Ideally, your executive summary will be one to two pages at most, designed to be a quick read that sparks interest and makes your investors feel eager to hear more.If you’re a shoe company, you aren’t targeting “everyone” just because everyone has feet.
You can skip the executive summary (or greatly reduce it in scope) if you are writing an internal business plan that’s purely a strategic guide for your company.
In that case, you can dispense with details about the management team, funding requirements, and traction, and instead treat the executive summary as an overview of the strategic direction of the company, to ensure that all team members are on the same page.
You’re most likely targeting a specific market segment such as “style-conscious men” or “runners.” This will make it much easier for you to target your marketing and sales efforts and attract the kinds of customers that are most likely to buy from you.
If you are writing a business plan to get a bank loan or because you’re asking angel investors or venture capitalists for funding, you must include the details of what you need in the executive summary.
Accommodate your investors, and keep explanations of your product simple and direct, using terms that everyone can understand.
You can always use the appendix of your plan to provide the full specs if needed.Often times, you may be dealing with “indirect competition,” which is when consumers solve their problem with an entirely different kind of solution.For example, when Henry Ford was first marketing his cars, there was very little direct competition from other car manufacturers—there weren’t any other cars.to easily compare their features against their competition.The most important thing to illustrate in this section of your business plan is how your solution is different or better than other offerings that a potential customer might consider.Perhaps they need to target athletes or business people who need formal shoes for work, or perhaps they are targeting children and their families.Learn more about target marketing in But if you selling to other businesses (B2B), you may have a few key customers that are critical to the success of your business, or a handful of important customers that are trend leaders in your space.Your solution is the product or service that you plan on offering to your customers. How exactly does it solve the problem that your customers have?Depending on the type of business you are starting and the type of plan you are writing, you may not need to go into too much detail here.No matter what, you need to know who your customer is and have a rough Don’t fall into the trap, though, of defining the market as “everyone.” The classic example is a shoe company.While it would be tempting for a shoe company to say that their target market is everyone who has feet, realistically they need to target a specific segment of the market in order to be successful.