The executive summary of a firm strategy is more than just an introduction. Your target audience will only read this section of your business plan, so it must be informative and comprehensive. I consulted experts in the field to find out how an executive summary should be formatted and what information should be included.
What is an Executive Summary
The main aspects should be highlighted in the executive summary, which is a condensed version of your entire business plan. The executive summary of your business plan is more than just a basic overview; it can even be the only part that investors and executives with busy schedules read. As a result, you want it to succinctly and amusingly convey all of the information in the report. The purpose of a business plan's executive summary is to draw the reader in by briefly outlining your firm, the issue you're trying to solve, your target market, and important financial information. If the executive summary falls short in either of these areas, the reader can opt not to read the whole of the strategy. Examples of executive summaries can be used to add further details.
What should an Executive Summary Contain
The exact elements that are important to your reader should be included in your executive summary, taking into account the goal of your business plan. In your business plan, for instance, you should emphasize your financial needs and how you intend to use the cash if you want investors. Whether your audience is made up of generalists or business professionals will also affect the vocabulary you use.
Although the specifics of your executive summary may change, the following essential elements should always be included:
- Target Markets
- Services and goods
- strategies for marketing and sales
- Examine the budgets and money allotted for operations and processes for the competition.
- The number of employees and participants in total who will be hired
- How will the business plan be put into practice?
When summarizing each section, concentrate on the points that will matter most to your reader, and be sure to include any pertinent data. In your introduction, give key company details and a succinct description of the business plan's objective. What do you hope the reader will take away from this?
Be succinct, professional, and simple to get their attention. Consider what you would want to know if you were a reader of a business plan while advising readers to read the complete document in order to fully comprehend the complexities.
Steps to Write an Executive Summary
Your executive summary will be unique even though it will be customized to your company and business plan. Every entrepreneur and business owner should adhere to a few common rules while writing their initial executive summary.
1. Write your Business Plan First
It is normally better to finish the executive summary first because it will serve as a summary of the key topics covered in the business plan. The best approach, according to experts, is to start with business plan samples and modify them to fit your own executive summary and business plan. Only material from the business strategy should be included in the executive summary.
2. Write an Engaging Introduction
What your audience finds "engaging" will be chosen. Whether it's a little narrative or an astonishing industry statistic, your opener should be relevant to your company and interesting to the audience. Additionally, it's critical to make it obvious what the purpose of your business plan is and what the reader can anticipate reading on the following page.
3. Write the Executive Summary
Determine which specifics fit in your executive summary by carefully reviewing your business plan. Your business plan should rapidly go through each important point so the reader doesn't have to keep reading. But readers should be able to understand your plan just from the synopsis. Readers should be persuaded to continue reading by the summary, hopefully.
4. Organize and Edit your Document
Put the most important information upfront to make sure your executive summary flows seamlessly with the remainder of your business plan. Use a list with bullet points to highlight your important ideas. Check the accuracy and clarity of the document once more. Buzzwords, unnecessary details, qualifiers, jargon, passive voice, and erroneous claims must all be removed. Make sure your executive summary may be used independently as a document if necessary.
5. Seek Help From Others
Because the majority of business owners aren't writers, you should have a professional writer or editor examine your essay to make sure it flows smoothly and covers all the points you want to make.
Final Thoughts
When creating an executive summary, you should steer clear of a few things. Avoid discussing characteristics that every entrepreneur possesses, such as "your team's enthusiasm for hard work." These obvious facts will have a negative impact on the significance of the main concepts in your executive summary. Avoid drawing comparisons to other companies in your executive summary.
Never declare that you will outperform companies like Facebook, Uber, or Amazon as doing so could lead to confusion. "This comparison is used by amateurs to show how profitable their business might be. Instead, focus on delivering the data that, in your perspective, demonstrates the strength of your company. It would be better if the investor awarded you this prize knew you had promise."
