This assignment contains three sections of the final business plan:
Executive Summary
Action Plan
Conclusions and Recommendations
1. Executive Summary
Write this section last. Writing it earlier will cause it to tend towards a traditional introduction and will not cover the whole scope of the research and analysis. The purpose of an executive summary is to provide a brief description of the plan in less than two pages.
The executive summary needs to target the intended reader. The executive summary is intended to give busy executives key information and lead them to the sections that will answer their primary questions. It is not an introduction to the plan or an abstract. The executive summary is meant to raise the interest of the executive reading it to continue reading and evaluating the business plan. Keep in mind that this might be the only section the executive will read; if it is not interesting, they might dismiss the rest. The executive summary is always at least one full page but never more than two pages long.
The elements of an executive summary are:
Usually start with “There is a need” and is backed up by data. This includes a description of the unsatisfied need that creates the business opportunity and innovation desire
Purpose of the plan (attract investors, bring new innovation to a specific, identified, and cited market, etc.)
Introduction to market opportunity – what is the innovation, what is the industry, what is the value that it brings
Some highlights of the demographics of the customer
Briefly show why the innovation is a financially sound business idea
Do not include citations
2. Action Plan
The action plan describes the steps needed to implement the business plan, including the performance evaluation criteria. This section contains information from all action steps in the twelve sections of the business plan. For example, if in the marketing plan there is a promotion proposed, then the action steps for designing, manufacturing, and distributing the promotion would be included in the action plan. Include timelines in your action plan.
The action plan explains who does what, how, and when. This is often directly connected to the management, marketing, and operations plans. This section always contains a graphic and clear explanation.
3. Conclusions & Recommendations
This is a detailed section that creatively summarizes (but not like in the Executive Summary) the business plan. This is an opportunity to restate your business case and includes conclusions and recommendations for moving forward. If the development of this business plan does not produce a viable business, this is where you discuss what is needed to make it viable (or not, but it must be stated in this section).
