As I continue to organize a business plan of my own, I have learnta few things from music industry executive Monique- Mosley –Idlett and real estate mogul Barbara Cocoran. Both have distinctive perspectives as to what an effective business plan should entail.
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Ms. Corcoran’s statements are more related to the content, the most imperative aspect for her is the executive summary. Although this section may seem trivial, many investors read the executive summary before delving into the details of the business plan. To ensure that I have an effectiveExecutive summary I will have my fellow colleagues read it and provide feedback. Also, double check to confirm that it has all the components: mission complete, company information, highlights, products and services, financial information and future developments. [1]
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On the other hand, Mrs. Idlett- Mosley focuses on the intrinsic value of a business plan. For her, the plan has to be malleable and be holistic in nature. Conversely, this means it has to make sense; all the elements should contribute to the whole and exhibit uniformity. With constructive criticism, your plan should be able to change to gratify the investors without comprising on your vision. In order have consistency in my plan, all financial statements that include estimated revenues, net profit/sales, cost of goods sold, taxes and budgets correspond with each other.Ultimately, I agree with Ms. Cocoran, the most important part of the business plan is the executive summary. If you want the investor to be interested in your plan, the summary should get their attention right away. This section sets the tone for the rest of the document; if it is not enticing then it might be discarded. So spend some time to orchestrate the executive summary and ensure that it has all the necessary components.
[1] http://www.sba.gov/content/business-plan-executive-summary
