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How do you prepare the executive summary and why?
We will talk about the executive summary more broadly because of its importance in building relationships and partnerships with investors.
The executive summary is what defines your company and what you do, and it coordinates what you want from the readers of this plan organizationally. It is the first chapter of your business plan. Since it is the first part to be read, I advise you to write it as the last thing. Why? Because when you know the details of your business internally and externally, you will be more prepared to write a summary, since this part will summarize everything, refer to it after writing the rest of the chapters of your business plan.
Ideally, the executive summary will be the only document that will highlight the rest of the details of your plan. Funders usually only ask for the executive summary when evaluating your business. If they like what they find in the summary, they will ask for the full plan, pitch and other additional information for your business.
Because the executive summary is a sensitive component of your business plan, it will be very important to make it as clear and brief as possible. It should cover the main headings of your plan but avoid too much detail and scrutiny. The ideal executive summary is one to two pages long, designed for a quick read that will get the funder interested and eager to learn more.
Key Ingredients for a Successful Executive Summary
At the top of the paper directly under your company name, mention one sentence that summarizes the most important things you do in your business. It could be a logo, but it better describes what your company is doing. This sentence is known as a Value Proposition.
The following eight items are the essential components of a successful executive summary. Depending on the nature of each project, you may need to increase or delete another line item, but basically you can take these eight items as a start. If you master it as it should be, you will come up with a successful paper, which will impress investors, and they will realize with it how organized you are in your business, and successful in planning.
the problem
Summarize in one or two sentences the problem that your business solves in the market. Each business solves a customer problem.
The solution
Here you put your product or service, how will you solve the problem in the market?
target market
Who are your ideal customers? How many are they? It is important to be precise here, if you own a shoe company, you are not targeting everyone just because everyone has legs! You will most likely target a specific segment of the market. For example: “athletes” or “men interested in luxury.” This will make it easier for you to attract customers who might buy your product.
The competition
Are there other options in the market besides your company? Every business will face some form of competition in the marketplace and it is important that you mention this in your executive summary.
Staff
Provide your summary with a brief introduction to your team, and briefly explain why you and your team are the best to bring your idea to market. Funders place a lot of importance on the team - even more than the idea itself - great ideas need perfect leadership to get real.
Financial Summary
List the most important aspects of your financial plan in a table that shows sales plans, expenses and profits.
Funding requirements
If you want to get money from investors to start or develop your business, you should detail what you need in the executive summary. Don't worry too much about the terms of potential financing, because they can be discussed later. Instead, mention briefly how much money you need to put your business on the market.
Action Landmarks and Attractions
The last thing in your executive summary that investors want to see is your progress so far, and the goals you intend to reach. If your target customers are interested in your products or services, or even started buying them, this is a great thing to mention.
As noted above, you are not limited to eight items, as you can reduce or increase the number of items based on your project needs. The main objective of the executive summary is to present to investors or financiers a short paper that expresses your project, so that by reading this paper, they become reasonably aware of what you are calling for.
Also, you can skip or scale back the executive summary if you're writing a strategic internal business plan to guide your company. In that case, you can dispense with staff details, funding requirements, and attractions. Instead, treat your summary as a strategic overview of your company's path to pitch to your team.
Is this enough to make a great business plan template?
No matter how much we talk and provide important information, experience will remain the most important factor that nominates a person to excel in the labor market. So it is a good idea to seek the assistance of experts and ask for their opinion. You will find a lot of project owners and experts on the Freelance platform who have had similar experiences with your project. Give them your main ideas and what you want to achieve. Discuss the business plan with them and learn from their mistakes and experiences, and be sure that it will be a great addition to you.
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