This is a crucial document for every business plan. A concise document as an executive summary records the gist of your business idea. Take a look at how to write it in an articulate way.
An executive summary is the gist of a business plan, which provides an overview of the detailed business writing. It is necessary for every business because this simple document highlights the unique selling points of your venture plan. The purpose of this document is to shed light on the fundamentals of your business plan. It has to be written with utmost clarity and simplicity in order to engage and interest the reader. Any kind of ambiguity will make him feel lost in translation. An executive summary is the first document that an entrepreneur needs to present. Thus, to make a lasting impression, it needs to be written in a manner that is easily understood.
Tips for Writing Executive Summary
- This document can only be written after the entire business plan is ready.
- Before you begin writing your summary, go through your business document once again and highlight the points you’d want to bring out in the summary.
- A business summary begins with the name of your company, location of your office or headquarters, services you are engaged in or products you manufacture, and the purpose of writing the summary. This can be your introductory page to the summary. However, do not extend your introduction beyond a page.
- The length of an executive summary can vary from 5-10 pages, depending on the length of your actual business plan document. A summary is about one tenth of the total document.
- Including all the points from the plan in the summary, might be difficult. However, even if you are omitting any sections, make sure they come in the same order as the detailed business plan.
- Know your audience well while writing summary. If you are writing for a potential investor, you will have to explain your plans with appropriate examples. However, if you writing it for a regular reader, the language and style will have to simple and free of any jargon. The points have to be stated with conviction. The slightest doubt will jeopardize the interest of the investor.
- Explain to the reader your expansion plans, your growth predictions, and feasibility of it all. Go through summary samples written by other organizations in order to get a clearer insight.
- Once you are done writing the summary, proofread the same for grammar and factual errors. It must also be formatted well, which allows the reader to easily go through the document.
Introduction: This will include name, history, establishment, and achievements of the organization.
Services or Products: A brief about the services your company offers or the products you manufacture.
Potential Audience: This section will explain your potential markets and the customers you are willing to target.
Unique Selling Points: This is the important part of your executive summary. You have to be different from your competitors to run a successful business and draw maximum investment.
Mission Statement: A mission statement defines the purpose of your company. It specifies the direction in which your company is headed, its aims, goals, and objectives.
Business Management: A summary has to mention the members of management team. A summary cannot be complete without mentioning the valuable experience of those who’ve helped build it.
Financial Details: The executive summary must state the sales of last year and the projected sale for this year. You can also include a note about your investments in the section of financial details.
The aforementioned template is a sketch of the details you need to keep in mind, which may vary with the content of the documents, but does not deviate from its main purpose. Starting it half way through, will make it incoherent and meaningless. Always remember that a summary can only be written after a business plan is ready.