Reading
In the previous lesson, you focused on adding details about your competition and experience to your business plan. Now, it’s time to craft an Executive Summary, which will be placed at the beginning of your business plan. An Executive Summary is a concise and professional overview of your business idea and model, encompassing key elements you’ve already included in your plan. This includes a brief overview of your business idea, a description of your product or service, your business goals, information about your target market, your competition and what sets your business apart, background on your and your partners’ experience, and a financial outlook for the business. This summary is a crucial element of your business plan, as it’s often the only part read by potential investors or lenders before they decide to delve deeper. In just one or two pages, the Executive Summary should set a professional tone, reflect your enthusiasm and knowledge of your business idea, and engage readers to get them excited about its potential.
To create your Executive Summary, start at the beginning of your document, just after the table of contents. Insert a heading for the Executive Summary and begin with a one or two-sentence overview of your business idea. Follow this with a concise description of your products and services, focusing on the problems they solve for customers. Next, outline your business goals, detailing where you see the business in one, three, and five years. After this, describe your target market and then provide a summary of your competition, highlighting how your business differs and what makes it unique. Conclude with a brief summary of your and your partners’ experience, emphasizing how it gives your business a competitive edge. Once you’ve written your Executive Summary, remember to refresh the table of contents to reflect the updated document. With your Executive Summary complete, you can move on to the next steps in finalizing your business plan. Your task now is to add an executive summary at the beginning of your document and compose a one-to-two-page summary encapsulating the essence of your business plan.