In our previous post, we were able to discuss extensively on how to write a good business plan executive summary; and here again today, we will be dropping a template or a written example of business plan executive summary, to guide you better towards writing it yourself.
Knowing the importance of executive summary in achieving your business goals, I think it would be nice to really understand all you need to know about executive summary, so that you can a prepare compelling one should you want to write it yourself.
Even if you want to give your business plan executive summary to another person to write for you, you may not really know if the person did the right thing for you unless you get to understand what a good example of a business plan executive summary should look like.
What Is An Executive Summary?
Before we look at the example of business plan executive summary, let’s first of all understand what a business plan executive summary is all about.
In a very simplified explanation, business plan executive summary could be said to be a “summarized form of a business plan.”
it is the first section of a business plan, which usually contains most of the important parts of a business plan which is needed to capture the interest of the readers or investors.
The essence of a business plan executive summary is always related to time factor, in the sense that most times your readers may not really have enough time to go through your complete and voluminous business plan. In this, they would only have to read the shorter version (the business plan executive summary) which is usually a 2 – 3-page document.
It may really sound sad that some investors don’t always read the main business plan, and would only depend on the executive summary to make their decision whether to invest in the business or not.
Most business plans always get flipped out after reading the executive summary, because the executive summary was unable to get the interest of the reader.
This is why I always say that executive summary has the power to make or mar your business goals, hence always need to be handled with care.
But in all, an executive summary shouldn’t tell the whole story, information or details of the business or business idea. It is only meant to capture the interest of the investor towards the business or business idea.
Types of Business Plan Executive Summary
Business Plan executive summary may be in two types:
- Precedent Executive Summary
This is a type of executive summary that always precede the main business plan.
It is always attached together with the business plan, and always the first section of a business plan.
- Stand Alone Executive Summary
The stand a lone executive summary is the type that is always submitted separately from the main business plan.
Stand alone executive summary is always prepared for readers or investors to review first, then if they are interested in the idea provided, they can now request for the full business plan.
One advantage of a stand alone executive summary is that it helps to restrict vital and private information from the potential investors; so that if the investor is not interested, you would not have to reveal the secrets of your business idea.
What Should Be Included In An Executive Summary
As stated before now, your business plan executive summary should be very concise. You should be able to include the necessary parts of the business plan that would trigger the interest of the investor or which the investor is interested to see; and in a very summarized form.
So to be on the track, the elements below are very important and are necessary to be added to your business plan executive summary.
Problem and Solution
Here, you are expected to describe the nature of your business, that is, what your business is all about.
While describing this, also highlight the particular problems you want to address with your business, and how you would achieve this.
Here, you will be describing the features and functionality of your business; that is how your business works.
Either how you will create/develop your products or how you will equip yourself and or your team towards offering the services you promised to your target audience.
You can also talk about your pricing here; that is the average price of your products or services.
Also talk about the cost of operation of your business, and the profitability of your business, that is how you expect to make profit from the business.
Who are actually your target audience or your potential customers? Mention or describe the kind of people you expect to be your potential customers, and as well describe their size.
Describe the challenges and the opportunities that you think would surround your business, and how you would be able to address these challenges should they arise. You can do this by carrying out SWOT analysis and PESTEL analysis.
Talk about your resource requirements; what resources are you actually looking up to inorder to achieve your business goals?
What level do you really anticipate your business to be in the next 2 to 5 years?
What do you hope to achieve by then? This could be in the form of money, more equipment, more branches and so on.
For better understanding, you can check this step by step guides on how to write a compelling business plan executive summary.
Business Summary Template
Having read so far, here we will be finally giving out example of business plan executive summary as promised.
Though we have stressed so much on the guides to writing a compelling business plan executive summary, but I still think it would be more understood if I should also prepare the template.
Business Plan executive summary may actually depend on the type of business it is meant for, but the interesting thing is that the format or the template would always be the same.
That means by looking at nice business plan executive summary template, you can actually be able to develop a nice executive summary for any type of business of your choice.
So, to reveal the example of business plan executive summary, I have decided to use “Skills Acquisition” business idea to prepare a very understandable template.
you can check it out below:
Or you click on DOWNLOAD Link below to access the document