01: Executive Summary
TIME FOR COMPLETION: APPROXIMATELY 2 HOURS
An Executive Summary is a concise description of the whole business. While it will be the first thing people reading your business plan will see, it should be the last thing you write. The Executive Summary is usually no more than 3 pages and has a sales function as your “pitch”. You are selling your concept to an outsider who does not know anything about what you are doing. The goal might be for him or her to invest or join the startup team. In conclusion, the Executive Summary puts all of the pieces of the puzzle together in a brief and well thought-out manner to introduce readers to your business plan.
What’s in It?
The Executive Summary summarizes the important elements from each section of your business plan, which is why it is written at the very end. All of the work has been done, the objective is to concisely communicate the value your business will bring so that it may be presented to an investor. It includes the summary of your business, relevant biographic information of key management, marketing and operations initiatives, financial benchmarks, and funding requirements.
Why’s it Important?
An Executive Summary is extremely important because it is the first thing someone reading your business plan will see. This first impression may determine whether a potential investor finances your company or not. It also gives readers an overview of what they will read and will act as an introduction to your business. The Executive Summary should be written in language that will persuade a potential investor to want to learn more about the company.