The executive summary is a crucial part of your business plan. Whether you are a Startup or Growing SME it is the first (and if it’s not good then possibly the last!) part of your plan that an investor, bank or partner will read. They say that people make up their mind about someone within seconds of meeting. The executive summary is similar – if you don’t strike the right tone it will only be a matter of seconds before you hear the dull thud of your professional business plan hitting the reject pile. So, here are a few tips to increase your chances of getting your audience to read it, and more importantly, read on….
1. Write It Last
The executive summary is the culmination of your business planning – not the start point. It should illustrate how joined up and complete your business proposition is. If you write it early on you are likely to create a disconnect between your executive summary and the content of your business plan. A good way to start is to summarise the content from sections of the plan. Then link them up and edit to create a compelling story….
2. Horses for Courses – Write for Your Audience
Make the purpose of the plan clear (raising funding? which type? etc.) and tweak your executive summary for your audience. If you are writing for an equity investor make sure you include a section on investment, ROI etc that meets their investment criteria. Likewise, if you are looking for a bank loan make sure you tick all the boxes in terms of lending criteria. Make sure it is crystal clear what you want from whoever is reading your business plan.
3. “Leave them Wanting More…
.. and you know they’ll read on” (abridged. Bobby Womak). It needs to be complete in itself. It also needs to be short, to the point. And most of all – compelling. No one invests or signs-off debt finance on the basis of an executive summary (if you know someone let me know). It is designed to give enough information to create interest and compel the reader to read on. So, make sure you cover the Who? What? Where? When? Why? and How? of your business proposition. Keep sentences short for impact. And entice the reader to read on …
Good luck!
Jon Hunt
Lead Consultant
The Business Plan Team
www.TheBusinessPlanTeam.co.uk
About The Business Plan Team: TBPT specialises in helping entrepreneurs, start-ups and growing businesses translate their vision into a coherent and executable business plan that can help secure funding and guide internal management. It provides a range of services from early feasibility studies through professional business plan development, to introductions to sources of funding. TBPT is based in UK serving domestic and international clients.
