Relationships are key to building your business regardless of your industry. An Executive Summary is an essential tool in developing relationships.
This details the elements of the most effective executive summaries and if you are on my email list ..see the registration form on the top right of this screen, I will soon be sending several examples to my list that should be very helpful.
You Need An Executive Summary for Your Business Even If You Never Hand It Out!
Having worked with hundreds of business owners and hundreds more of business executives and managers, across the board, very few are able to clearly state what business they are in and what they are looking for. Every business owner and business leader is looking for something and nearly all are looking for more than one thing that will help take their business to the next level. In many cases it is funds for growth and expansion. Often it is new sources of products and services. Nearly always leaders are always interested in meeting people who could be business partners, joint venture partners or valuable employees.
We can only get what we want when we have clearly defined what we want and clearly defined what is in it for the other party. I am currently coaching a number of people in the process of building their real estate investment business. An effective Executive Summary is right at the top of the list of what we work on at the start of the executive coaching process. Candidly, it is this work that has helped me see the value of executive summaries properly prepared. I have used the techniques being taught to real estate investors and applied them to a rather large privately held construction company that is looking for equity capital to support much larger jobs. The element of an effective executive summary apply to any industry and any job.
The “Must Have” Components of An Effective Executive Summary
1. A clear definition of your business with an emphasis on your unique selling proposition.
2. How your business clearly benefits your customers or in the case of real estate investment how your strategy benefits funding partners, sellers of real estate and buyers of real estate.
3. Examples of properties (or products/services) in support of what is in it for those you are developing relationships with. Innaclude proforma calculations of share of profits or other relevant calculations for your business.
4. Your picture and bio. Note if you are new to your business your bio should emphasize your network definitely never say you are new. Rather than disclosing just starting this venture, you could say you have been studying the markets and networking with experts so as to avoid the pitfalls that have been experienced by others in this industry. Then indicate you have developed the going forward success strategy with several of the key success factors being: 1.____________ 2.____________.
5. Key contact information: Your name again, phone, email, website, blog, addresses for Facebook, Linkedin, Twitter
All of this can be done in two pages, not crammed and professionally presented.
What Is The Point If You Never Physically Hand Out Your Executive Summary?
First of all if when properly completed and if you are networking, there will be people who are interested in this document. If you are not networking your business is likely to struggle. Remember the first point of this article which is success is directly proportionate to the quality of your relationships.
However, regardless of how frequently you physically deliver your executive summary, completing it will prepare you for more effective verbal presentations on what is your business, what you near term goals are and what is in it for those that help you.
Email me or call if you would like help with your executive summary. My contact information follows:
Business Consulting, Executive Coach
Turnaround/Crisis Management
Temporary CEO, CFO, Controller Services
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New Digital Media, Inc.
727-587-7871
About: Steve Pohlit CPA,MBA has been the CFO and COO of major domestic and international companies. Steve has extensive business ownership experience having purchased and started off line and on line businesses. Steve offers his business building experience to companies and entrepreneurs with business coaching and business consulting. His focus is on building business profits and net asset value at above average rates. All articles published by Steve unless specifically restricted may be freely published with this resource information.
Yes!…Besides Business, Relationships are the key to all success in life…friends, family, lover.
Steve’s statement “We can only get what we want when we have clearly defined what we want and clearly defined what is in it for the other party. “…is worth Gold!!
Hi Dean, thank you. Do you want the address to send the gold 🙂
@steve
Jambo from Kenya!
You hit the nail on the head Dean, Steve hooked me right there and then with that golden statement!
Cannot wait!
Sunny regards till then.
@steve
LOL Steve!…especially now with the Price of Gold…..& climbing up up and away!
I recently wrote an article titled, “Top 20 Questions to Ask Before Submitting an Executive Summary to Investors.” Thought this might add some value to this post.
There are a number questions you must ask yourself before submitting your business plan or executive summary.
1. Is it 2 pages or less?
2. Does it include your contact information?
3. Does it include your logo?
4. Is it intriguing?
5. Does it include a call to action for the reader to take a next step?
6. Does it include bullet lists instead of only long boring paragraphs?
7. Does it include the amount of financing requested?
8. Does your business solve a problem?
9. Does it identify your competition and how you differentiate yourself from competition?
10. Does it include your website address?
11. Does it include cash flow projections?
12. Does it include the assumptions used to build your financial projections?
13. Do you have at least one partner? Hard to raise capital alone.
14. Is your business model simple and understandable?
15. Does it include your market potential?
16. Does it include your target market?
17. Does it include a brief explanation of your unique solution?
18. Does it include your strategy for protecting your idea?
19. Does it include your go to market strategy?
20. Does it compel the reader to action?
If you can answer these 20 questions positively then you are probably ready to submit your business plan or executive summary to a group of potential investors.
Thank you…it seems to me my article is focused on a different purpose. Your 20 questions are outstanding in preparation for in-depth meetings