If you are ready to start working on your business plan the first thing you will want to work on is your executive summary.
The executive summary is the first part of your business plan. And it is also the most important part of your business plan as it gives an overview of the entire business plan as well as a history of your business.
Basically, you will use the executive summary to show where your business is currently, where it started and where you want it to go. It is important that you be truthful!
Since the executive summary gives an overview of the entire business plan, it should be the last part of your business plan that you write up. You only want to write the executive summary once you have worked out the rest of the business plan.
Contents of the Executive Summary
- Mission Statement
- Date business began
- Names of founders and the functions they perform
- Number of employees
- Location of business and any branches or subsidiaries
- Description of plant or facilities
- Products manufactured/services rendered
- Banking relationships and information regarding current investors
- Summary of company growth including financial or market highlights
- Summary of management’s future plans
For all of the above except for the mission statement, have the information in a bulleted listed or something similar. The point here is brevity. Your mission statement will be whatever length you need to get your mission across.
If your business is brand new you you might not have information for all of the areas above. That is okay and expected. Instead of worrying about that lack of info try to focus on your experience and background instead. If you can show expertise in the industry then you are going in the right direction!
While not necessary, you can include a table of contents directly after the executive summary. That way the reader will have an easier time going through your business plan as they can be quite lengthy.
Stay tuned for part 3 of writing a business plan!
And if you missed part 1, check out How to write a business plan, part 1.
Are you planning on starting your own business? If so, you will want to work on your business plan before you get too far along in your preparations. A business plan is a written guide to starting and running your business successfully. You will definitely need a solid business plan if you are planning on seeking outside financing for your business, whether it is from a local bank or a venture capital firm. A good business plan is also a great map for you to follow as you grow your business.
Business plans tend to vary by industry and size of business as to what you will need to include in your business plan. A good rule of thumb is to have the following categories in your business plan at a minimum:
- Executive Summary
- Market Analysis
- Company Description
- Organization & Management
- Marketing & Sales Management
- Service or Product Line
- Funding Request
- Financials
- Appendix
Stay tuned for more on writing a business plan!
To read the rest of this series, see part 2,
Are you thinking of quitting your job and going out in search of greener pastures? If so, you will want to carefully craft a resignation letter to let your boss know that you will be leaving.
Sure, you could just want into their office and announce your plans but that is really not the best way to handle things for two reasons.
- You don’t want to burn bridges.
- You want to make sure there is written record of you putting in your notice in case they tell you to pack your things on the spot. With written notice of a time period until your departure they will still have to pay you for the time you specified if they fire you on the spot.
You may think that they would never fire you - but people can get spiteful when you turn in a resignation letter. Once I was quitting a job and I put in a resignation letter saying that I was giving my two weeks notice. The next day I got called into the office and was told that they were aware that I had put in my notice for two weeks but that I could leave effective immediately but would still be paid for the two weeks in accordance with the law. What law - I don’t really know but I like it. I was not expecting to get asked to leave early. And I did get paid for those two weeks.
When you quit your job and give notice, the standard notice time (at least here in the US) is two weeks. You may or may not want to give them longer time. If you do not want to burn bridges, the longer notice you can give then the better that looks. And a lot of times when employers do reference checks at your old job they will ask how much notice you gave before you left.
Remember to keep your resignation letter professional. Do not tell them about all of the things that the company does wrong. Do not tell them how you do not like them or your co-workers or anything else. Think of it like when you are ending a romantic relationship - the whole “it’s not you, it’s me” excuse works wonders for leaving jobs.
When writing the resignation letter you do not need to make it a long letter. It needs to be simple. The important thing is that it says that you are leaving the company and when that will happen. But if you are feeling punchy about your new job, you can give them some additional info. Just remember that less is more in this case.
Here is an example of a short and to the point resignation letter:
Dear (insert name of your boss here),
Please accept this letter as my resignation from my position as (insert job title here).
My last day will be on (insert date), two weeks from today(or however long it is).
Regards,
(your name)
Now, you could also do something a little longer too. I like to think of this one as the “please give me a good reference” letter:
Dear (insert name of your boss here),
Please accept this letter as my resignation from (company name) effective Thursday, November 15th, 2007 (or the correct date).
Working for (insert company name) has been a wonderful experience. I could not ask for a better group of colleagues. I have grown in many ways here and will always treasure the opportunities provided for me by (insert company name).
I will be accepting a position as (position) with (company name). While I will miss my friends here at (company name), I feel that it is time for a new challenge and experience.
If you have any questions, please feel free to ask.
Best Wishes,
(your name)
There are also many other examples of resignation letters online. So, if you are not sure what to write, just do a search for some examples.