Summary for the Business Plan. Writing rules and errors.
The resume is the marketing part of the project business plan. It is from his information, fullness and submission that the decision of the investor depends. When writing a Resume, the specialists of Yakist are guaranteed to use the following rules:
- The abstract should be brief;
- The resume should save the investor’s time;
- Information in the abstract should be presented clearly, clearly and conveniently readable;
- The summary should be consistent;
- The summary should be convincing
- The summary should give a full picture of the nature of the project, its relevance, goals and needs for the consumer.
Let’s take a closer look at the rules for compiling a Resume with examples.
- The abstract should be brief. This means that the Resume must match its project. There are more large-scale projects in which it is necessary to provide more information and then one page is indispensable. Try to write in short sentences, remove superfluous adjectives, in a word, clean out the text from the superfluous information. If possible, replace long words with shorter ones.
- The resume should save the investor’s time. Respect the time of another person, especially in business. Decisive can be every additional minute. Therefore, writing a summary of the business plan, read it and note on the clock, how long it took you to read it. Add, a couple more minutes, because unfamiliar text is always perceived more difficult.
- Information in the summary should be presented clearly, clearly and conveniently read. When composing a Resume, pay attention to the font that you use, the colors in the tables and diagrams. It is best when everything is in the same color scheme and does not irritate the eye. If you can not adhere to the basic rules of design, it is better to abandon color selections. In that case, just use the bolding or italic function. Note that the test in the graphs and diagrams should be readable, give an understanding of what the chart is and what it depicts.
- The summary should be consistent. Submission of information is consistently important for the perception of data. Move from the important to the details. Ideally, outline the Resume plan (you can use the Business Plan as a basis), but choose only the most valuable information. Remember that Resume is a short squeeze. But in order for your resume not to be too “dry” add link phrases to go to the next data. For example, “for the implementation of the project, staff at a rate of _ people will be needed. For the first year, the total wage fund is ______. Each subsequent year, the wage bill will increase by the amount of staff increase. So, when the enterprise leaves the full load, the FOT will be ____ UAH. Qualifications and salaries are described in detail in the Organizational Plan section.
- The summary should be convincing. A summary can be convincing if the business plan is compiled correctly and there is no contradictory data in it. Most often, the inconsistency of data lies in the collected market information. This is due to the fact that the analysis of the market is conducted from various sources and when processing this data the expert has poorly understood this topic. Therefore, the consistency of figures is an important component that shows how much you understand about the market. Sometimes, persuasiveness is identified with the “beautiful” indicators for the project, thinking that a large figure in the profit will rather persuade the investor to make a positive decision. In fact, too fast payback of the project and high income indicators only increase distrust of the project. On the market there are data on profitability and on the payback period of this or that business. An experienced investor, especially if he already worked in this niche, will quickly be able to recognize such a lie. Therefore, to begin with, make sure that the data that you have obtained in the calculations correspond to the market data. Consult with experts in your area of business, look for information on the Internet.
- The abstract should give a full picture of the essence of the project, its relevance, goals and needs to the consumer. Perhaps, this is the most difficult point of the rules of drawing up a Resume for a business plan. Sometimes the description of the project takes several sheets and it’s hard to see in the text what kind of project it is. Best of all, if you describe the problem that customers are facing, then go to your solution proposal. Next, you can add a paragraph with information about the competitive products. In this paragraph, it is better to give more differences to your product, its strengths and improvement. The information can be submitted graphically. Remember that pictures are better perceived and easier to remember.
Of course, these are the basic rules for preparing Summaries, which are used by our company’s specialists. But in general, everything depends on the project and on who will consider the business plan.
If you still think how to write a Resume for a business plan and our rules do not help you. Try to go from the opposite, and avoid mistakes when writing a resume.
The main mistakes in the resume:
- Over-saturation of unnecessary information in the description of the project.
- When describing a project, special terms are often used
- The description does not contain basic data: what it is, for whom it is, what helps / saves / improves the product;
- Submission of most of the analysis of the market to the Summary;
- Information is submitted only graphically or only in text form;
- The table of calculation of a huge quantity of financial indicators is given;
- Graphic material is submitted, but the schedule is incomprehensible, the readability of the text is poor and there are no explanations.
I hope our article was useful to you. We wish you success!