Why is the Executive Summary of the Business Plan Important?
Having a business plan is an important part of the success of your vision. It acts as a roadmap, guiding you through the many challenges you’ll face on this wonderful journey of entrepreneurship. Funding is one of the first stops you’ll make and that’s when the dissecting of your business plan is sure to take place, beginning with your executive summary.
The executive summary can make or break a business opportunity. It can be the difference between you walking out with funding in one hand while shaking hands with the other or walking out empty-handed. An executive summary is in the eyes of many, the most pivotal part of your business plan. With that, there are five things your executive summary must do including:
1. Make your case:
They say you never get a second chance to make a first impression. When it comes to business plans, the first impression is made with the executive summary. Make sure it flows well, gives a high-level, but clear view of your business while touching on every major operating component of your model. This is where you gain traction with your reader so don’t just treat it like a fluffy introduction before the reader begins turning pages. No, approach the executive summary as if the life of your business plan depends on it because it truly does.
2. Drive interest:
The executive summary has to drive the reader’s interest. You’ve got to get them on the same page as you’re on, where they actually see the vision coming together. Make sure you’re using clear thoughts and statements. Transitioning is important as you’ll want to make sure the reader tracks well with you during this portion of the document and beyond.
3. Be efficient:
It’s important that you’re efficient with your content so as not to lose the reader. Overwritten, verbose executive summaries have killed many business opportunities. When it comes to yours, make sure to be efficient with each word being challenged to make sure it has value. Efficiency doesn’t mean incomplete; it means strong and that’s exactly the type of energy you want your executive summary to exude.
4. Tell the story — but leave some for later:
You want to tell your story in the executive summary but not your whole story. A good executive summary will act as a teaser, prompting the reader to turn the page because they’re interested in hearing the rest of what your story has to offer, in total, not just a snapshot.
5. Gain traction:
You want your reader to turn the page, not just stop where the executive summary ends. Traction is the key, and your executive summary needs to provide the kind that will make the reader want to dig in and learn more about the incredible opportunity you’re presenting!
We Write Compelling Executive Summaries for Your Business
Your executive summary is one of the most important pieces of your business, not just your business plan! When the time comes to develop a compelling executive summary and business plan, feel free to contact the remarkable team at The Coley Group.
