writing a successful business plan an overview

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Writing a successful business plan: an overview

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• 1 Drug Delivery Systems DIvision, #M, Northridge, CA 91324, USA. [email protected]
• PMID: 23281606
• DOI: 10.1177/216507991306100104

In creating and building a business, the entrepreneur assumes all the responsibilities for development and management, as well as the risks and rewards. Many businesses do not survive because business owners fail to develop an effective plan. The business plan focuses on major areas of concern and their contribution to the success of a new business. The finished plan communicates the product or service to others and provides the basis for the financial proposal.

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Business Plan Executive Summary Example & Template

Updated: Jun 3, 2024, 1:03pm

Table of Contents

Components of an executive summary, how to write an executive summary, example of an executive summary, frequently asked questions.

A business plan is a document that you create that outlines your company’s objectives and how you plan to meet those objectives. Every business plan has key sections such as management and marketing. It should also have an executive summary, which is a synopsis of each of the plan sections in a one- to two-page overview. This guide will help you create an executive summary for your business plan that is comprehensive while being concise.

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The executive summary should mimic the sections found in the business plan . It is just a more concise way of stating what’s in the plan so that a reader can get a broad overview of what to expect.

State the company’s mission statement and provide a few sentences on what the company’s purpose is.

Company History and Management

This section describes the basics of where the company is located, how long it has been in operation, who is running it and what their level of experience is. Remember that this is a summary and that you’ll expand on management experience within the business plan itself. But the reader should know the basics of the company structure and who is running the company from this section.

Products or Services

This section tells the reader what the product or service of the company is. Every company does something. This is where you outline exactly what you do and how you solve a problem for the consumer.

This is an important section that summarizes how large the market is for the product or service. In the business plan, you’ll do a complete market analysis. Here, you will write the key takeaways that show that you have the potential to grow the business because there are consumers in the market for it.

Competitive Advantages

This is where you will summarize what makes you better than the competitors. Identify key strengths that will be reasons why consumers will choose you over another company.

Financial Projections

This is where you estimate the sales projections for the first years in business. At a minimum, you should have at least one year’s projections, but it may be better to have three to five years if you can project that far ahead.

Startup Financing Requirements

This states what it will cost to get the company launched and running. You may tackle this as a first-year requirement or if you have made further projections, look at two to three years of cost needs.

The executive summary is found at the start of the business plan, even though it is a summary of the plan. However, you should write the executive summary last. Writing the summary once you have done the work and written the business plan will be easier. After all, it is a summary of what is in the plan. Keep the executive summary limited to two pages so that it doesn’t take someone a long time to peruse what the summary says.

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It might be easier to write an executive summary if you know what to expect. Here is an example of an executive summary that you can use as a template.

Bottom Line

Writing an executive summary doesn’t need to be difficult if you’ve already done the work of writing the business plan itself. Take the elements from the plan and summarize each section. Point out key details that will make the reader want to learn more about the company and its financing needs.

How long is an executive summary?

An executive summary should be one to two pages and no more. This is just enough information to help the reader determine their overall interest in the company.

Does an executive summary have keywords?

The executive summary uses keywords to help sell the idea of the business. As such, there may be enumeration, causation and contrasting words.

How do I write a business plan?

If you have business partners, make sure to collaborate with them to ensure that the plan accurately reflects the goals of all parties involved. You can use our simple business plan template to get started.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Kimberlee Leonard has 22 years of experience as a freelance writer. Her work has been featured on US News and World Report, Business.com and Fit Small Business. She brings practical experience as a business owner and insurance agent to her role as a small business writer.

Cassie is a former deputy editor who collaborated with teams around the world while living in the beautiful hills of Kentucky. Focusing on bringing growth to small businesses, she is passionate about economic development and has held positions on the boards of directors of two non-profit organizations seeking to revitalize her former railroad town. Prior to joining the team at Forbes Advisor, Cassie was a content operations manager and copywriting manager.

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American corporations are downsizing, outsourcing, and flattening their hierarchies. As a result, advancement opportunities are shrinking. Conversely, workers are looking for security, new opportunities, and rewards from their work. In search of a more rewarding lifestyle, increasing numbers of individuals are determined to become their own bosses or to work more independently by starting their own businesses and becoming entrepreneurs.

Entrepreneurs are considered the catalysts for change in today's business world ( Bangs, 1995 ). Most businesses in the United States are small, with 20 or fewer employees. Yet, in total, small businesses account for most of the new jobs created each decade. New business owners are becoming the life blood of the American economy. They are developing new ideas, products, and services that are on the "cutting edge" of the economy. Their success brings profits and a competitive environment spawning more ideas and innovation. This entrepreneurial spirit is evident in occupational health and safety including safety personnel, industrial hygienists, physicians, and occupational health nurses forming their own businesses.

About 600,000 new businesses are started each year in the United States, not including all the small home online businesses. Of these, approximately 200,000, or 1 in 5, will survive to see their fifth anniversary. Considerable time, energy, and resources go into staffing a business, so why do so few survive the first 5 years? Most of these business owners did not have a business plan. Although business and industry have found no simple equation for success, one basic rule holds true: "A business owner who fails to plan, plans to fail" ( Covello & Hazelgren, 1995 , p. 2).

The author recently attended a meeting at her local Chamber of Commerce during which the importance of developing a business plan was discussed. When entrepreneurs were asked why they did not develop a business plan, typical responses included, "It requires a lot of hard work and time," "I am able to self-fund my business and developing a plan is not critical at this time," and "I have my plan in my head." Many felt that the rapidly changing economic environment invalidated their plans. The discussion concluded that although no plan will ever be 100% accurate or current, an effective business plan enables an entrepreneur to quickly...

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