Assuming the three basic career things I love to do in life are: firstly, to start my career in tax consulting in order to learn the fundamental process of providing tax regulatory service (as tax appears to be one of the most profitable, if not the most profitable aspect of professional accounting service). Secondly, to get a job as a research analyst or portfolio manager in an asset management firm (maybe with an MBA and after 2 years in tax job). Thirdly, and finally, to learn programming, from the basic html to C, C++, Java, Php, etc. The goal is just to do this last one on part time basis and develop applications for myself or my clients using the acquired knowledge.
Okay, let’s recapitulate. The plan is to set up my own tax regulatory service firm in my late thirties after working in a tax consulting firm and asset management firm, and after developing my programming skills. This doesn’t seem like a bad idea, is it? What do you think?…lol… I am just 21 years old now, but that doesn’t mean I have to wait till I am 35 before learning to write business plan and acquiring the knowledge I need for my proposed business’ success.
So, with this at the back of my mind, I carried out a research on the key areas of business plan writing, and I am here to share my discovery with you. Maybe I would later draw up a format for the tax regulatory service discussed above.
How to write a business plan
Now back to the business plan. The first step is to write an Executive Summary in order to plan the general way and manner of approach to the business plan writing. Let’s look at the writing of executive summary in detail.
Executive summary: An executive summary is the overall outline of a business plan. Executive summary is a very important section of the business plan because it is the section the reader first comes across. If one does not write an attractive and compelling executive summary, one’s reader might lose interest in one’s business and not spare time to read the other sections of one’s business plan. It is therefore advisable that one writes the executive summary last because some of the information which goes into the executive summary may not be ready until a later stage of the business plan writing. For an already established business, the executive summary should include a mission statement, company description, Market analysis and marketing plan, product description, growth highlights, financial projections and financial summary. It is noteworthy that topics like company information, market analysis, product description etc. in the executive summary basically make up the business plan. Each of them needs to be briefly summarized in the executive summary, and then elaborated later in their individual sections.
Mission statement: A mission statement seeks to define the fundamental and unique purpose of a business, with the aim of distinguishing it from other businesses which provide similar services. A mission statement should state the scope of the company’s operations in terms of products or services offered, and also state the market to be served. In my case, when setting up a niche tax consulting services firm in tax due diligence (let’s assume that the name of my proposed business is mirage consulting), I may present my mission statement as follows:
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