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For many, tackling this section last is fine because it’s the one plan element that most entrepreneurs dread.They frequently feel like they have hit a wall when it comes to writing this section, and they blame it for holding up their business plan.
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The financial section of the executive summary should include the projected income and cash generated during the first three years, and if you are seeking funding, a clear statement of how much is needed to fund the project.In one paragraph, the executive summary should include a description of your business and the customer problem being uniquely solved so the reader understands what you are trying to achieve.The marketing paragraphs should include information about the size of the market, sales forecast, demographics of your potential customers and competition, and your competitive advantages.The marketing budget and sales forecast will be used in the financial forecasts.With a limited track record and usually few assets, the success of a small business is typically a on the owner.Therefore, it is advisable to have an introductory page in your financial plan explaining in plain English the key assumptions and how each one was determined.If you can convince the reader about the reasonableness of the assumptions, then the sale has already been made when they read the financial statements.The specific marketing actions are developed in the Marketing Action Plan, which is used to implement your business idea.In other words, what are you going to do to drive traffic to your front door — both literally and figuratively? For each of the five marketing steps, note the cost to implement (which, when totaled, becomes your marketing budget), if the items can be completed by you alone or whether you will need assistance, and the sales expectations (which when added together, become the sales forecast).Typically this is because they don’t understand it, are afraid of it, or have made it unnecessarily difficult because they haven’t carefully completed the rest of the business plan. Seek guidance from a SCORE mentor or other free services as mentioned here.Financial statements are charts with lots of numbers and few words describing what they are all about.