The Business Plan: How to write an Executive Summary
- Business Rescue Business Growth
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It might sound a cliché but it’s true that in business you don’t get a second chance to make a first impression. This is certainly the case for the Executive Summary which is your chance to interest people in your Business Plan. Writing an Executive Summary that engages your audience from the get-go will put you in a much stronger position if you are seeking funding or any other kind of support. So, how do you write an Executive Summary? We’ve put together some tips on what to include in your Executive Summary, what to write and how it should sound to the reader. Read on to find out more about how to write an Executive Summary for a small business.
What is an Executive Summary?
At Be Rescued, we can’t start a blog without going back to basics and answering the most obvious question which is ‘What is an Executive Summary?
It really pays to remind ourselves why we need something if we will be spending precious time on getting it right. In essence an Executive Summary gives a brief introduction and important background information on your business. But it is so much more than this.
An Executive Summary is your opportunity to say what your business is about, why it matters, who you will help and how you are going to make it work. It is your chance to give a real flavour of your business and what you plan to achieve. A well-written Executive Summary can excite your audience and make them to want to find out more and read the rest of your Business Plan.
As well as being invaluable for investors and funders, the Executive Summary is a valuable resource for you as a business owner providing a succinct description of the nuts and bolts of your business combined with your vision. It can help you explain your business to others.
Sometimes it helps to have an expert pair of eyes glance over things. Maria Pombo at Be Rescued is an expert in Business Planning and can advise you on how to write your Executive Summary. Get in touch with Maria to find out more.
How to write an Executive Summary and what it should contain
There are three vital components to an Executive Summary: your vision, your offering and your numbers.
When writing an Executive Summary you should keep these top-of-mind.
Executive Summary: Your vision
This is where you show what it is your purpose, what you want to be or to achieve and what your objectives are for your business.
You can also give information about what makes you tick to give any potential investors or funders more insight into you as a business owner. Ensure that your values are aligned with those of your business.
Answer the following questions in this section of your Executive Summary:
- What it is that you want to be or achieve - what are your objectives?
- What drives you?
- What do you love doing, what is your passion?
- What are your values?
- What are your goals both short and long-term?
Executive Summary: Your offering
This is your opportunity to briefly explain your business and your target audience. Give examples of customer personas.
You should address the following questions:
What problem your products or services solve for customers.
What it is that you have that no one else has. Or if you have something that someone else has, what is it that you have or do that is better than anyone else?
Look at strengths and weaknesses for your products and services? Where do you see your opportunities and what are the threats that make things difficult?
You can also outline your team and give brief information on you as the founder.
Executive Summary: Your numbers
This is where you give key financial information.
Work out your basic overall numbers AKA The Key Performance indicators. If you are in business - your sales, your cost of sales, your operating costs and your earnings before tax.
If you are starting-up - your sources of capital, your set up costs, your break even-point (know your profit and loss projection) and details of how you will be using any funding.
When writing an Executive Summary you can also look at where you plan to be in the next few months and in five years from now. If you can clearly demonstrate any potential for growth, you will score points with investors or funders.
Do you need a few pointers for writing your Executive Summary? Be Rescued founder Maria Pombo can help. Get in touch with Maria
7 Tips for writing an Executive Summary
- Going back to our introductory comment that first impressions count, be sure that your first sentence hits the mark. Spend time on it to create impact and make people want to read the rest of your Executive Summary.
- Remember the Executive Summary is just that - a summary - keep it short and no more than two pages.
- Don’t overcomplicate things. Use plain English and if your business is technical or more complex avoid complicated jargon and instead explain things clearly.
- It’s not just how you write an Executive Summary that needs consideration but how it sounds. Ensure your tone of voice is appropriate for the target audience.
- Do your research before you put pen to paper, it’s so important that you understand your market and know your numbers.
- We all enjoy a good story. When writing an Executive Summary tell the story of your business to engage your audience and encourage them to support your venture.
- We’ve saved the best till last! Write your Executive Summary after you’ve written the rest of your Business Plan. It is a summary so you can then be sure that you include all the main points.
Key takeaways
The Executive Summary is so much more than a factual summary. If you inject some passion about your vision and show how you solve problems for customers you will increase your chances of attracting the interest of potential funders or investors.
Tell the story of your business to drive engagement and make people want to devour the rest of your Business Plan. Spend time writing your Executive Summary and it will pay dividends for your business.
At Be Rescued, we specialise in helping small businesses plan for growth. Get in touch with Maria Pombo for a chat about how we can help your business thrive.