Why Are Business Plans Important

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Your document basically lays out all the information a potential investor needs to know before buying shares of a new company.

Bankers and private investors will want to know the same information.

Whether your business plan is 5 or 30 pages, an executive summary must recap all of the material in your plan in only two pages.

The reason this section gets so much attention is that it might be the only section the reader looks at when making a decision to go forward or stop.

That said, after having written and reviewed hundreds of business plans, I feel there are four key sections used in almost all situations, and these are augmented by additional sections depending on the circumstances.

These four key sections are the executive summary, marketing plan, key management bios, and financial plan. This is one of the shortest sections of a business plan, but the one you should spend the most time working on.Some companies only allow employees at a certain level to be able to borrow as a sort of employee benefit based on title or tenure.Loans should be paid back through paycheck deductions and if an employee leaves before a loan is paid off you’ll want to make sure whatever is still owed is deducted from her last paycheck.To paraphrase an old proverb, “you can tell the quality of a business plan from its executive summary.” The executive summary is the ultimate elevator pitch where you introduce the idea, provide background, talk about approach and results, and convey confidence that you will be successful.When you get the reader excited about your business idea, they will be inclined to explore it further.A full-length business plan could contain the following sections: If you answered it all depends, you are a smart entrepreneur.It all depends on what you are trying to accomplish and who is the audience.The financial section of the executive summary should include the projected income and cash generated during the first three years, and if you are seeking funding, a clear statement of how much is needed to fund the project.And of this sum, show how much you will be investing versus the amount being sought from the funder.It’s not uncommon for a company to lend money to its employees.Just remember that what you do for one you’ll have to do for everyone.

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