Amy Smith, President | March 1, 2018
The executive summary is one of the most important parts of your business plan. It’s an opportunity to provide an overview of your current company state. It helps to explain where you are going and why you will be successful.
Describe the problem you are solving and ultimately the need for your target market. It’s important to include market analysis to back up your points. Explain how your solution fits in to solve the problem you have identified.
BIT TIP: Before you begin, understand who the audience is for this business plan. Is it internal use only for you and your founding team? Is it for investors as you seek funding? Make sure to keep the reader and purpose in mind as you create your executive summary and business plan.
We are including a video, that will provide you with additional advice and guidance. Depending on your industry and unique value proposition you can customize your interactive Bit.ai business plan template to meet your needs.
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Business Overview & Key Objectives
Utilize this section to describe your industry and the markets within it. It’s important to include research data and statistics to back up your points. You’ll want to expand on the outlook for this market space and address what the future possibilities are. Be sure to include products/developments in the industry and market that will benefit your business.
Your main goal with this section of your business plan is to explain why your business is in the right place at the right time. Prove that you have the correct trajectory for future success!
Break out your goals into short-term, mid-term and long-term goals. They should include product development milestones, customer acquisition numbers, company hires, projections, office expansion & vertical growth.
BIT TIP: We are including an article below from Inc.com that will provide you with additional tips and guidance.How to Write a Great Business Plan: Overview and ObjectivesThe third in a comprehensive series to help you craft the perfect business plan for your startup.inc.com
Provide an overview of your market size, statistics, and penetration.
Spend time describing your target customer. Focus on who they are, what they look like, what jobs they hold, what their interests are, what tools they use, etc.
Describe your marketing strategy. How will you go about acquiring customers? What marketing mediums are best for you to utilize. What type of budgets will you need to acquire your customers?
The last part should focus on your pricing strategy and why that strategy is the best way achieve your goals.
Include images, files, and links that show your marketing strategy.
BIT TIP: You can showcase marketing assets directly into your Bit.ai Business Plan Template, or you can upload a downloadable file directly onto your document. See below: Marketing-Assets-Sample.zipUpload 100+ different file types to your document. Download (215.8 kB)
Compare your competitors from features, customers, revenue, market penetration and future outlook. Include visuals, charts or spreadsheets that showcase the differences between your company versus them. Where are you able to add value? What is your competitive advantage as a result?
This is your opportunity to differentiate yourself in the market place and stand out as the best solution.
BIT TIP: We’ve included a Google Spreadsheet Template to help you think through your competitive analysis. Add any shareable Google Spreadsheet link, and it’ll fetch and display in your document.
Add your Google Spreadsheets by simply entering the URL, no embed codes needed.
Design & Development
In this section you’ll want to show-off the core functionality of your product. Hone in on your core features and features your customers most appreciate. Be sure to include any new game-changing features you plan to add.
This is an opportunity to display wireframes, GIFs, and videos of your product, prototype or service.
BIT TIP: We’ve included a mockup iPhone app wireframe for you to get a general sense of what you can display in this section. Be creative and show off your product in it’s current/future state.
Include the office locations of your company along with your main headquarters. This is your opportunity to provide brief bios of your core team, along with their experience. Point out experiences that translate over to your industry and their job function.
Make sure to cover manufacturing, fulfillment, and inventory if it’s pertinent to your product and industry. Including your day-to-day operations helps to understand the current size and growth trajectory of your company.
To recap your operational plan should include:
- Office Locations (Including headquarters)
- Core Team
- Staff and projected hires
- Manufacturing processes
- Fulfillment cycle
- Inventory management
BIT TIP: Again it’s important to remember that your business plan truly has to be your own. Every industry has unique needs and requirements. Customize this template to your needs.
Include a cash flow forecast, initial investment, and timeline for profitability. This is your opportunity to showcase your current run-rate, cashflow and projections. It’s recommended that you add spreadsheets and charts to properly display your financial projections.
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If you have any additional charts or further details you want to reference, add them to your appendix section. Business plans can be as short or as long as you need them to be. There is no one size fits all. Write your business plan according to your industry, needs and project scope.
We are including a business plan presentation to give you the cliff notes that you can refer back to anytime. Now go grow your business