The End is Near

Hi everybody!  I’ve held off on writing this week’s blog entry due to the threat of severe weather coming our way.  Something tells me we may either have a delayed opening or no school tomorrow, but I’m going to break this week’s plan into 5 days, which can be consolidated into 4 if needed.  As the title of this post suggests, the end of our project is near.  This week will be dedicated to completing the Executive Summary, arguably the most important aspect of the business plan, organizing the plan, a simple task as long as you follow the rubric, and creation of the electronic presentation that you will use when presenting to your investors (side note: you do not need to make a PowerPoint or Prezi if you wish to just use the document viewer or pitch your business without visual aides, however I suggest you have something for your investors to view when you present).  Here’s the week’s breakdown:

Monday and Tuesday: Executive Summary

As stated earlier, the Executive Summary is arguably the most important aspect of a business plan.  Since it is the first section of your business plan, the executive summary serves two purposes.  Your Executive Summary serves as your first impression on any potential investor, since it’s the first thing they’ll read in your plan.  What you say, how you say it, and how it is presented can be a make or break for your venture.  If an investor doesn’t like what he/she sees in this section, chances are no further pages will be turned in your plan.  Think about it.  If you begin reading a book or an article online and the first few pages/paragraphs don’t exactly catch your eye, will you continue to read on?  Likely not.  Similarly, if an investor has numerous business plans on the table, will he/she really want to read through an entire 20/30/40/50+ pages if the beginning doesn’t sound so hot?  I doubt it.  Additionally, your Executive summary will allow you to highlight facts and statistics that will stand out in the rest of your plan.  Essentially, it will serve as a sneak preview for the reader. 

First, read through this article about how to write an executive summary and what to include.  Take notes on the 7 elements of the executive summary and jot down what you wish to include as you read.  Next, read page 1 of this live business plan for a bakery for an excellent model of a well-constructed executive summary.  Now, I understand that reading these two links is likely to occupy an entire class period if you put your mind to it.  This means there is no tolerance for talking during class.  That’s how it goes if you’re going to get this work done. 

Once you’ve finished your reading, it’s time to take what you’ve learned and put it into writing.  You’ll need to write a rough draft of at least 1 page and make adjustments throughout the week.  Remember, this section of the project is extremely important.  I’d assume you may begin writing this at the end of class on Monday (or Tuesday if we don’t come in tomorrow) or at the beginning of class Tuesday (or Wednesday if weather keeps us home tomorrow).

Wednesday: Proofread and Organize

Today you will read through your entire plan and correct any “squiggly line errors” that appear in MS Word.  You know, the red or green lines that appear below any spelling or grammar errors that Word identifies for you.  Isn’t technology great?  Next, you’ll put your business plan in the correct order, as outlined by the scoring rubric (can be found in my Public_Faculty Folder).  Take your time on this and dedicate yourself to putting everything in order, as I will deduct points if your plan is not organized properly.

Thursday and Friday: Presentation Preparation

I have already dropped the 2012 VE business plan presentation in my Public_Faculty folder.  Please feel free to use this as a model for your presentation.  The best aspects of this presentation are the graphics, transitions, and animations.  Think about it.  Would you really like to see a wall of text on every slide in a presentation?  Neither do investors!  Make it stand out.  Sell yourself.  Sell your business.  And, most importantly, stand out.  That’s the best way for you to make an impact and turn your vision into a reality.  It would be too easy if we all had startup capital in our bank accounts.  Fortunately for you, your plan will make that a reality.

Let’s have a great week and finish our plans Viking Strong!