How to Develop a Winning Executive Summary
27 June, 2010 -
As the old adage states, two heads are better than one! In today’s highly competitive global environment, entrepreneurs and small start-up companies are turning to joint ventures as a means to expand their power and scope and compete with the ‘big guys’.
For example, by landing a joint venture partnership, a small company with limited staff and resources can gain new capacity and expertise, be it technical or managerial, without investing tremendous resources.
Persuading potential partners to do business with you: The Executive Summary
The first step in forming a strategic alliance with any potential business partner is to create a well-written proposal that begins with an executive summary. An appealing, professional executive summary dramatically increases your chances of grabbing the attention of a potential investor or business partner.
An executive summary is just what it sounds like; a document that summarizes your entire concept into key points, so that a potential investor or partner can easily understand what your product is all about, and why s/he should be interested in what you have to offer.
The executive summary should concisely address the following:
- A brief introduction, in which you include the background and history of your company, what your company does, and perhaps some basic information about your finances.
- The unique features of your product or service, what makes it better or different from anyone else’s and the benefits it can provide to your potential partner and customers
- Describe your target market, and discuss what your specific niche can provide for your company marketing strategy.
- If possible, include references and testimonials, so that your prospective partner can see first hand how others feel about your product or service.
- A persuasive statement as to why and how the business will succeed, discussing the business’s competitive advantage. It’s not enough to rely on being the first in a particular market as your sole competitive asset.
- Projected growth for the company and the market
- How much capital you need and how it will be used.
Tips on how forming an appealing Executive Summary
A good executive summary example summarizes your key points on the one hand, and appeals to your readers on the other. The following are some tips on how to do that:
- Keep your summary brief – ideally, two pages or less. Think of it as everything you’d say to a prospective investor in a five-minute interview.
- Avoid the use of hype. You need to be accurate, clear and compelling without trying to make your business or product more than it is, and promising anything that you can’t deliver.
- Use legible font (Verdana is pleasing on-screen; Times New Roman is easy on the eye on the printed page).
- Keep your headers brief (5-6 words), and write them in boldface, about one point size larger than your body text (body text should be 11 or 12 pt).
- Start with your most important information at the beginning. Put your best face forward in a way that will attract your prospective audience, like the headlines on the front page of a newspaper.
- Use an easy-to-read format, using simple sentences in short paragraphs that contain only relevant information. If your readers want more details, they’ll contact you.
- Reread it when you are done and ask yourself, is it clear and concise? Will it compel the reader to contact you to learn more about what you have to offer?
Finally, you will probably want to send your executive summary through an email, so don’t overlook the way in which you introduce yourself and your company. Make it personal, introduce yourself by first name, and add your website and a short description of the products or service that you are offering. Be concise, but charming and persuasive at the same time. If your introductory email falls short, the executive summary that you worked so carefully on may not even get read.