What is an executive summary?
An executive summary is a brief, yet comprehensive summary of your business plan. It should highlight the key points of your business plan clearly and concisely.
An executive summary is important because it gives potential investors an overview of your business without them having to read the entire business plan.
It should be no more than two pages long and should be easy to read.
Why do you need one?
An executive summary is important because it gives potential investors an overview of your business without them having to read the entire business plan.
An executive summary is also a good way to ensure that you have all of the key points of your business plan in one place. This can be helpful when presenting your business plan to others.
Finally, an executive summary can help you clarify your thoughts and ideas about your business. Writing one can help you better understand what you hope to achieve with your business.
How to Write an Executive Summary?
Now that we’ve covered what an executive summary is and why you need one, let’s take a look at how to write an executive summary in six steps.
Step One: Write a statement about your business
The first step to writing an executive summary is to write a statement about your business. This should include the name of your business, its location, and a brief description of what it does.
Step Two: Describe your target market
In the second step, you will want to describe your target market. Who are you selling to? What are their needs and wants? How will you reach them?
Step Three: Summarize your key marketing strategies
In step three, you will want to summarize your key marketing strategies. For example, how do you plan on getting the word out about your business? What advertising and promotion will you use?
Step Four: Describe your product or service
In step four, you will want to describe your product or service in detail. What is it? What are its features and benefits? How is it different from what else is out there?
Step Five: Outline your financial projections
In step five, you will want to outline your financial projections for the next three to five years. This should include both your revenue and expenses.
Step Six: Write a conclusion
Finally, in step six, you will want to write a conclusion for your executive summary. This should briefly summarize all of the key points that you have covered. It should also include a call to action, such as asking the reader to contact you for more information.
By following these steps, you can be sure that your executive summary is clear, concise, and complete. Your potential investors will appreciate having all of the important information about your business plan in one place.
Tips for writing a good executive summary :
- Keep it short and concise, no more than two pages.
- Include the most important information about your business, including your mission statement, company overview, and key goals.
- Make sure it is clear and easy to understand.
- Edit and revise as needed until you are satisfied with the final product.
Now that you know the basics of what goes into a business plan, you can start writing yours! Remember to keep it simple and focus on the most important aspects of your business. With a little effort, you will have a professional document that will help you secure funding and get your business off the ground. Good luck!
If you’re not sure where to start or what format to use, there are plenty of business plan templates available online. Just search for “business plan template” and you’ll find a variety of options to choose from. Once you’ve selected a template, fill in the most relevant sections to your business. If you’re not sure what to include in each section, take a look at some sample business plans for inspiration. Remember, your goal is to create a document that is clear, concise, and easy to understand- so don’t get bogged down in the details.
Final thoughts on Composing a Good Executive Summary
Now that you know the basics of how to write a business plan, it’s time to get started on yours. Remember that this is a living document- so don’t hesitate to revise and update it as your business grows and changes. And if you need help along the way, there are plenty of resources available online or through your local Small Business Administration office to write a good executive summary for your business plan. Good luck!
