Day 182

In Strategic Communications, we started to deconstruct the business plan, starting with the Executive Summary. This is the opening salvo in your docment–a juicy, tasty, crunchy page or two that outlines what is to follow, using language that will get your potential investor all fired up about reading the entire document, ready to lay down some big bucks just for the pleasure of being a part of your business.

As we have done in the past, we split up into groups to look at examples of executive summaries drawn from actual business plans.

They were all totally lame. Example: An historic Irish pub was losing business to microbreweries, so it was going to convert to a brewpub. No word of why the pub wouldn’t simply carry microbrewed beers on tap, how becoming a brewpub would change its fortunes, who would be hired to buy and install the equipment, who would brew the beer, how much the whole thing would cost, or how long until profits were realized. After reading the summary, I wouldn’t have invested $20 in the venture.

Part of our business plan has to include some financial information. Most business plans go into this very heavily. Since this is not an accounting class, all we will be expcted to include is a one-page income statement for the projected first year of operation of our fictional brewpub.  Even this would have been beyond our ken had not one of the students in the class been an accountant. He quickly ran over the information needed, confirming in my mind that my first order of business in opening a brewpub would be to hire an accountant!

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