Write a Winning Executive Summary
- Mark Day
- Mar 21, 2016
- 3 min read
The Executive Summary is chapter one of your business plan and indeed it is perhaps the most important chapter.
It is a synopsis of your business and your plans for it. Ideally it should read only 1-2 pages long.
The executive summary introduces your company, explains what you do, and lays out what you’re looking for from your audience. It should be as clear and concise as possible. You will need to cover the key highlights of your business, but without going into too much detail.
While it’s the first thing that people will read, it is generally recommended that it is the last chapter you write. This is because once you have studied and written about the details of your business in the other sections of your plan; you will be better prepared to write your executive summary at the end.
Below is what you should try to cover in your summary. The summary is designed to be a quick read that creates interest and makes your audience want to learn more.
a) One Sentence Business Overview
Include a one-sentence overview of your business that sums up the essence of what you are doing. This can be a tag line, but is often more effective if the sentence describes what your company actually does. This is also known as your value proposition.
b) The Problem / Opportunity
Describe the problem you are solving in the market or the opportunity you are taking advantage of. Every business is solving a problem for its customers and filling a need in the market.
c) Your Solution
This is your product or service. How are you addressing the problem you have identified in the market?
d) Target market
Who is your ideal customer? How many of them are there? Outline which market segments you are targeting and why.
e) Competition
How is your target market solving their problem today? Are there alternatives or substitutes in the market? Every business has some form of competition and it’s critical to provide an overview in your executive summary.
f) The Team
Provide a brief overview of your team and a short explanation of why you and your team are the right people to take your idea to market.
g) Financial summary
Highlight the key aspects of your financial plan, ideally with a chart that shows your planned sales, expenses, and profitability. If your business model needs additional explanation, this is where you would do it.
h) Funding requirements
If you are raising money to start or grow your business, you need to include the details of what you need in the executive summary. Don’t bother to include terms of a potential investment as that will always be negotiated later. Instead, just include a short statement indicating how much money you need to raise to get your business off the ground.
i) Milestones and traction
The last key element of an executive summary that investors will want to see is the progress that you’ve made so far and future milestones that you intend to hit. If you can show that your potential customers are already interested in—or perhaps already buying—your product or service, this is great to highlight.
The team at Irish Business Plans have years of experience writing winning Executive Summaries as part of business plans for our clients. Should you require any help with your summary or indeed your business plan in general, then give us a call to discuss how we can help.
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