A business summary, also known as an executive summary, basically sums up the contents of a business plan. It only contains the most important points of the business plan examples, which saves time for readers as well as prepares them for reading the detailed contents of the plan.
Business plans, although not mandatory, are usually made by individuals or organizations if they want to start their own business. A typical excel business plan is long, detailed, and requires meticulous research before it can be completed. It is composed of different sections such as marketing strategy, human resource, finance, and operations. It is basically a blueprint of what the business will be and how it will operate on a daily basis. Business plans are typically created for the purpose of getting funding as individuals and organizations submit their simple business plans to banks or other financial institutions along with loan requests.
The business summary is typically found in the very first part of the startup business plan. If you are creating an executive summary or the entire business plan outline itself, below is a sample template that you can purchase and modify to suit your needs.
Aside from listing down the company name, product and services, and possible location, the business summary also includes some other vital information. Here are a few details which you should definitely include in your business summary. You may also see summary report templates.
Individuals go into small business when they see an opportunity that the current market has not seen yet or an opportunity for improvement in some products or services. Individuals certainly do not want to enter any entrepreneurial situation where they sell a product that is already found in the market.
Every business should have a target market. This is where most of their sales will come from and the company will constantly improve their products around the needs and wants of their target market. You may also see personal business plan templates.
A business model is a rationale on how the business will conduct its operations. It is basically a summary of a summary. Keep your business model short as you will be doing more explanation and analysis in the latter parts of your business plan.
Marketing and sales strategy consists of how the business will get a competitive advantage over its competitors. There are numerous strategies companies can utilize to not only beat the competition but also earn increased profits.
Identifying your competition is as important as identifying your product marketings and services. Although you do not need to do an analysis of all their activities, at least make a concerted effort on identifying their products and how they offer a competitive advantage.
Giving priority to products and services is important and should be the main focus of your executive summary, but do not forget to list down the names of the individuals responsible for starting the business. They are also the persons responsible for creating the product or service, so it is important that they should be recognized in the executive summary.
Companies are built around their mission, vision, smart goals, and objectives. These statements guide the companies in their decisions and policy-making. Most companies construct these personal statements first before anything else, so it is advisable that you should apply this as well for your company.
We hope that you found our business summary article to be informative and you can use it as a guide for your own business summary. You may also see statement templates.