Executive summary definition
An executive summary is a concise outline of what a more comprehensive business proposal explains. As a result, it allows outside investors and bank lenders a quick overview of what a business does and how. Doing so should pique the interest of those reading it to entice them to read the more comprehensive proposal. The proposal will be a far more granular document, examining the nuts and bolts of a business and what it intends to do with any cash injections or additional equity.
A good executive summary example should contain a brief summation of the company background, the purpose behind the business proposal, mention any key results and any key personnel.
How to write an executive summary
Knowing how to write an executive summary is vital. When written well, it will encourage the reader to delve deeper into the business proposal, persuading an investor to extend you capital. In essence, an executive summary template should outline:
- what your company is,
- what a problem is in the market at the moment,
- how your company plans to solve that,
- and why your company needs to do that now with the help of more funding.
If you structure your executive summary like that or ensure that you include all those details, you will be onto an excellent start in writing an effective introduction to your more comprehensive proposal. Another good rule of thumb is to try to put an even shorter executive summary at the beginning of your executive summary. Try to summarise your position in just a few lines that you further explain on the broader overview and the far more pithy proposal as a whole.
Advantages of an executive summary
Other than the advantage that an executive summary has to win outside funding for your company, it can concentrate your efforts as a business owner or leader. An executive summary is an excellent opportunity for business owners to zone in on what makes their business tick and why it is operating in the first place. It is so easy for a business owner to get distracted by other things that crop up due to trying to make a business a success.
Ultimately, it is also a good way for both you and your potential investors to save time. If they do not think they are the right fit for your business, they can usually tell from reading your executive summary. It means neither of you will need to waste any energy going further down the line in your application, only to find out a fundamental fact that makes working together a no-go. A good executive summary would have highlighted this far earlier in the process.
Contractbook and executive summary
Contractbook can be a beneficial resource when it comes to writing your executive summary. Using our templates can support start-up firms with a large amount of legal documentation, like an executive summary. Plus, our blog pages can also provide assistance in highlighting key topics in the business world that may help your company.