One of the most crucial sections of a business plan is its executive summary. A well-written summary piques the interest of the investors or bankers, ensuring they go through the entire proposal. Let’s look at how the executive summary is crucial in getting funding.
One of the most essential sections of the SBA business plan, the executive summary familiarizes the readers with the key points of the proposal. Most investors prefer reading an executive summary before deciding to go through the proposal itself. To a large extent, the future of getting funding for the project depends on how well the summary has been written.
According to investors, a clear and crisp executive summary ensures readers’ full attention towards the entire proposal. Probably, that is the reason why this portion of a business plan is considered crucial. If the section is unable to capture the attention of the readers, it would possibly be kept aside, unread. For most startup owners it can be a fatal blow to their dream project.
Things to be included in an executive summary:
The overall tone of the summary depends on whether the proposal is meant for a startup or an existing business. The purpose of a business proposal for a startup is to get investment from the banks, venture capitalists or other financial organizations. The funding could be in the form of equity funding or debt.
For established businesses, the summary would include information regarding growth plan, achievements, experience, and employee strength.
Important pointers for a clear business summary:
While writing a summary, one should keep in mind a few things:
- Starting the business plan with the executive summary
- Keeping the summary short, preferably 3 to 4 pages
- Providing the summary of the entire plan in key points
- Using a powerful and positive narrative
- Focusing on the targeted readers
- Reviewing the summary for errors
The End Note:
Yearly, U.S Small Business Association (SBA) receives more than thousand business proposals from the startup owners and existing entrepreneurs for their business. Among these proposals, only a small percentage gets funded. Entrepreneurs should remember that the executive summary is the first thing that loan granting authority is going to read in the SBA business plan. If the summary fails to grab the attention of the readers, the plan will probably be set aside unread.
Focusing on the key elements of the summary is essential for drafting an exciting piece of content. One has to remember that each business is unique, and so are their requirements. While writing the business plan or any other portion of the document, they have to remember that the one size fits all formula most likely won’t work for them. Startup owners or entrepreneurs can always approach The Plan Writers for assistance in drafting an attractive business plan with a catchy executive summary. For information, visit https://www.planwriters.net/ or call 800-691-6202.