SME Loans, "Business Plan UK", 2019, via Flickr
Have you ever heard the term ‘executive summary’ and wondered if you should be adept at writing one? An executive summary is an extremely important writing skill for anyone in the business space, and this article will explain the basics of what goes into one, the formatting, and the goals that you should have in mind when drafting your executive summary.
What is an Executive Summary?
An executive summary is a document that highlights the most important key points from a longer document; such as a business proposal or a pitch. An executive summary is typically 10-20% of the base document in length. Thus, if the proposal that the summary is for is 20 pages long, the executive summary should be roughly four pages. However, executive summaries are often as short as 1-2 pages, even for longer base documents, as their purpose is to provide information succinctly and efficiently.
Why is an Executive Summary Important?
The purpose of an executive summary is to condense the essential information of a proposal for readers who may not have time to thoroughly read the entire thing. Brevity and clarity are of the utmost importance when writing an executive summary. You want to get your point across clearly and convincingly for possible investors or higher-ups at work.
Who is the Audience?
The readership of an executive summary will differ depending on the base document the summary is for, but considering that executive summaries are typically used for business proposals, your intended audience will likely be potential investors or supervisors in a professional setting. Given the readership of an executive summary, the tone must be professional and credible.
What are the Key Points?
Perhaps the most important points to include in an executive summary are the problem that your proposal is addressing, and how your plan will effectively fix it. The executive summary should be compelling enough that readers feel it is worth their time to read the full proposal or business plan, and hopefully, back your endeavor as well. Starting your executive summary off with a clear outline of why your plan/idea is relevant and needed gets to the crux of your proposal efficiently. Some other key points to include in an executive summary are:
- The beneficiaries of your plan: who needs your business, and why? Who will the consumers/audience be?
- Financial gains: projections based on real calculations that your investors can count on in the coming years.
- Why you? What makes you different from other individuals/companies who may be endeavoring to address the same issue?
Conclusion
Now you know the basic components that are required for an executive summary. However, one of the most important aspects of an executive summary is personalizing it for your business model and your specific audience. Make sure that you are thoughtful about the space that your business is occupying, and the lens through which your executive summary highlights the benefits you can provide. Use the guidelines outlined above as a jumping off point to make your executive summary memorable.
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