan?
Start by following the list above and writing one to two sentences about each topic (depending on whether your business is a startup or an established business). No more!
The Easy Way of Writing One
Having trouble getting started? The easiest way of writing the executive summary is to review your business plan and take a summary sentence or two from each of the business plan sections you’ve already written.
If you compare the list above to the sections outlined in the Business Plan Outline , you’ll see that this could work very well.
Then finish your business plan’s executive summary with a clinching closing sentence or two that answers the reader’s question, “Why is this a winning business?”
For example, an executive summary for a pet-sitting business might conclude: “The loving on-site professional care that Pet Grandma will provide is sure to appeal to both cat and dog owners throughout the West Vancouver area.”
(You may find it useful to read the entire Pet Grandma executive summary example before you write your own.)
Tips for Writing the Business Plan’s Executive Summary
- Focus on providing a summary. The business plan itself will provide the details and whether bank managers or investors, the readers of your plan don’t want to have their time wasted.
- Keep your language strong and positive. Don’t weaken your executive summary with weak language. Instead of writing, “Dogstar Industries might be in an excellent position to win government contracts,” write “Dogstar Industries will be in an excellent position.”
- Keep it short–no more than two pages long . Resist the temptation to pad your business plan’s executive summary with details (or pleas). The job of the executive summary is to present the facts and entice your reader to read the rest of the business plan, not tell him everything.
- Polish your executive summary. Read it aloud. Does it flow or does it sound choppy? Is it clear and succinct? Once it sounds good to you, have someone else who knows nothing about your business read it and make suggestions for improvement.
- Tailor it to your audience. If the purpose of your business plan is to entice investors , for instance, your executive summary should focus on the opportunity your business provides investors and why the opportunity is special. If the purpose of your business plan is to get a small business loan , focus on highlighting what traditional lenders want to see, such as management's experience in the industry and the fact that you have both collateral and strategies in place to minimize the lender's risk.
- Put yourself in your readers’ place. And read your executive summary again. Does it generate interest or excitement in the reader? If not, why? Also try giving it to a friend or relative to read, who is not engaged in the business. If you've done a good job on the executive summary, an impartial third party should be able to understand it.
Remember, the executive summary will be the first thing your readers read. If it's poorly written, it will also be the last thing they read, as they set the rest of your business plan aside unread.
Office of the Comptroller of the Currency. " Business Plan Guidelines ," Page 2.
Corporate Finance Institute. " Executive Summary ."
United Nations Conference on Trade and Development. " How to Prepare Your Business Plan ," Page 167.
Iowa State University. " Types and Sources of Financing for Start-up Businesses ."
U.S. Small Business Administration. " Write Your Business Plan ."
Clute Institute. " Using Business Plans for Teaching Entrepreneurship ," Page 733.
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How to write the conclusion section of your business plan.
This tutorial explains how to write the conclusion for a business document, for example, a report, thesis, project, or any document that needs a section to gather together the main points.
The structure of the conclusion is as follows:
Reviewing this conclusion, we can see that it mirrors the structure of the executive summary. This serves several purposes:
- Reminding the reader of the messages made in the executive summary
- Reinforce the main message the authors want to highlight
- Laying information throughout the white paper to nudge the reader in the right direction.
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How To Write the Conclusion of a Business Plan
Your business plan’s conclusion should encapsulate your overall justification for why your venture will succeed in order to draw investors or motivate your staff. Additionally, it ought to give a short future outlook outlining your goals for development and growth. The conclusion should also restate your company’s key selling points and leave readers with a favorable impression.
How to write a business plan conclusion
When writing a business plan’s conclusion, adhere to these guidelines:
1. Decide where you want it to be
Choose whether you want the executive summary or the entire document to contain your business plan’s conclusion. Consider placing the conclusion at the end of the executive summary if you are writing a business plan to attract investors or raise money. The executive summary introduces the key points of the business plan and outlines the company’s funding requirements and conditions. It can be more persuasive to potential investors to place the conclusion at the end of this summary, and it also increases the likelihood that it will be read.
You might select a more conventional location for your conclusion at the end of the document if you are writing a business plan for an established company to track progress or provide information to a third party. In this case, your conclusion should review and highlight the company’s advantages.
2. Include the right information
Depending on whether your business is a startup looking to raise capital or an established organization evaluating goals, the information you include in your business plan conclusion will vary. New companies trying to get funding might include:
Established businesses might include information in their conclusions such as:
Not all conclusions need all these details. The most crucial information for the purpose of your business plan should be included, but the conclusion should be brief. When selecting what to include in your conclusion, keep your audience in mind. Focus on the value your company provides to investors, for instance, and the reasons why this opportunity is special. Focus on company leadership’s experience and ways to lower the lender’s risk when applying for a business loan.
3. Add facts and statistics
Facts, figures, and statistics should be used to support the conclusions in your business plan. Investors want evidence that your business can succeed and that they will see a return on their investment. Include details like your track record of expanding this or other businesses, or the information you used to calculate how much funding you need. This information is more convincing than assumptions or vague statements.
4. Maintain a positive tone
Your business plan’s conclusion should be formal and upbeat in nature. You want to convey your optimism and enthusiasm for the company’s success so that the reader will feel motivated or enthusiastic to support the business. Use language that is assertive and active and conveys your confidence in the business.
5. Include a call to action
At the conclusion of your essay, include a brief call to action that instructs the reader on what to do next. The reader should be motivated to support the business’s objectives in the manner you desire. You might conclude by saying something like, “Invest in the success of Harper Corps by joining us as a minority partner in WinTec Enterprises.” In your call to action, use action words and emphasize how the reader will benefit from taking that action.
6. Review your conclusion
Make sure your business plan’s conclusion is written with proper spelling, grammar, and punctuation by reading it after you’ve finished. You want it to flow naturally and be both concise and clear. Ask a friend or coworker who is not familiar with the objectives of your company to read it as well. Ask them if they have any questions about the book’s conclusion and whether reading it has piqued their interest or excitement. Then make improvements as needed.
What is a business plan conclusion?
The goal of a business plan conclusion is to persuade the reader of the company’s success by summarizing the plan’s advantages. The conclusion should highlight how the organization makes money and why it is a good investment because businesses typically produce business plans in order to obtain funding or investors. Businesses also create business plans to evaluate their performance or set new objectives.
In a business plan, the conclusion can be found at the end of the whole thing or at the end of the executive summary. The executive summary, which appears at the start of the business plan, provides an overview of what the reader can expect to learn and persuades them to continue reading. Some people conflate the executive summary and the conclusion, but there are several significant differences between the two.
Every business, whether new or established, should have a business plan with a succinct and focused conclusion.
Business plan conclusion example
Use this sample business plan conclusion as a model for your own plan’s conclusion, being sure to customize it to your target audience’s needs and requirements:
Expanding Bridgewater & Co. Our already prosperous company will be able to provide cutting-edge health technologies to more people who need them thanks to its expansion into the Denver metropolitan area. Buying this manufacturing facility in Denver gives us the chance to produce all of our goods internally and in a single location and ship them out quickly and effectively to the area. We want Sixty-Seven Investors to be a part of this exciting revolution because we have the unique ability to change lives. Investing in Bridgewater & Co. s expansion benefits Sixty-Seven Investors by:
We can save more lives if we work together, Bridgewater & Co. Products change, add to the community’s employment opportunities, and revolutionize the health technology sector. Invest with us if you share our vision for a more prosperous and healthy future.
Business Plan Writer Explains How to Write a Business Plan: Part 8 The Conclusion
How do you conclude a business plan presentation?
Conclusion. The conclusion of a business plan doesn’t necessarily need to be lengthy; in fact, it can be quite succinct. Your conclusion should restate the opportunity, highlight the plan’s key strengths, summarize your vision, and remind the reader of the reasons why your company is in a position to carry out the plan successfully.
What is summary in business plan?
One of the most crucial components of your plan is the executive summary, which is a synopsis of all the important sections of your business plan.
What should be done after finishing the business plan?
- Make sure it connects to your purpose.
- Begin to test and measure.
- Use the 80/20 rule.
- Learn something new (quickly)
What is recommendation in a business plan?
A business recommendation letter, also known as a reference letter, is an endorsement of the products or services that one company has provided to another business or individual.
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How to Write a Business Plan Executive Summary
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What is the Executive Summary?
A business plan executive summary is a short overview of your business plan for investors who are interested in learning more about your startup or existing business. It should be concise, engaging, and informative.
What is the Purpose of the Business Plan Executive Summary?
The purpose of an executive summary is to give potential investors insight into your goals and intentions as well as an understanding of the specifics surrounding your business. It includes all the information the reader needs to know in order to make an investment decision.
The executive summary is the first thing that your audience will read to get an idea about what your business is all about. You can make it easy for them by providing a concise explanation of what your business does, why it’s needed, how you plan on making money from it, and what customers you’re targeting. This means that the document needs to cover all these important points while being brief enough to not scare away readers who might want more information about your business venture.
How Long Should a Business Plan Executive Summary Be?
The executive summary for a business plan should generally be between one and three pages long; more than that may appear excessive to the reader, while less may not provide enough information to convince an investor to provide funding for your company.
Steps to Writing an Executive Summary
- Write the Executive Summary Last . Once you’ve completed writing your entire business plan, you’ll have learned the key points which set your business apart and which should convince readers to join you.
- Make a List of the Most Important Points . Write a sentence or bullet point for each argument you want to include in the executive summary. Include all the things you want to cover in your summary, including market research and analysis, management team, financial information, product development plans, and projected growth plans. You can also use headers to keep your thoughts organized.
- Describe Your Company’s Unique Background . Potential investors will want to know what makes you qualified to execute on your ideas, so here’s where you elaborate on all of your experience and insight into the business world. Include any other projects that your team members have been successful with in the past along with information regarding why you’re qualified to achieve the business’ goals.
- Identify Your Product or Service . You need to provide a description that gives potential investors a clear image of what you’re offering whether it’s something tangible, like a product, or something intangible, like software or a service.
- Explain the Benefits of Your Product or Service . This is a key part of your executive summary. Here you need to identify why your product or service is better than other options and how it appeals to your target audience.
- Address Issues or Concerns Head On . Your potential investors are going to want to know if there are any risks involved with working with their company so they can decide if they want to take them on. Here you need to talk about the problems that may arise from implementing your plan and how they can be addressed if or when they happen.
- Describe Your Management Team . Document the qualifications of your team and how your team has the experience and expertise to make your company a success.
Tips for a Great Executive Summary
Make it short but informative. If you can summarize the key points in just one page, do it. If you need up to 3 pages to detail the key information, that’s ok too.
Investors invest in people more than ideas. The most successful business plan summaries highlight the founders’ passion and enthusiasm for their project as well as their background and achievements. Investors want to know about the team members involved in the venture – who are they? Why do they matter? Who is managing whom? How experienced are the entrepreneurs?
Explain exactly what your product or service does. This includes how it will benefit customers and why there’s a need for it. You should also show how your business is different and why you’re better than the competition.
Make sure you proofread everything. It all comes down to attention to detail, so make sure there are no spelling mistakes or grammatical errors before you distribute the document. Not only will this make it look professional, but it’ll also show potential investors that you respect their time and don’t plan on wasting it by making careless mistakes during your business endeavors.
Business Plan Executive Summary Example
The executive summary is a brief overview of your business that serves as the first thing an investor will read when they consider investing in your business. It should be concise and informative without sounding like a marketing brochure. It includes all the information needed for them to make their decision about whether or not they want to invest in your business venture.
Below is an example of an executive summary:
Hosmer Sunglasses Executive Summary
Company & concept.
Hosmer Sunglasses (hereinafter referred to as “Hosmer” or “the Company”), is a California-based sunglass manufacturer offering the most cutting-edge sunglass frames in the world today. Along with a chic appearance, DNS frames have a unique characteristic that satisfies sport enthusiast consumers – silicon hinges. These hinges are exceptionally flexible and can be bent from a 90-degree angle to a 180-degree angle without breaking. This characteristic results in an intricate blend of comfort and durability heretofore unseen in the sunglass industry.
The Hosmer brand is poised for success in the U.S., and throughout North America, because it is a proven, unique product with meaningful consumer benefits. Consider the following:
- The Hosmer brand is currently distributed in France, Germany, Belgium, Spain, and England, where over the past two years, over 1 million pairs have been sold per year.
- The brand’s success in fashion-conscious France and western Europe should translate well to fashion-conscious Americans.
- Hosmer’s hinge differentiates the brand from every other sunglass company. It is a unique product difference that provides consumers with both fashion and performance, two key consumer needs.
- Hosmer recently launched U.S. operations and has already sold Hosmer sunglasses through nearly 15 retailers in four western states, and has established endorsements with over 20 sports celebrities.
Hosmer has a solid foundation from which to grow, great products with unique features, a superb management team, and an ideal climate to break into the $2.9 billion U.S. sunglass industry.
Industry Analysis
According to the Sunglass Association of America, retail sales of plano (non-prescription) sunglasses, clip-on sunglasses, and children’s sunglasses (hereinafter collectively referred to as “sunwear”) totaled $2.9 billion last year. Premium-priced sunglasses are driving the plano sunwear market. Plano sunglasses priced at $100 or more accounted for more than 49% of all sunwear sales among independent retail locations last year.
The Sunglass Association of America has projected that the dollar volume for retail sales of plano sunwear will grow 1.7% next year. Plano sunglass vendors are also bullish about sales in this year and beyond as a result of the growth of technology, particularly the growth of laser surgery and e-commerce.
Customers and Competition
Buyers of premium sports sunglasses are typically males aged 15-35 who participate in non-traditional outdoor sports referred to as “extreme sports” — i.e., skateboarding, snowboarding, surfing, mountain bike riding, and motorcycling. They also include participants of certain traditional sports, including skiing, volleyball, and golf.
Customer ratings show that a key need of extreme sports participants with regards to sunglasses is durability. While many participants are satisfied with the looks of sunglasses by manufacturers such as Oakley, they vigorously complain that such glasses tend to break easily. Since sunglasses are most prone to break at the hinge, and since Hosmer sunglasses have silicon hinges, they are unlikely to break. And, although several companies market premium sports sunglasses to this customer base, none manufactures sunglasses with silicon hinges or with the superior quality of DNS frames.
Within the premium sunglass market, it is projected that Hosmer’s primary competitors will be Smith, Dragon, Arnette (owned by Luxottica Group), Spy, Black Flys, Oakley, and Bolle.
Marketing Plan
Hosmer’s initial target market is males aged 15-35 who participate in the extreme and traditional sports noted above. This group consists primarily of “early adopters” who are most likely to be attracted to the unique Hosmer brand. Penetrating this segment will build a “buzz” around the brand, which will cause other customer groups to purchase the product soon thereafter.
Hosmer will initially offer the 8 DNS frames that have hinges. These frames will be available in a variety of colors and lens types, resulting in a selection of approximately 50 different SKUs. Hosmer controls the lenses it installs in the DNS frames. Currently, the Company uses Paletz Sulter lenses and is considering a switch to Sola lenses for some or all its frames. Both Paletz Sulter and Sola are top-notch brands, either of which would protect Hosmer wearers from the well-documented perils of excessive exposure to sunlight. By virtue of the superior design and quality of both its frames and lenses, Hosmer’s sunglasses command a premium price of $90 to $130.
Distribution will be developed through a network of representatives. At the outset, Hosmer will utilize the following outlets for distribution of the Hosmer brand: (1) independent sporting goods specialty stores; (2) sporting goods retail chains; (3) sunglass specialty stores; (4) specialty/trendy stores; and (5) optical retailers.
Hosmer has developed a comprehensive promotions strategy. It will market to retailers through advertisements in trade journals and trade show exhibitions, in addition to direct sales from representatives. Consumers will be targeted via grassroots marketing campaigns including attending and sponsoring various surfing events, biking events, and skateboard tournaments and exhibitions. The company will also advertise in the print and cable media that is most popular among the target audience. Hosmer will also continue to recruit celebrity endorsers and create strategic alliances. Dozens of professional and amateur athletes already wear the Hosmer brand. Finally, Hosmer is developing a comprehensive website that educates consumers about the Company and its products.
Management Team
The Company has not only assembled a top-notch management team but one with extremely strong marketing backgrounds. The team includes:
- Jane Smith , President, whose experience includes…
- Bob Smith , Vice President of Sales & Marketing, whose experience includes…
- Jen Smith , Sales Manager, whose experience includes…
- Mike Smith , Manager of Endorsements, whose experience includes…
Financial Plan
The average pair of Hosmer sunglasses wholesales for $55.39 and costs Hosmer approximately $15 landed (after shipping, etc.). The result is substantial gross margins of 72.9%. The Company expects sales and profitability over the next five years to be as follows:
1 | 19,465 | $1.1 | 0.1% | ($1.0 million) |
2 | 79,900 | $4.4 | 0.4% | $93,142 |
3 | 190,000 | $10.5 | 0.8% | $2.2 million |
4 | 315,000 | $17.4 | 1.3% | $3.9 million |
5 | 416,250 | $23.1 | 1.6% | $5.7 million |
Year 1 losses result from the substantial infrastructure (e.g., staffing, general and administrative expenses, etc.) and marketing expenditures needed to promote the Hosmer brand. The long-term increase of sales due to these efforts yield a nearly break-even Year 2, and increasing sales and net income thereafter.
Hosmer currently seeks $5 million, primarily for infrastructure, marketing, inventory, and working capital needs. The Company’s exit strategy is the most likely strategic acquisition or sales of distribution rights in the U.S. and/or other regions.
How PlanBuildr Can Help
If you need help writing an executive summary, our business plan writers are here to help. We’ve worked with 1,000+ entrepreneurs, business owners, and executives to help them craft a successful business plan including an executive summary to grab an investor’s attention from the very beginning.
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Estee Lauder: The Time To Buy Has Finally Come
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- Estee Lauder's business model is not flawless, with high operating expenses and manufacturing in expensive locations.
- The company has seen a significant decline in stock due to post-pandemic stagnation, Chinese crackdown on smuggling, and unmet growth expectations.
- Recovery plan includes margin improvement, revenue growth, and opex reduction, potentially leading to a 15% CAGR in the next three to five years.
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Estee Lauder ( NYSE: EL ), one of the pioneer companies in the cosmetics industry, has seen its stock get hammered by more than 70% since its all-time highs by the end of 2021 and close to 30% since its recent highs in March 2022. Despite this massive underperformance compared to the S&P 500, which is up more than 15% year-to-date, Estee Lauder might now be a clear buy since its business fundamentals have begun to find a solid bottom.
![summary and conclusion of a business plan Chart](https://static.seekingalpha.com/uploads/2024/7/22/saupload_f77887bf500fda520813ba57e733ccef.png)
Estee Lauder's nature is not a flawless business
Following the company's most recent 10K , EL is one of the biggest cosmetics participants in the world. Their products include powerful brands like Clinique, Estee Lauder, MAC, Tom Ford, and LaMer, amongst many others, and are sold in over 150 countries.
Additionally, the company can be considered a legacy company due to its main distribution channels, which are physically in retailers trying to provide what is called High-Touch services instead of the more digital approaches like those used by high-growth companies like e.l.f. Beauty ( ELF ). These High-Touch services are basically a form of cosmetics advisory to catch clients in brick-and-mortar stores, which adds a sense of prestige and support from the brand to the potential client.
Another important characteristic of the EL business model is that the manufacturing facilities are located in expensive operational places, such as the US, the UK, Switzerland, Belgium, and Canada. This does not help the company's operating margins, as the current Q3 2024 earnings report indicates that the company has a very good gross margin of around 72% but a terrible operating income margin of around 11%, meaning that operating expenses weigh around 60% of EL revenues. In my view, that is an awful way of optimization, especially when trying to keep margins afloat in a complex economic environment.
From a balance sheet standpoint, Estee Lauder is also quite apart from being flawless. With a long-term debt of $7 billion, increased by $2 billion from 2022 due to the Tom Ford's acquisition , with maybe around $2 billion in free cash flows by the end of 2026, and paying dividends of around a billion a year, it seems relatively uncomfortable to reinvest in growth or to buy back shares in the mid term. Fortunately, current assets are sitting nicely over $3 billion higher than current liabilities, and the company is far from running out of liquidity. Dividends seem safe for now.
Why has Estee Lauder fallen so much?
There are quite a few specific reasons why Estee Lauder stock has had such a hard downfall. Still, in my opinion, all can be condensed into a management that was dazzled by immediate post-pandemic amazing results and then got shocked by heavy stagnation and disappointing margins after having to fight inflation and increased operating expenses.
![summary and conclusion of a business plan Chart](https://static.seekingalpha.com/uploads/2024/7/22/saupload_18f581129075f502e96af861686c0e4c.png)
Additionally, according to Reuters , Estee Lauder's pre-pandemic revenues from Chinese customers were from traveling customers, who were quite diminished because of the long lockdown restrictions that took place in China up until the beginning of 2023.
Furthermore, the Chinese authorities have also begun a hard crackdown on the smuggling activity called Daigou, which consists of Chinese travelers buying cheap products worldwide and re-selling them when they get back to China at discounted prices. Without these revenues, it has been quite difficult for Estee Lauder to rebound its margins back to the immediate post-pandemic period, while also having a hard time re-encountering revenue growth.
This meant, in my opinion, that EL saw a severe contraction due to continuous growth expectations that were not realized. Having grown from around $5 in EPS by the end of 2019 to $8 by the beginning of 2022, it just fell apart after that, down to the current $1.78, dragging down the stock too from $370 to the current $100s.
![summary and conclusion of a business plan Chart](https://static.seekingalpha.com/uploads/2024/7/22/saupload_0ba09f8c76d72631d6c729d5971c641c.png)
Why have margins collapsed?
The main reason EL's margins have collapsed is the nature of its business model. This, combined with inflation pressures, made it more difficult to keep gross margins at around 76% and had to come down to the current 70.7%.
Additionally, operating margins have collapsed from around 16% in 2019 to the current 8.2%. This happened because of some reasons like a really high operating expenses infrastructure due to having to pay production in costly developed countries, like Canada, Belgium, or the UK, while also having to pay relatively expensive selling channels like advisory in brick-and-mortar retailers and then the Chinese crackdown on duty-free smuggling.
![summary and conclusion of a business plan Chart](https://static.seekingalpha.com/uploads/2024/7/22/saupload_43c962faa6cef0063ed89e7a149a5aaf.png)
What is the recovery plan?
For the company to get back on the rails, in my opinion, at least three things have to happen. First, inflationary pressures have to give up. Fortunately, this might be the case as time goes on. For more details, check out this good article on the inflation situation . Second, the stock has to come back to growth or at least stop losing revenues. This also might be the case following the most recent Q3 2024 earnings report , where the company is finally seeing organic net sales growth, especially in the skincare category, which is the biggest source of revenue by a mile. Unfortunately, the Hair Care category is still not seeing growth, but this segment is relatively immaterial for the company as it represents less than 3% of revenues.
![summary and conclusion of a business plan Estee Lauder Operating Income](https://static.seekingalpha.com/uploads/2024/7/22/49643599-17216631523606114.png)
Estee Lauder Operating Income (Estee Lauder Q3 2024 Earnings Report)
The third, but maybe the most important factor to ensure the company is back on track, and even more significant, to ensure the stock might finally find a bottom and even some important growth, is the margin recovery. The management has expressed, in its most recent earnings call , its intentions to raise operating profit by $1.1 billion to $1.4 billion by the end of fiscal year 2026, or around August 2026. This could translate into around $1 billion in net earnings by that date, which is, in my opinion, the correct final sign that we have reached the bottom we were looking for in the stock.
Currently, I consider Estee Lauder to be undervalued, if the management is able to execute correctly the margin recovery discussed earlier. While the current PE ratio might be considered quite high, at close to 50, it is better to take into account the future numbers for EPS instead. For that, I think that if management opex reduction is successful and revenue growth continues at 6%, the stock might be able to see an EPS of 5.54 by the end of fiscal year 2026, or close to August 2026. I am also not considering Estee Lauder buying back stock or even adding dividends to the returns, which might increase the performance of this investment. In this model, I also project an EPS growth of 10%, which I think is achievable if the company manages to grow revenues at 6%.
![summary and conclusion of a business plan Estee Lauder EPS projection](https://static.seekingalpha.com/uploads/2024/7/22/49643599-1721664602188165.png)
Image created by the author based on 10K projections (Author)
The model suggests that EL stock might give a solid return of around 15% for the next three years. I believe this is extremely valuable because this investment has a wide margin of safety, as it is already heavily discounted by more than 70% from all-time highs. Additionally, compared to the recent big gains in the SP500, I think continuous big performance on the big index might be difficult to sustain in the near future, while EL, at this price, can be a very good instrument to have exposure in a well-rounded portfolio.
As I mentioned, I think there are at least three core components that have to be solved before the stock might be considered safe to invest. Excluding obvious big geopolitical risks with China that could heavily disrupt Estee Lauder's revenue sources in Asia, the risks might be associated with a stickier or even resurging inflation, an even more challenging economic environment that makes it difficult for EL to get growth again, more specifically in America, and the operational risk that the management could not reach the goals at cutting operating expenses quickly enough. Any of these factors not achieved could conduce to a poor performance in the stock.
Estee Lauder is not a perfect company, far from it, but at this compelling stock price, with management that, in my view, is doing the necessary to redirect the company's profitability, the company might be worth a chance in a well-diversified portfolio, before it is too late.
The brands have demonstrated to be strong enough, competition while high, still manageable, and mainly, a good stock price make of this a decent buy here.
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
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Crowdstrike outage explained: what caused it and what’s next, a crowdstrike update caused a massive it outage, crashing millions of windows systems. critical services and business operations were disrupted, revealing tech reliance risks..
![summary and conclusion of a business plan Sean Michael Kerner](https://cdn.ttgtmedia.com/rms/onlineImages/kerner_sean.jpg)
- Sean Michael Kerner
What might be considered the largest IT outage in history was triggered by a botched software update from security vendor CrowdStrike, affecting millions of Windows systems around the world. Insurers estimate the outage will cost U.S. Fortune 500 companies $5.4 billion.
The outage occurred July 19, 2024, with millions of Windows systems failing and showing the infamous blue screen of death ( BSOD ).
CrowdStrike -- the company at the core of the outage -- is an endpoint security vendor whose primary technology is the Falcon platform, which helps protect systems against potential threats in a bid to minimize cybersecurity risks.
In many respects, the outage was a real manifestation of fears that computing users had at the end of the last century with the Y2K bug. With Y2K, the fear was that a bug in software systems would trigger widespread technology failures. While the CrowdStrike failure was not Y2K, it was a software issue that did, in fact, trigger massive disruption on a scale that has not been seen before.
What caused the outage?
The CrowdStrike Falcon platform is widely used by organizations of all sizes across many industries. It is the pervasiveness of CrowdStrike's technology and its integration into so many mission-critical operations and industries that amplified the effect.
The outage was not a Microsoft Windows flaw directly, but rather a flaw in CrowdStrike Falcon that triggered the issue.
Falcon hooks into the Microsoft Windows OS as a Windows kernel process. The process has high privileges, giving Falcon the ability to monitor operations in real time across the OS. There was a logic flaw in Falcon sensor version 7.11 and above, causing it to crash. Due to CrowdStrike Falcon's tight integration into the Microsoft Windows kernel, it resulted in a Windows system crash and BSOD.
The flaw in CrowdStrike Falcon was inside of a sensor configuration update. The sensor is regularly updated -- sometimes multiple times daily -- to provide users with mitigation and threat protection.
The flawed update was contained in a file that CrowdStrike refers to as "channel files," which specifically provide configuration updates for behavioral protections. Channel file 291 is an update that was supposed to help improve how Falcon evaluates named pipe execution on Microsoft Windows. Named pipes are a common type of communication mechanism for interprocess communications on Microsoft Windows.
With channel file 291, CrowdStrike inadvertently introduced a logic error, causing the Falcon sensor to crash and, subsequently, Windows systems in which it was integrated.
The flaw isn't in all versions of channel file 291. The problematic version is channel file 291 (C-00000291*.sys) with timestamp 2024-07-19 0409 UTC. Channel file 291 timestamped 2024-07-19 0527 UTC or later does not have the logic flaw. By that time, CrowdStrike had noticed its error and reverted the change. But, for many of its users, that reversion came too late as they had already updated, leading to BSOD and inoperable systems.
![summary and conclusion of a business plan CrowdStrike timeline](https://cdn.ttgtmedia.com/rms/onlineimages/timeline_of_crowdstrike_outage_events-f_mobile.png)
What services were affected?
Microsoft estimated that approximately 8.5 million Windows devices were directly affected by the CrowdStrike logic error flaw. That's less than 1% of Microsoft's global Windows install base.
But, despite the small percentage of the overall Windows install base, the systems affected were those running critical operations. Services affected include the following.
Airlines and airports
The outage grounded thousands of flights worldwide, leading to significant delays and cancellations of more than 10,000 flights around the world. In the United States, affected airlines included Delta, United and American Airlines. These airlines were forced to cancel hundreds of flights until systems were restored. Globally, multiple airlines and airports were affected, including KLM, Porter Airlines, Toronto Pearson International Airport, Zurich Airport and Amsterdam Schiphol Airport.
Public transit
Public transit in multiple cities was affected, including Chicago, Cincinnati, Minneapolis, New York City and Washington, D.C.
Hospitals and healthcare clinics around the world faced significant disruptions in appointment systems , leading to delays and cancellations. Some states also reported 911 emergency services being affected, including Alaska, Indiana and New Hampshire.
Financial services
Online banking systems and financial institutions around the world were affected by the outage. Multiple payment platforms were directly affected, and there were individuals who did not get their paychecks when expected.
Media and broadcasting
Multiple media and broadcast outlets around the world, including British broadcaster Sky News, were taken off the air by the outage.
Analysis of the CrowdStrike outage
In this podcast, TechTarget Security editors Rob Wright, Alex Culafi and Arielle Waldman assess last week's CrowdStrike outage and the organization's response.
Why Apple and Linux were not affected
CrowdStrike's software doesn't just run on Microsoft Windows; it also runs on Apple's macOS and the Linux OS .
But the July outage only affected Microsoft Windows. The root cause of the outage was a faulty sensor configuration update that specifically affected Windows systems. The channel file 291 update was never issued to macOS or Linux systems as the update deals with named pipe execution that only occurs on the Microsoft Windows OS.
The way that the Falcon sensor integrates as a Windows kernel process is also not the same in macOS or Linux. Those OSes have different integration points to limit potential risk.
However, there was a reported incident in June from Linux vendor Red Hat, where the Falcon sensor -- running as an eBPF program in Linux -- triggered a kernel panic. In Linux, a kernel panic is a type of crash, though typically not as dramatic as BSOD. That issue was resolved without Red Hat reporting any major incidents.
The dangers of putting all your eggs in one IT basket
Discover the possible consequences of relying on a concentrated and interconnected pool of vendors for all your infrastructure needs.
What happens when the IT infrastructure is too big to fail?
CrowdStrike chaos shows risks of concentrated big IT
CrowdStrike disaster exposes a hard truth about IT
How long will it take businesses to recover from this outage?
CrowdStrike itself was able to identify and deploy a fix for the issue in 79 minutes. While CrowdStrike quickly identified and deployed a fix for the issue, the recovery process for businesses is complex and time-consuming. Among the issues is that, once the problematic update was installed, the underlying Windows OS would trigger BSOD, rendering the system inoperative using the normal boot process.
IT administrators had to manually boot affected systems into Safe Mode or the Windows Recovery Environment to delete the problematic channel file 291 and restore normal operations. That process is labor-intensive, especially for organizations with many affected devices. In some cases, the process also required physical access to each machine, adding further time and effort to the process.
Some businesses were able to apply the fix within a few days. However, the process was not straightforward for all, particularly those with extensive IT infrastructure and encrypted drives. The use of the Microsoft Windows BitLocker encryption technology by some organizations made it significantly more time-consuming to recover as BitLocker recovery keys were required.
It is estimated that it could potentially take months for some organizations to entirely recover all affected systems from the outage.
The latest news on CrowdStrike's recovery efforts
Bitlocker workaround may offer aid for crowdstrike customers, crowdstrike: 97% of windows sensors back online after outage.
CrowdStrike outage underscores software testing dilemmas
Hackers take advantage of outage
While the outage was not due to a cyberattack, threat actors have taken advantage of the incident .
According to a blog post from CrowdStrike, the security vendor has received reports of the following malicious activity:
- Phishing emails sent to customers posing as CrowdStrike support.
- Fake phone calls impersonating CrowdStrike staff.
- Selling scripts claiming to automate recovery from the botched update.
- Posing as independent researchers saying the outage was due to a cyberattack and offering remediation insights.
CISA urges individuals and organizations to only follow instructions from legitimate sources and avoid opening suspicious emails and links.
How can businesses be better prepared for tech outages?
The CrowdStrike Windows outage highlighted the vulnerabilities of modern society's heavy reliance on technology. While system backups and automated processes are essential, having manual procedures in place can significantly enhance business continuity during tech outages.
But there are a few things businesses can do to be better prepared for tech outages, including the following.
Test all updates before deploying to production
It has been a best practice for years to allow automated updates to ensure systems are always up to date. However, the CrowdStrike issue laid bare the underlying risk with that approach. For mission-critical systems, testing updates before deployment or having some form of staging environment before pushing updates to production might help to mitigate some risk.
Develop and document manual workarounds
Manual workarounds ensure critical business processes can continue even when technology fails. This approach was common before the digital age and, in the event of outage, can serve as a fallback. Documenting and practicing manual procedures can help mitigate the effect of outages, ensuring businesses can still operate and serve their customers, even during an outage.
Perform disaster recovery and business continuity planning
Outages happen for any number of different reasons. Having extensive disaster recovery and business continuity practices and plans in place is critical. Part of that effort should include the use of redundant systems and infrastructure to minimize downtime and ensure critical functions can switch to backup systems when needed.
Sean Michael Kerner is an IT consultant, technology enthusiast and tinkerer. He has pulled Token Ring, configured NetWare and been known to compile his own Linux kernel. He consults with industry and media organizations on technology issues.
For more information about the CrowdStrike outage, read the following articles:
Is today's CrowdStrike outage a sign of the new normal?
CrowdStrike chaos casts a long shadow on cybersecurity
Dig Deeper on Business software
![summary and conclusion of a business plan summary and conclusion of a business plan](https://cdn.ttgtmedia.com/rms/onlineimages/security_a216006547_searchsitetablet_520X173.jpg)
CrowdStrike update chaos explained: What you need to know
![summary and conclusion of a business plan AlexScroxton](https://cdn.ttgtmedia.com/rms/computerweekly/Alex-Scroxton-CW-Contributor-2022.jpg)
Why is CrowdStrike allowed to run in the Windows kernel?
![summary and conclusion of a business plan CliffSaran](https://cdn.ttgtmedia.com/rms/computerweekly/Cliff-Saran-Sep-2022-140x180px.jpg)
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Where Kamala Harris Stands on the Issues: Abortion, Immigration and More
She wants to protect the right to abortion nationally. Here’s what else to know about her positions.
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By Maggie Astor
- Published July 21, 2024 Updated July 26, 2024
Follow the latest news about the 2024 election, and the Trump and Harris campaigns.
With Vice President Kamala Harris poised to replace President Biden on the Democratic ticket, her stances on key issues will be scrutinized by both parties and the nation’s voters.
She has a long record in politics: as district attorney of San Francisco, as attorney general of California, as a senator, as a presidential candidate and as vice president.
Here is an overview of where she stands.
Ms. Harris supports legislation that would protect the right to abortion nationally, as Roe v. Wade did before it was overturned in 2022, in Dobbs v. Jackson Women’s Health Organization.
After the Dobbs ruling, she became central to the Biden campaign’s efforts to keep the spotlight on abortion, given that Mr. Biden — with his personal discomfort with abortion and his support for restrictions earlier in his career — was a flawed messenger. In March, she made what was believed to be the first official visit to an abortion clinic by a president or vice president.
She consistently supported abortion rights during her time in the Senate, including cosponsoring legislation that would have banned common state-level restrictions, like requiring doctors to perform specific tests or have hospital admitting privileges in order to provide abortions.
As a presidential candidate in 2019, she argued that states with a history of restricting abortion rights in violation of Roe should be subject to what is known as pre-clearance for new abortion laws — those laws would have to be federally approved before they could take effect. That proposal is not viable now that the Supreme Court has overturned Roe.
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Here's where Kamala Harris stands on the issues, from the economy to healthcare
- Vice President Kamala Harris became the leading Democratic nominee on Sunday.
- In the past, the former California prosecutor presented herself as a center-left politician.
- But her stances on abortion, climate, and the economy have managed to draw in progressives.
![summary and conclusion of a business plan Insider Today](https://www.businessinsider.com/public/assets/BI/US/logos/newsletters/insider-today-logo.png)
Vice President Kamala Harris became the leading contender for the Democratic nomination after President Joe Biden, in a stunning reversal, announced on Sunday his withdrawal from the 2024 presidential race four months before the election.
Presenting herself as a center-left politician, Harris previously ran successful campaigns in California, winning statewide races for the San Francisco District Attorney's Office, the state attorney general, and the US Senate.
During the 2020 election, Harris became a potential frontrunner for the Democratic nomination and was seen as a relative moderate next to Biden. Her bid, however, was unsuccessful, as some critics pointed out her inability to present a clear ideological vision .
Still, the former prosecutor-turned-vice president has been able to draw in moderates and progressives alike with her stances on abortion, climate, and the economy.
Here's where she stands on major issues:
Harris has supported abortion rights since her time in the Senate.
She previously voted against a bill that would ban abortions after 20 weeks of pregnancy and criticized Justice Brett Kavanaugh for his position on abortion during his confirmation hearing in 2018.
As vice president, Harris has repeatedly highlighted the significance of abortion rights, becoming a leading voice on the issue for the Biden administration in the wake of the Supreme Court's landmark decision to overturn Roe v. Wade.
According to CNN , Harris made what was believed to be the first official visit to an abortion clinic by a sitting president or vice president.
Harris previously supported policies to combat climate change, including plans to transition the US to 100% renewable energy and a carbon tax.
In July 2023, Harris helped the Biden administration introduce a $20 billion plan to fund climate and clean energy projects throughout the US.
Criminal justice
As a district attorney and attorney general, Harris took several controversial actions that progressives criticized but has shifted her stances over time. She even ran left of Biden on several issues related to criminal justice reform in 2020, according to The Marshall Project .
Harris cosponsored the 2018 Marijuana Justice Act, which would no longer classify cannabis as a controlled substance. She previously opposed the legalization of recreational marijuana before changing her stance in 2018.
During her 2020 campaign, Harris presented a plan to reduce the prison population for women and children and put an end to solitary confinement.
Related stories
She also said that she would support a federal standard on use-of-force for police departments and proposed establishing a federal board that could review police shootings, according to The Marshall Project.
Harris is expected to tout some of the headway the Biden administration has made with economic policies, including Biden's Infrastructure Deal and the Inflation Reduction Act , which included a cap on insulin costs.
In April, Harris announced a nationwide "Economic Opportunity Tour" to promote the administration's progress in investments toward small businesses, inflation, and student loan forgiveness.
Previously, Harris introduced policies to support the middle class, such as a $3,000 refundable tax credit for those making $50,000 or less a year and a $6,000 credit to couples making $100,000 or less.
She's also pushed for higher corporate taxes and criticized former President Donald Trump's tax cuts.
During her first presidential run, Harris' rivals drilled her over her shifting stances on healthcare. In 2019, Harris made waves when she became the first major potential Democratic presidential hopeful to team up with Sen. Bernie Sanders of Vermont on a "Medicare for All" plan.
As a presidential candidate, Harris waffled on whether she would allow private insurance plans to continue. She raised her hand during a primary debate to indicate she would end such plans, only to say later that she had misunderstood the question.
Harris ultimately rolled out her own "Medicare for All" proposal, which Sanders' campaign attacked for moving too slow (her plan called for a 10-year transition period) and Biden's advisors hammered for being too progressive, as HuffPost wrote about recently.
In another difference from Biden, Harris has supported strong drug pricing controls, including tying US prices to what drugs cost in other wealthy nations, per Stat News.
Immigration
Immigration is another area where Harris has shifted her policy stances over time.
As a San Francisco DA, she supported a city policy that turned over young immigrants to Immigration and Customs Enforcement if they were arrested or accused of committing a felony.
Later on, a Harris campaign spokesperson told CNN that the "policy could have been applied more fairly."
Harris said she wanted to potentially overhaul ICE, criticized Trump's border wall as a "medieval vanity project," and backed the bipartisan border security deal that would have closed the border if a threshold of 5,000 migrants a week was reached. Senate Republicans shot down the legislation in May.
As vice president, Harris was tasked with handling the root causes of migration to the US from Central America. In a move which angered some congressional Democrats, Harris warned migrants not to travel to the US border.
"Do not come. Do not come. The United States will continue to enforce our laws and secure our borders," Harris said during a 2021 news conference alongside then-Guatemalan President Alejandro Giammattei.
Republicans have already tried to inflate Harris' responsibilities, deeming her a "border czar." Polling has shown that Trump holds a major advantage on immigration, illustrating why the GOP wants to saddle Harris with the issue.
Israel-Gaza
During her 2020 run, Harris was a strong supporter of the US's relationship with Israel, once calling it an "unbreakable" bond, and assured that she would do "everything in my power" to maintain Israel's right to self-defense.
Following the Hamas invasion of Israel , Harris said that "the threat Hamas poses to the people of Israel must be eliminated" but also later called for an "immediate cease-fire" in Gaza in March.
She also reiterated the Biden administration's call against Israel's invasion of Rafah in southern Gaza.
In December 2023, Harris said that she supports a two-state solution .
LGBTQ+ rights
Harris supported the legalization of same-sex marriage and did not defend California's prohibition of gay marriage during her time as attorney general.
However, Harris sought to deny gender-affirmation surgery to a trans prisoner, arguing that it was not "immediately necessary."
As San Francisco DA, she established a hate crimes unit to investigate crimes against LGBTQ+ youth.
Harris re-affirmed her support for LGBTQ+ rights as vice president but has not provided specific policies.
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A business plan conclusion is a summary of a business plan's strengths designed to convince the reader of the company's success. Because companies typically create business plans to get funding or investors, the conclusion should focus on how the organization makes money and why it is a good investment. Companies also make business plans to ...
This business plan conclusion is a concise summary and recap of all of the components of a business plan, but especially the executive summary. It summarizes your business plan in 2-3 paragraphs, with an emphasis on the most important points. Download our Ultimate Business Plan Template here.
Bottom Line. Writing an executive summary doesn't need to be difficult if you've already done the work of writing the business plan itself. Take the elements from the plan and summarize each ...
A business plan executive summary is a condensed overview of the key elements of your business plan. It introduces your business, what you offer (products or services), your target market, and what sets you apart from the competition. It also outlines your financial projections and funding needs (if applicable) and gives a clear picture of your ...
Business plan conclusion vs. executive summary. Many people confuse a conclusion and an executive summary to be the same. However, they are not. Let's see how. An executive summary is a broad overview of your entire business plan. The conclusion, on the other hand, is a concise summary reinforcing the key takeaways of your plan.
3. Keep it short. Ideally, the executive summary is short—usually just a page or two, five at the outside—and highlights the points you've made elsewhere in your business plan. Whatever length you land on, just focus on being brief and concise. Keep it as short as you can without missing the essentials.
Here's a streamlined approach to crafting an impactful executive summary: 1. Start with Your Business Overview. Company Name: Begin with the name of your business. Location: Provide the location of your business operations. Business model: Briefly describe how you make money, the producfs and/or services your business offers.
1. Create Your Executive Summary. The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans. Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.
A template example of a solid business plan conclusion follows: Opportunity: Explain the opportunity that your business is capitalizing on and why it is attractive. Key Strengths: Highlight the key strengths of your plan, such as your competitive advantage and any unique selling points. Vision: Summarize your vision for the business and its future.
Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...
The steps below will guide you through the process of creating a business plan and what key components you need to include. 1. Create an executive summary. Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.
Conclusion as a Summary of Needs and Abilities. If the executive summary states what the plan will be, then the conclusion reviews what the plan has stated. A business plan conclusion redefines ...
To do this, you'll need to add a call-to-action to your business plan conclusion. The call-to-action can be anything from "invest money today" to "join us as a partner.". For example, the conclusion of a business plan for a coffee shop might include "try one of our specialty cold brews today.". This is a successful business plan ...
Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ...
Here is a basic template that any business can use when developing its business plan: Section 1: Executive Summary. Present the company's mission. Describe the company's product and/or service offerings. Give a summary of the target market and its demographics.
When writing a business plan's conclusion, adhere to these guidelines: 1. Decide where you want it to be. Choose whether you want the executive summary or the entire document to contain your business plan's conclusion. Consider placing the conclusion at the end of the executive summary if you are writing a business plan to attract investors ...
An executive summary of a business plan is an overview. Its purpose is to summarize the key points of a document for its readers, saving them time and preparing them for the upcoming content. Think of the executive summary as an advance organizer for the reader. Above all else, it must be clear and concise.
This tutorial explains how to write the conclusion for a business document, for example, a report, thesis, project, or any document that needs a section to gather together the main points. The structure of the conclusion is as follows: Reviewing this conclusion, we can see that it mirrors the structure of the executive summary.
A business plan conclusion is a summary of a business plan's strengths designed to convince the reader of the company's success.Because companies typically create business plans to get funding or investors, the conclusion should focus on how the organization makes money and why it is a good investment.
The conclusion of the business plan is not at the end of the plan but in the executive summary. And there are two good reasons for that. Firstly because the executive summary contains the key points of your business plan - the rest of your plan is only there to reinforce and back the claims advanced in the executive summary - which makes it a ...
Write a sentence or bullet point for each argument you want to include in the executive summary. Include all the things you want to cover in your summary, including market research and analysis, management team, financial information, product development plans, and projected growth plans. You can also use headers to keep your thoughts organized.
12.13: Conclusion. In this chapter, we have illustrated the process and the elements that are used to develop a full-blown business plan. The key points are the following: The FAD template, the Organizational and Industry Analysis template, the Business Plan Overview template and executive summary are used as the basis for developing the full ...
Business Plan Conclusion. The End of a Business Plan should summarize all the facts you gathered in your business plan. A template example of a solid business plan conclusion follows (feel free to use this in your business plan): The company's management is confident that The Company can achieve its aggressive sales forecasts, generating total ...
Summary. Estee Lauder's business model is not flawless, with high operating expenses and manufacturing in expensive locations. ... Recovery plan includes margin improvement, revenue growth, and ...
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