Well, it’s that time again. We are approaching the end of the year…which means that a new one is on the way! This is the very best time to get to work on planning everything that you want to accomplish in 2013.
The Executive Summary usually appears at the beginning of your Business Plan…although it should be written last. Since it appears first we’ll highlight that today, but if you’ve never written a business plan before, just remember to complete this at the end.
Don’t allow the idea of sitting down to do this scare you. Once you begin it’s kind of addicting…and actually fun!
Below are several key points that your executive summary should include based on the stage of your business.
If You Are an Established Business
If you are an established business, be sure to include the following information:
- The Mission Statement – This explains what your business is all about. It should be between several sentences and a paragraph.
- Company Information – Include a short statement that covers when your business was formed, the names of the founders and their roles, your number of employees, and your business location(s).
- Growth Highlights – Include examples of company growth, such as financial or market highlights (for example, “XYZ” Firm increased profit margins and market share year-over-year since its foundation). Graphs and charts can be helpful in this section.
- Your Products/Services – Briefly describe the products or services you provide.
- Financial Information – If you are seeking financing, include any information about your current bank and investors.
- Summarize future plans – Explain where you would like to take your business.
With the exception of the mission statement, all of the information in the executive summary should be covered in a concise fashion and kept to one page. The executive summary is the first part of your business plan many people will see, so each word should count.
If You Are a Startup or New Business
If you are just starting a business, you won’t have as much information as an established company. Instead, focus on your experience and background as well as the decisions that led you to start this particular enterprise.
Demonstrate that you have done thorough market analysis. Include information about a need or gap in your target market, and how your particular solutions can fill it. Convince the reader that you can succeed in your target market, then address your future plans.
Remember, your Executive Summary will be the last thing you write (although it appears first).
For more info go to sba.gov
So what do you think? Give me your comments and feedback below. And, oh, by the way, don’t forget to tell a friend if you like what you see! xo
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