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Business Plan Examples

The Executive Summary: Your Business Plan’s Core Component

The executive summary is one of the most important parts of your whole business plan because it should demonstrate your entire plan in miniature. In short, the executive summary is really a quick summation of your whole plan, which is why it obviously isn’t the easiest component of your plan to write! However, if you want to draft a sound business plan, your best bet is to first write the executive summary because it will set the course for the remainder of the plan. Here is how you can write an executive summary worthy of a great business plan.

Crystallize All of Your Thoughts

The first step to writing an effective executive summary is to crystallize your thoughts. The executive summary is meant to feature all of your plan’s key points and highlights. Therefore, to write a summary, you’ve got to concentrate on the factors and issues that are most relevant to your business. This applies to both its past and future. It will also do you good to ignore all of the tangential issues that your business faces.

Determine Your Priorities

A good business plan will be itemized according to the order of importance of the various elements. Since your executive summary is a microcosm of your whole plan, the summary must also follow this type of organizational format. By writing your summary, you have to prioritize since you’re forced to select and choose from the different points you wish to make in the business plan. You’ll also have to determine their order of importance.

Come up With the Plan’s Full Foundation

Even if you’ve just completed your first draft of the summary, your task of writing the entire business plan now becomes so much easier! Now, you’ve bestowed yourself with a specific takeoff point for every part of your plan. The few sentences that sum up the way to create a specific product or provide a certain service give you the foundation for that part of the plan.

The executive summary is the core component of your business plan, and now you know why. When you’re drafting your summary, just keep the above tips in mind. Gather all your thoughts and organize them well. Then, order your priorities so that you have a clear path going forward. Finally, establish the full foundation of your whole business plan to tie things together. Follow these simple steps, and you will have a stunning executive summary and, by extension, a highly effective business plan.

Peter

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