26. August 2010 by Frank Goley, Business Consultant for ABC Business Consulting.

Write the Executive Summary Last

The Executive Summary should be written last.  Why?  Because it organizes and summarizes the entire Business Plan. You cannot achieve this effectively until all other sections of the Business Plan are completed. You should develop two types or renditions of the Executive Summary for your Business Plan.  A short version which is 2-3 pages and a longer version that is 5-7 pages long.  The Executive Summary contains the Company Statement, Visions and Mission, the Purpose of the Business Plan and a short summary of each section of your Business Plan, along with a Financial / Profitability Section. You can also provide the key strategic competitive success areas of your Marketing Plan.

The Executive Summary is a Mini Business Plan

The Executive Summary (short version) is part of your Business Plan, giving the reader a quick overview of the important facts contained in your Business Plan.  The Executive Summary (short and long versions) can also operate as a stand-alone document to be used to generate interest in your business opportunity or venture, i.e. to be sent to a funding source to generate and gauge their initial interest.  An Executive Summary can accompany an Investment Overview to provide more details to a venture capitalist about your particular business opportunity. 

Brevity and Inclusiveness are both Key

Brevity, yet completeness and inclusiveness, is key when writing your Executive Summary.  It should be concise yet have adequate detail about your Business Plan.  This can be difficult to achieve if you attempt to write it prior to completing all the sections of your Business Plan.

An Example Format of an Executive Summary

This is an example of the different sections that an Executive Summary can contain. Adjust for long or short versions and for your intended audience.

1.     Company Information

2.     Business Plan Purpose & Objectives

3.     Company Goals & Vision

4.     Company Mission Statement

5.     Company Description

6.     Company Purpose

7.     Company Situation

8.     Founders, Management & Principals Capabilities

9.     Products & Services

10.  The Competition

11.  Keys to Success

12.  Finance

13.  Growth & Expansion Goals

14.  Sales Forecast

15.  Return on Equity / Return on Investment

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25. August 2010 by Frank Goley, Business Consultant for ABC Business Consulting.

I.  Table of Contents

The Table of Contents of a Business Plan is one of the most important elements of the plan.  The Table of Contents should be very detailed, so that the person reading and using the Business Plan can find and access the information needed very easily and quickly.  You can write a great Business Plan with all the necessary information in it, but if you can’t easily find or access that information, then the Business Plan ceases to be a useful tool. 

How to Organize the Table of Contents

The Table of Contents should be organized by each section of the Business Plan and the specific page numbers of each section and sub-section.  It is strongly recommended that a Business Plan be organized as an online document, with the sections and sub-sections hyperlinked to the page where that information resides.  This way you can access information very quickly on a computer online versus having to flip through the paper document to find the information.

II.  Organization

The Organization of the Business Plan is quite important.  The 8 Section Business Plan is in a specific order from which each section builds on the previous section. There is fluid thought and reasoning employed to achieve a Business Plan which reaches its specified purpose- i.e. to run a business, to buy a business, to expand a business, to enter a joint venture, to finance a business, to complete a particular project.  Although the Executive Summary is the first section of a Business Plan, the Executive Summary should be written last.  With the exception of the Executive Summary, all the other sections should be written in the order they are listed. 

Business Plan Format

Remember that a Business Plan is a Business Document; you are NOT writing prose.  It should contain a very precise and concise format and be organized into numbered sections and sub-sections, which contain specific information in short, paragraph form. Business Plans should be written in paper form, computer format and online format.  Computer Format means the Table of Contents are hyperlinked so you can easily access certain information quickly and precisely in one click on your computer.

Sharing the Business Plan

You should have your Business Plan published securely, online (via password access) so that certain key managers or employees can access and manage remotely.  Also, you can use an online Business Plan to attract funding for your venture. You can have different versions accessible online for particular purposes. For example, you could have your Marketing Plan accessible remotely so your Sales Manager can update it or refer to it while in the field or on an important sales call.  You could have a funding version of your Business Plan accessible online for angel investors or venture capitalists to view your opportunity. 

The Business Plan is a Living Document

A Business Plan is a dynamic document, as it changes on a daily, weekly and monthly basis.  By being able to access it on your company computer network and / or online, the CEO, Executives, Management and Key Employees can update it easily and effectively.  For a Business Plan to be successful, it must be intertwined into the fabric of your business and implemented through the Strategic Plan.  Having the Business Plan organized with Hyperlinks with highly organized sections and uploaded on your company’s computer network and accessible online, allows the Business Plan to become a “living” document which can effectively:

1.     Run a business 

2.     Be readily changed, adapted and updated

3.     Be a sales tool

4.     Obtain funding

5.     React quickly to market changes

6.     Give you the ability to make realistic forecasts and projections

7.     Seize opportunities

8.     Keep your Competitive Advantage. 

Keep Your Audience in Mind

Organization of your Business Plan is KEY to its effectiveness and utility.  It is important to remember that too many Business Plans are written from the perspective of the Business Owner.  When writing your plan, remember your audience extends beyond you, the Owner.  Don’t neglect your Managers, employees, customers, the marketing aspects and the potential investor elements.  This is also why I suggest writing one Comprehensive Business Plan to run your business and develop other Specific Purpose Plans for different audiences, i.e. a Customer Plan, an Investor Plan, a Lender Plan, a Strategic Management Plan, a Marketing Plan, Supplier Plan and so forth.

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24. August 2010 by Frank Goley, Business Consultant for ABC Business Consulting.

A Business Plan is Important for Business Success

A good Business Plan is the most important, but most often overlooked, part of running a business, starting a business, expanding and growing a business, or obtaining finance for a business.  If a Business Plan is well developed and written, the starting, expanding, running or financing a business is much easier and effective, leaving less room for error and failure.  While you cannot predict everything that can happen in a company’s future, a good Business Plan helps you avoid certain pitfalls, overcome obstacles, while also anticipating and creating opportunities.

Business Plan Formats

There are different Business Plan Formats for different purposes.  Always start with a Comprehensive Business Plan to successfully run your business.  Once you have completed your Comprehensive Business Plan, then you can take certain parts of that Plan to form the other ancillary Business Plans for other purposes, such as a Funding Business Plan for a Bank, Investor or Venture Capital Firm.

Business Plan Process

Formats are important for Business Planning but most important is the Process.  The Process is a building block system that is continuous, systematic and comprehensive.  It involves the entire Company, produces effective decision making and executes those decisions in a Strategic Plan.  A good Business Plan measures the relationship between Expectations and Performance- it evaluates your Company’s progress or the lack thereof.  A Business Plan’s goal is to create the future for your company, taking a proactive approach toward your target markets.

Business Planning is Art and Science

It is said, writing a good Business Plan is more art than science.  It is good to have a proven process and format, but you can’t just fill in the blanks on a master planning program or document.  It is a matter of asking yourself the right questions within that proven process and format which brings about a successfully developed and written Business Plan. You can find such a process in my Business Plan Book.

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13. August 2010 by Frank Goley, Business Consultant for ABC Business Consulting.

If you are a customer centric company and have satisfied customers, then getting testimonials shouldn’t be hard. In fact, it should be an automatic thing to ask a customer to make a testimonial for you when you complete a service for them, sell them a product or solution, or simply help them in some form. Here is the why and how on how to use Customer Testimonials to really boost your company profits.

Why Use Testimonials

Testimonials bring trust and credibility, two major factors in a prospect’s buying decision. When posted on your website, testimonials help sell a prospect with out your involvement. What an incredible automatic sales tool. Testimonials clearly show that you deliver, which at the end of the day, is why people buy from you.

Tips on Using Testimonials

§  Any Time You Have a Positive Interaction with a Customer: If someone says great things about your website or blog, ask them for a testimonial. If you send them a Free E-Book ask for their feedback and if positive, ask for a testimonial. If you went out the way for a customer and they appreciated all the effort, get a testimonial. Testimonials aren’t just about a successful sale, it is also about the way you successfully interact with you customers. 

§  Make Sure They are Genuine: The Customer may ask for your input on the testimonial but make sure the testimonial is genuine and comes from the customer. If they are contrived, it is evident. Understand they may be checked on.  

§  Place Them Everywhere: Good places to put and use testimonials include your Blog, Website, Sales Pages, Brochures, a Press Release, Direct Mail Letters, Solicitations and Referral Sources. Use Twitter, Facebook and the other Social Networks to spread the word when someone writes you a nice testimonial. It also raises awareness toward the person writing the testimonial, a nice thank you! 

§  Written and Video: Using both forms of testimonials works great. Video connects with visual and emotional people and written with others. Also, some prospects may be viewing from an office where they don’t want to have the audio on so have a mix of both. If video, include it on your YouTube Channel under a Testimonial section. This is a great way to spread the news about your company! 

§  Doesn’t Need to be a Customer: Having a strong partner write a testimonial really can say a lot about a company’s reputation. Think of your strategic partners, alliances, joint ventures, suppliers, vendors- all those you do business with. If they are favorable toward you and your business, it means you have a good business reputation which says a lot. It helps you close those bigger customers and build new business relationships.  

Today’s Video is on Using Twitter to Get Testimonials

Posted in Business Growth Strategies, The Business Success Blog | Print | 2 Comments »

12. August 2010 by Frank Goley, Business Consultant for ABC Business Consulting.

I like to offer different levels of products and services as some customers will not start with a company unless they have tried you out in a lower risk, nicely priced service or product. I strive to do an excellent job on the initial, lower end, service or product, and bam, what do you know, the customer comes right back and orders a more profitable service or product offering. To me it is about earning the client’s business, giving the client the easy choices to make when considering what I have to offer them. All businesses should adopt this philosophy, understanding that initially winning the customer over may start at a lower level product or service offering threshold.

I am Not Talking About Giving Services and Products Away for Free  

While this can be a good strategy, and one I use quite a bit (i.e. a free business plan review, a free consultation, free e-books, etc), it isn’t the same. This strategy just lowers the economic level the customer enters into a relationship with you. It isn’t a big money maker but a service or product that brings you some income and provides a huge opportunity to earn more quality business.

Offer Different Levels of Services and Products

I offer four levels of business plans so clients with a young and growing company can start with a solid entry plan, and then I can upgrade the plan for future needs as warranted (and as the initial business plan pays off for them). I also offer an entry level business plan so a client can comfortably try my services with very little risk, see the great value and payoff for them, and then become very open to speaking with me about my monthly and onsite consulting services. I also separate out certain sections of the business plan, like the Marketing Plan or Strategic Plan or the Executive Summary, if a client has the business plan and wants to strengthen it up, update it, or have a good implementation plan in place. I also offer other ancillary packages such as an Investor Overview or a Loan Package, which accompany a Funding Business Plan. These are value add services at lower levels that can earn the client’s bigger commitments in the future.

Earn the Bigger Business

Once I have thoroughly satisfied the customer at the lower level service, then the customer is very willing to talk about more of a commitment like the Business Coaching or Business Consulting services I offer, along with the more complex business planning. A lot of the introduction to my SEO and Web Development Services come through business at the lower service level and earning it later.

It Makes Business Sense

You get a small commitment from the customer initially which helps you maintain cash flow with the opportunity to make a more profitable sale in the future. It really is a win-win if designed, presented and sold properly. It works particularly well in this Recession when customer dollars are tight, and they need to make really good decisions with little room for error.

Consider Services or Products You Don’t Normally Offer

I wrote some business articles for an experienced and accomplished business owner which earned me small bucks, but they are great bucks! Why? Because it has led me to great SEO and Content work for his websites. It was a fantastic way for me to introduce myself and what I can offer. The owner jumped on the opportunity when he received the quality articles. I write quality content for myself everyday, why not for others to potentially earn that better business in the future?

Design, Package and Present it Well

The assortment of services and products I offer have a definite design, plan, strategy and process behind them. I know how to effortlessly present customers options, close them quickly with value and confidence, implement the lower service or product well and fast, then be right back with them in short time speaking about our other, higher level, yet more value and payoff based, services and products. It helps the customer and later the customer helps me, and in turn, I am so excited to help them succeed with the repeat business. It drives my passion! My passion to help customers and earn quality business down the road. Think about it…

Today’s Video is on “How to EARN a Customer’s Referral”

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