BUSINESS PLAN GUIDE- Executive Summary

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Components of a Business Plan

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A business plan should cover all the key information that investors and stakeholders need. While the length may vary based on the business, it's best to keep it clear and straightforward, without focusing on a specific page count. If you have additional important details, like patent applications, mention them in the main plan and include them in the appendix.

Below are the key sections (figure 1) typically found in most business plans:

 

Figure 1: Components of a Business Plan

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Executive Summary

The executive summary is the first thing people see in your business plan. It’s your chance to grab their attention and give them a quick overview of your business. Think of it as your business’s elevator pitch, a brief, attention-grabbing overview that highlights the key aspects of your business. 

Your executive should be concise, ideally one to two pages, and should cover:

• What problem you solve: Explain the issue your business addresses.

• Your solution: Describe your product or service.

• Your customers: Who are you selling to?

• Your team: Who is behind your business?

• Your finances: A brief overview of your financial goals.

• How much money you need: If you’re looking for investors, state how much money you need.

The executive summary is often the only part of the business plan that investors or government bodies read before deciding whether to explore your proposal further. Hence, your goal is to make a strong first impression. Write clearly and simply. Use easy-to-understand language. Imagine you’re explaining your business to a friend. Keep it focused and avoid unnecessary details.

While it’s the first part of your plan, it’s often the last part you write. This is because you’ll have a better understanding of your business after completing the rest of your plan.