Setting goals, keeping track of progress and attracting investors are essential to the success of most Maryland small businesses. A business plan is where goals are set, along with identifying the path to meet them. It can be a powerful tool in finding people to invest in a business. However, many potential investors might not want to read the entire plan or understand the technical jargon. This is where an executive summary can answer questions about the business and entice the reader to delve deeper.
Once the majority of the business plan -- if not all of it -- is written, the executive summary can be compiled. Brevity is key since the summary is not meant to rehash the entire plan. Instead, it is designed to provide highlights that will capture the attention of the reader. Therefore, it is recommended that it be no longer than two pages.
The language of the executive summary should not include the same technical language that may be required in the remainder of the business plan. Those who read it may not be versed in the details and intricacies of the business. Once written, it may beneficial to have someone who knows nothing about the business review it to see if it conveys the information in a readable way.
Starting a new business in Maryland is an exciting prospect. Even so, there are numerous business and legal issues to be addressed before its opening. It may take time and effort to prepare, but with a good business plan that includes a concise executive summary, an owner will have a good road map to follow toward success.
Source: The Huffington Post, "How to Write a Business Plan: The Executive Summary", Melinda Emerson, Dec. 2, 2015