Effective executive summaries for business plans convince potential investors that the company is viable. 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. While there are currently eight businesses offering pet sitting in West Vancouver, only three of these offer on-site pet care and none offers pet visit services for working pet owners. And just like a CV or an elevator pitch, it is short and direct to the point. 2.0 Function of a Business Plan The key is to describe what you will do for your customers--if you can't, you won't have any customers. Need some pointers for writing your own executive summary? Describe the labor requirement of the company. However, you have to remember that this is only a summary. A summary of the major goals the business has achieved so far, and others that are yet to be achieved in the near future. You'll need employees with a very particular set of skills to serve those customers, and you'll need an operating plan to guide your everyday activities. is the most important section because it is the first section that investors and bankers see when they open the business plan. A one-sentence summary explaining what separates the business from its competition, An overview what problem the business intends to solve, A brief explanation of how the business’s products or services solve the stated problem, An honest acknowledgment of existing competitors and a short description of your business’s competitive advantages, Evidence or proof that the products or services have a target market, A brief summary of the assembled management team and how their experiences help the business thrive, A description of the current development stage the business is in, A realistic and accurate summary financial data on sales, gross margin, and profits for the next three years, The amount the business is requesting and, for investors, what percentage of ownership is being offered in exchange for their investment. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites. However, half of the existing pet-sitting businesses control the majority of the market—Paula's Pet Sitting, Doggie Care Services Inc., Pet Petters, and Pet Sitters on Demand together make up 65% of the market. Once you work through this list you will probably end up with a lot more detail than is necessary for your business plan. You have to clearly explain what you intend to achieve with your business plan in this part. So where do you start? Give a summary of the operational plan, such as inventory, office and labor, and equipment requirements. Gradvisors hopes to serve middle and high schoolers who are underperforming in school, particularly those who have had encounters with law enforcement. Who am I targeting? What problem do I solve for my customers? You can also view dynamic examples of purpose statements to craft the perfect executive summary. SI Co sees the numerous benefits and potential growth for converting household electrical demand from “the grid,” to self-sustainability. The executive summaryExecutive SummaryAn executive summary is the first section of a business plan or proposal that provides a brief overview of a document and contains its main points. It serves as a road map for the business and can be used when pitching investors or financial institutions for debt or equity financingDebt vs Equity FinancingDebt vs Equity Financing - which is best for your business and why? It also shows the company’s position in the industry and how it will compete in the market against other major players. Think about what products and services you will provide, how you will provide those items, what you need to have in order to provide those items, exactly who will provide those items... and most importantly, whom you will provide those items to. An enormous need exists for dramatic reductions in energy consumption. ), Achieve the largest market share bicycle rentals in the area, Generate a net income of $235,000 at the end of the second year of operation, Minimize rental inventory replacement costs by maintaining a 7% attrition rate on existing equipment (industry average is 12%), Provide high quality equipment, sourcing that equipment as inexpensively as possible through existing relationships with equipment manufacturers and other cycling shops, Use signage to attract visitors traveling to the national forest, highlighting our cost and service advantage, Create additional customer convenience factors to overcome a perceived lack of convenience for customers planning to ride roads and trails some distance away from our shop, Develop customer incentive and loyalty programs to leverage customer relationships and create positive word of mouth. If you plan to secure a loan or investment, explain how it will help your business out. The management plan provides an outline of the company’s legal structure, its management team, and internal and external human resource requirements. Before they read through your reports, data, and projections, … This will help the reader/s prepare for what is up ahead and at the same time entice them to read on. It also lets your reader/s see and understand the overview of what problems of your target customers your are trying to solve. It's serves retail customers. Inventory is a current asset account found on the balance sheet, consisting of all raw materials, work-in-progress, and finished goods that a company has accumulated. In our marketing, we will be emphasizing the quality and personalized service we provide. What Are the Pros and Cons of Starting a Pet-Grooming Business? It is often deemed the most illiquid of all current assets - thus, it is excluded from the numerator in the quick ratio calculation.. 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. It should be consistent with the contents of the entire business plan as well as the business pitch or presentation. 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. In this case, you also have to explain how your business will be able to push through and thrive despite the competition.