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- Getting Started
- Overview of Business Plan Components
Executive Summary & Business Description
- Marketing Plan
- Organization Plan
- Financial Plan & Funding
- Exit Strategy
- University of Washington Libraries
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- Business Plan Tutorial
Business Plan Tutorial: Executive Summary & Business Description
Important: The executive summary and business description should be the last components written for a business plan. If you still need to complete research for your plan and write various sections of your plan, do so before processing.
Executive Summary
A short summary (one to two pages) of the overall plan. The purpose of the executive summary is to get the reader interested. The summary is a space to introduce the most important aspects of the business plan. It is best to be brief; save the in-depth details for the business description.
Business Description
The business description is a lead-in to the full plan. The business description may need to be rewritten as the business plan is refined.
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- Last Updated: Nov 28, 2023 10:18 AM
- URL: https://guides.lib.uw.edu/busplan
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How to Write an Executive Summary (+ Examples)
- March 21, 2024
- Business Plan , How to Write
The executive summary is the cornerstone of any business plan, serving as a gateway for readers to understand the essence of your proposal.
It summarizes the plan’s key points into a digestible format, making it crucial for capturing the interest of investors, partners, and stakeholders.
In this comprehensive guide, we’ll explore what the executive summary is, why we use it, and also how you can create one for your business plan. Let’s dive in!
What is an Executive Summary?
An executive summary is a concise and compelling overview of a business plan (or simply a report), designed to provide readers, such as investors, partners, or upper management, with a quick and clear understanding of the document’s most critical aspects.
For a business plan, it summarizes the key points including the business overview , market analysis , strategy plan timeline and financial projections.
Typically, the executive summary is the first section of a business plan, but it should be written last to ensure it accurately reflects the content of the entire document.
The primary goal of an executive summary is to engage the reader’s interest and encourage them to read the full document.
It should be succinct, typically no more than one to two pages, and articulate enough to stand on its own, presenting the essence of the business proposal or report without requiring the reader to go through the entire document for basic understanding.
Why Do We Use It?
The executive summary plays a crucial role in whether a business plan opens doors to funding, partnerships, or other opportunities . It’s often the first (and sometimes the only) part of the plan that stakeholders read, making it essential for making a strong, positive first impression. As such, we use it in order to:
- Capture Attention: Given the volume of business plans investors, partners, and lenders might receive, an executive summary’s primary function is to grab the reader’s attention quickly. It highlights the most compelling aspects of the business to encourage further reading.
- Save Time: It provides a succinct overview of the business plan, allowing readers to understand the key points without going through the entire document. This is particularly beneficial for busy stakeholders who need to make informed decisions efficiently.
- Facilitate Understanding: An executive summary distills complex business concepts and strategies into a concise format. Therefore, it makes it easier for readers to grasp the business’s core mission, strategic direction, and potential for success.
- Driving Action: By summarizing the financial projections and funding requirements, an executive summary can effectively communicate the investment opportunity. Indeed the investment opportunity, whether to raise money from investors or a loan from a bank, is the most common reason why we prepare business plans.
- Setting the Tone: The executive summary sets the tone for the entire business plan. A well-written summary indicates a well-thought-out business plan, reflecting the professionalism and competence of the management team.
How to Write an Executive Summary in 4 Simple Steps
Here’s a streamlined approach to crafting an impactful executive summary:
1. Start with Your Business Overview
- Company Name: Begin with the name of your business.
- Location: Provide the location of your business operations.
- Business model: Briefly describe how you make money, the producfs and/or services your business offers.
2. Highlight the Market Opportunity
- Target Market : Identify your target market and its size.
- Market Trends : Highlight the key market trends that justify the need for your product or service.
- Competitive Landscape : Describe how your business is positioned to meet this need effectively.
3. Present Your Management Team
- Team Overview: Introduce the key members of your management team and their roles.
- Experience: Highlight relevant experience and skills that contribute to the business’s success.
4. Include Financial Projections
- Financial Summary: Provide a snapshot of key financial projections, including revenue, profits, and cash flow over the next three to five years.
- Funding Requirements: If seeking investment, specify the amount needed and how it will be used.
2 Executive Summary Examples
Here are 2 examples you can use as an inspiration to create yours. These are taken from our coffee shop and hair salon business plan templates.
Coffee Shop Executive Summary
Hair Salon Executive Summary
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COMMENTS
d. A company's core competencies become the nucleus of its competitive advantage., the executive summary section of the business plan _____. Select one: a. should be a concise summary of the business venture b. should be no more than two pages long c. must capture the reader's attention and entice her/him to read the rest of the plan d.
A virtual business acts like a business, but is not a real business. The executive summary of the business plan should be no more than two pages and should include the most important information from each section of the plan. Study with Quizlet and memorize flashcards containing terms like market analysis, A vision statement, marketing plan and ...
synopsis. The narrative form of an executive summary. Is a better format for ventures that have one dominant advantage. The owner of Allison Sportswear, a small manufacturer of women's tennis apparel, uses a computer in preparing a business plan. She finds that a major advantage of using a computer is that.
Study with Quizlet and memorize flashcards containing terms like An overview of the significant points of a business plan appear in the general company description executive summary operating plan financial plan., The executive summary part of a business plan should be written before the legal plan last before the finance plan first., ideally, investors like a business plan that shows evidence ...
a Business Plan. is a written document that describes in detail how a business—usually a startup—defines its objectives and how it is to go about achieving its goals. A business plan lays out a written roadmap for the firm from marketing, financial, and operational standpoints. Elements of a Business Plan:
Study with Quizlet and memorize flashcards containing terms like Why is it important for a business plan to have a cover page? What information should the cover page contain?, Why is it important for a business plan to have a table of contents? What are an attributes of an effective table of contents?, What is an executive summary? Why is it often called the most important part of a business ...
A document explaining how an entrepeneur plans to start a new business or expand an existing one. Executive Summary. Either a summary of a full business plan included in the beginning of the document or a stand alone document that quickly summarizes your business idea. Length of an executive summary. 1-5 pages. Who might read an executive summary.
In a business plan, the facilities and location of the proposed venture are described in the a. executive summary. b. management plan. c. operating plan. d. product and service plan. ANS: C PTS: 1 REF: p. 177 OBJ: 6 - 3 TYPE: C NAT: Communication | Value Creation. In a business plan, the key statement in the financial plan is the a. break-even ...
The executive summary should mimic the sections found in the business plan. It is just a more concise way of stating what's in the plan so that a reader can get a broad overview of what to expect.
Important: The executive summary and business description should be the last components written for a business plan. If you still need to complete research for your plan and write various sections of your plan, do so before processing. Executive Summary. A short summary (one to two pages) of the overall plan.
Here's a streamlined approach to crafting an impactful executive summary: 1. Start with Your Business Overview. Company Name: Begin with the name of your business. Location: Provide the location of your business operations. Business model: Briefly describe how you make money, the producfs and/or services your business offers.
The business plan's financial analysis segment should contain a forecast of operations, True. Here's the best way to solve it. True or False 1. An Appendix to the business plan (although optional) should always contain detail that adequately supports selected contents in the main part of the business plan Review Ler True False View Marked ...
executive summary that defines a business's goal and objective. It describes the company's mission. Explanation of incorrect option: Option A: The executive summary should be short and precise. It should be as long enough that it explains the larger document effectively. It should not exceed more than two pages.
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Question: All of the following are true of the executive summary of the business plan EXCEPT:It should help a potential reader decide if it's worth it to them to read the full planIt should be written once the rest of the business plan has been completedIt should provide a highly-detailed summary of each section of the business planIt should address readers' most
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