CREATING A GREAT EXECUTIVE SUMMARY

Welcome back to our startup essentials series! Today, we’ll focus on creating an executive summary, a crucial document that investors and other stakeholders often request. Let’s start by understanding the differences between a business plan, an executive summary, and a pitch deck:

• Business Plan: An internal operational document that serves as a roadmap for your success.
• Executive Summary: An external professional document that provides an overview of your business purpose, market, achievements, goals, and team. It often precedes a comprehensive business plan.
• Pitch Deck: An external slide presentation that tells a compelling story about your startup.

Accelerator programs and pitch competitions frequently require startups to submit one or more of these pieces for evaluation. Start working on them now, and keep refining them. The critical thinking required to develop these tools will improve your business, even if no one else sees them. But rest assured, you will be asked for them!

Elements of an Executive Summary

Your executive summary should be no longer than two pages. The goal is to provide a brief overview of your venture. While your first draft might be longer, aim to cut it down—less is more.

If you completed the instant business plan from our previous post in the startup help series, use that to jumpstart the writing process. Your executive summary will include the following elements (use these terms as headers):

Problem: A brief description of the customer need that your product or service will solve.

Solution: A brief description of your product or service.

Market Size: A brief description of the market opportunity and the segment you’re targeting.

Competition: A brief description of other players in the space. Even if you don’t find another business or product in the space, there is always competition.

Business Model/Revenue Model: A brief description of how you make money.

Marketing/Sales: A brief description of how you’ll get your product or business out into the world.

Traction: An overview of products or services you’ve already sold and any partnerships or deals you’ve signed. If you haven’t sold anything yet, provide a brief description of potential sales and partnerships you foresee.

Future Milestones: A brief description of where you see your business in 3 months, 6 months, a year, etc.

Team: List your co-founders and other important team members. If you don’t have a full team, describe the key roles you plan to fill and the types of team members you’re looking to recruit.

Crafting a Polished Executive Summary

Less is More: Your executive summary should be concise and to the point. Aim for clarity and brevity, ensuring every word adds value.

Clean and Polished: Make sure your document is well-organized and free of errors. Use services like Grammarly to check for grammar and spelling mistakes. Have someone else proofread it and provide feedback on clarity and coherence.

Professional Formatting: Use clear headers, bullet points, and short paragraphs to enhance readability. Ensure the layout is visually appealing and professional.

Save as PDF: Once you’re satisfied with your executive summary, save it as a PDF to maintain formatting and ensure easy sharing.

By following these guidelines, you’ll create an executive summary that effectively communicates the key aspects of your startup to potential investors and other stakeholders. Keep refining and updating it as your business evolves, and you’ll have a powerful tool ready whenever you need it.

Stay tuned for more tips and insights in our startup essentials series!