Business Plan: Summary
What is the Summary?
The Summary introduces your business concept and provides an overview of the business. This will present a clear snapshot of what the business does, who it serves, and how it will generate revenue. Additionally, briefly discuss the problem(s) your business will solve, and the value that will be provided to customers. In this section, lenders will gain an immediate sense of your mission, business/market opportunity, and any competitive advantages that set your business apart from your industry.
Why is it important?
The summary quickly shows why your company is positioned for success. By combining a strong overview, with key professional experience, specific funding request details, and notable milestone; this section captures the lender’s attention and garners buy-in to explore the rest of the business plan. An effective summary will illustrate the viability of the business, the purpose of the business, and effort put into bringing the plan to life. This summary will provide the lender the ability to build a positive perception of the business through a quick review. An effective summary can guide the narrative of the business from the lender’s perspective, which can help those businesses at the brink of approval get over the fence.
Key Considerations
Business concept origin
o What caused you to start this business? (Include any significant life events if applicable)
o Time and effort have already been invested in building the business
Personal Professional skills or work experience that support business success
Include key financial points such as financial milestones, projected revenues, cashflow strength, and profitability timeline
Brief funding request description and how it helps the business.
Major achievements to demonstrate credibility
o Customer engagement, strategic partnerships, positive startup results