GRAND RAPIDS ? Jill Wallace, the training manager for the Michigan Small Business and Technology Development Center, continues her 10-part series on how to write a business plan with advice on crafting the all important Executive Summary.

A sound business plan can help you gather the support you need to get your idea off the

ground. A comprehensive document not only lets interested parties see that you?ve thoroughly researched your idea, but also shows them that you’ve critically examined ways to implement it.

Every business plan should start with a cover page. The cover should clearly identify the name of your business, address, telephone number, and date.

One of the most effective approaches entrepreneurs have discovered is to begin by writing an executive summary. Even though this section comes first in the business plan, there are those who choose to write it after all of the other sections have been completed. However, there?s no one right way to begin writing a business plan.

What is an executive summary? The most crucial part of any business plan. It is the business plan in miniature – a stand alone. The executive summary should be no more than two pages in length. It is probably the most difficult part of the plan to write because it is easier to write in length rather than to write concisely. The executive summary provides an overview of the business plan, highlighting the primary ideas from each of the following business plan components:

Company Introduction

Industry Analysis

Customers

Market Analysis

Competition

Marketing/Sales Plan

Human Resources Plan

Operations

Research and Development Plan (if appropriate)

Financials

Also, included in this section is the purpose for writing the plan. Even though this section comes first in the business plan, it is often written after all of the other sections have been completed, as a one or two page summary of the highlights.

The Michigan Small Business Development Center provides counsel, training, research, and advocacy for Michigan?s new business ventures, existing small businesses, expanding new businesses, new technology companies, and innovators. The MI-SBDC is housed at the Grand Valley State University Seidman School of Business in Grand Rapids, Michigan. As host of the MI-SBDC State Headquarters, the Seidman School of Business oversees the 12 region MI-SBDC network and over 60 satellite and affiliate offices. Entrepreneurs and small business owners may access the services of their nearest MI-SBDC by clicking on MI-SBTDC.Org

This column was written by Jill Wallace, Marketing & Training Manager ? Michigan Small Business Development Center State Headquarters.