Set Your Business Apart With An Executive Summary
Have you needed or do you need to write a business plan? Do you know how to right a great executive summary that will set your business apart from others? The way to grab attention in a business plan and get the reader to keep reading your plan is to have a great executive summary.
This article will teach you how to write an executive summary that will introduce you and your business and also sell the reader on your idea. Let’s kick off by getting clear on what is an executive summary. Your executive summary can be thought of as a pitch. It is the part of your business plan that is meant to convince an investor that your ideas are solid and then create the desire to read the entire plan.
When I work with my clients to write their business plans I give them my executive summary template and then lead them through the writing of their plan. I teach them that although the executive summary is at the start of the business plan I want them to write it last. The reason I have them write it last is because the summary highlights everything else they have just written into their business plan and so if they do it last it will be easy and effortless to write.
The first paragraph of the plan is the executive summary describing the business including the business name, location and what is being sold to whom and then telling the reason for writing the business plan.
The second paragraph discusses projected revenues and profits and I usually have my clients create a chart to display projected sales, gross margin and profits over the next 3-5 years with an explanation of how to get to each. In this paragraph, assuming my clients are seeking an investor, I have them talk about the amount of money they are seeking and if they are giving equity ownership the amount offered to the investor.
The summary needs to be able to sell a potential investor and convince them that your business concept is worth putting their money in and so needs to be very persuasive. These two paragraphs make up the essence of your summary and I believe a very concise and very focused plan works best and not to have pages and pages written as your summary. I recommend keeping most summaries to 2 pages.
Think of your summary as the introduction to a book as some people will read the summary and then decide if they want to read further. You must capture the attention of a reader and move them into the desire to read the rest of the business plan.