What is an Executive Summary in a Business Plan
The business plan is vital to ensure the success of the business. A lot of businesses soon closed out because the owners were not able to create a solid plan that will guide them in accomplishing the different aspects of the business.
Once you’ve finished writing the different sections, you can now write the executive summary.
You need to be aware that the plans may differ from one business to another, so there is a need to create the appropriate one.
The summary should include the name of the business, location, the products or services you’re selling, and the plan’s purpose. You have to highlight the most important points which include the financial projections on sale and profits. There is a need to indicate the keys to profitability and success. You can also include the vital charts that show potential gross margin, sales, and the profits. All facts and figures should be explained thoroughly so that the reader could understand them.
The executive summary is formal unlike internal plans like strategic, annual, and operations. You have to maximize the words that you’re using the summary. For instance, if you’re planning to use the business plan to secure funding your intentions should be made clear from the start. The investment money that you need should be stated on the summary. Don’t forget to emphasize the business’ competitive edge, as well as management team. The loan amount should be stated clearly and if possible, you have to specify the loan’s details.
The length of the executive summary may vary. Some business owners use 1-2 pages although some plans can consume around ten pages for the summary alone! The secret is to cover all the important points of the business. It should be clear, focused, and concise. Potential lenders and investors want a sound and concrete plan, so there is a need to conduct a thorough research.
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