Learn to Write Executive Summary
Writing executive summary in a business plan is very important. As they say, first impressions are usually the last impression and the best place to get the right impression about a business plan is the executive summary. If you decide to search on google, you will find millions of resources on business plans and executive summary but you need to be cautious because not every glittering thing is gold. Besides, you need to develop your executive summary in a way that meets the objectives of your business. Participants in our online business plan training session were taught that every business plan has a purpose and such purpose needs to reflect in the way the plan is structured.
Let us start with the structure. Your executive summary can be a combination of three to four paragraphs or a range of subsections with headings such as the problem, the solution etc. We are focusing here on something simple, effective and professional. An executive summary of three paragraphs including an introductory overview of the market, the plans of the business and the technical competence of the team. Now, let’s shoot with an example of an executive summary for a poultry farm.
NG Poultry Farm is a fast-growing farm that rares poultry birds, produces processed chicken and eggs for the teaming population. Last year, 8.3 million tons of poultry meat was consumed in Nigeria and the demand is projected to grow by 20% in the next 2 years. With more individuals, restaurants and hotels consuming poultry products, NG Poultry plans to expand its current farms to increase production and meet increasing local demand.
The expansion is focused on increasing the current capacity of 1,000 poultry birds to 10,000 birds. This requires an additional investment of N10,000,000 which we plan to finance through a loan from the bank. The loan will be used to procure additional land, more poultry birds and other facilities. We are projecting an initial revenue of N18 million in the first year and our return on investment is pegged at 23%.
NG Poultry Farms has a dedicated management team and strong administrative structure that guarantees that everyone performs their roles effectively. The team includes seasoned poultry farmers with over 10 years of experience in managing successful business operations relating to agriculture.
The sample executive summary above contains some statistical and strategic information such as the quantity of poultry meat consumed, the return on investment and the capacity of the team. These are the information you can only get when you have finished other sections of the business plan. This is why experts recommend that the executive summary should be written at the end of the business plan. What is your business plan? You should not miss out on a captivating executive summary because this is the major point of attraction in your business plan.