- 24 Aug 2020
An enrolment to an academic institution might require you to write a large number of academic assignments. Most assignments require a writer to pen down an executive summary.
However, at first, let us dive into knowing more about executive summary. This term is specific to summarizing a complete report, that allows the reader to comprehend the entire report is just one brief read.
Hence, this emerges the strong need to strengthen a summary and explain it well for easier understanding. For example, a 25 page business report cam have just one page summary, which essentially comprises the best possible points as pertaining to the entire report, including its findings, recommendations and more.
In this article, let us study the best ways to write an executive summary, helping students to ace the next report assignment at the university.
Writing an executive summary
An executive summary offers a complete overview of the primary points of a larger report. It is usually written to be shared with individuals who might not have the time to go through the entire report.
This essentially stands true for your college professor who might be unable to browse through every single page of every assignment submitted at the university.
It refers to a short document and a section of a larger proposal or report. This is usually offered to give readers a quick overview of the larger body of the material that follows. In other words, it helps to summarize a report and helps executives grab a deeper understanding of the purpose.
It comprises a short statement which addresses the problem along with the proposal detailed in the attached documents, a concise analysis, features the background date along with an appropriate conclusion. The summary is written and designed with an aim to help executives decide whether to go forth with the proposal or not, and make a critically important decision.
Why do you need an executive summary?
An executive summary is usually written for top leaders in a business organization, department heads, supervisors, and University professors, to help them avail quick and critical information to decide the best course of action.
What does an executive summary include?
- An executive summary should comprise the key points of a report.
- It should restate the primary purpose and aim of a report
- It needs to highlight the key points of a report
- It needs to describe the results and findings appropriately
- It also needs to mention the recommendations from the findings, helping readers to understand all that has been discussed in the report.
What is the format of an executive summary?
An executive summary does not have any specific format, instead companies, instructors and organizations might have a particular format.
This is pivotal to check and review in order to outline the specific instructions and requests in regards to the overall format, word count, length and other specific details. However, it is essential to ensure to keep the executive summaries completely clear and concise, with the help of a professional assistance offering Assignment Help.
Things to include in an executive summary
The usual rule of thumb is that executive summaries need to be as short as possible. The audience has got a limited attention span and time limit and hence they want to acquire maximum of the details of your business plan at the earliest, and with incurring minimum effort.
It is important to keep the executive summary extremely short, preferably a page or a two. Let us discuss the top things to include in the summary and strengthen it further:
A comprehensive description of the product or service along with the concern your business solves
It is recommended to include a brief description of the product or service offered and the reasons behind it. Your business need not serve a larger social problem, however it should address the need for consumers and being an opportunity in the market.
An in-depth description of the target market
The target market is who you perceive your customers to be. At times, the product itself aims to define the market. However, if it is not the case, then you need to enunciate a brief description of the target market, the primary set of audience and the people you think will be interested to spend money on the solution you have to offer.
To assume that your business has competition and to explain how it is distinct from the rest is a must in the summary. At this stage, you need to differentiate your business and how it is distinct from the rest. Briefly state if you are competing on price, quality or any other important factor.
If you have an existing company, it might be extremely simple to highlight the recent annual sales and growth incurred over the last year. It might be a brief description of the aspirations, and the goal you wish to plan for the upcoming years. Additionally, you can also highlight a chart, a bar graph that explains the sales and gross margin incurred.
Stating your team is extremely vital for companies, and especially start up companies. It is pivotal for investors to know the real team behind the idea and why your team serves as the right individuals to build the business.
It also is valuable to highlight any void or vacancy in your team and state how you wish to fulfil them. Do not forget to mention if you have any potential candidate or business partner in mind, while expanding more about the qualifications and experiences they intend to bring to your company.
Including this point serves as one of the vital tasks, as if you are using the business plan to raise money for business. The executive summary needs to highlight the amount of money you are looking for. The investors will want to know this without the need to dig through the business plan and find the details.
5 important paragraphs you should not miss out on
The paragraphs of the summary needs to be written without stating any heading, and the paragraphs can be deemed upon as the steps of preparing the summary:
Paragraph 1- Introduction
While endeavouring towards writing the introduction, it is critical to focus on the following points:
- Explaining the business well
- Explaining any issue and goal the project seeks to achieve
- Include the questions that the project is going to answer
- Mention the research data sources of both primary and secondary research briefly
Paragraph 2- Analysis and Findings
This paragraph vividly discusses the analysis and key findings for the assignment
Paragraph 3- Recommendations
Depending on the analysis and findings, it is vital to discuss the following:
- The primary recommendations
- The ways in which the recommendations aim to solve the problems
- Drawing a further conclusion
Paragraph 4- Implementation
At this step, you need to check the requirement of the assignment and whether it requires the section of the project plan and its implementation or not. This is where you need to be focused on the following points:
To state the vital elements needed for the plan of implementation that includes time requirements, money requirements, people requirements along with the ways of managing the project.
Kinds of risks and also the best ways of managing one
It is vital for students to know that the reflection can typically vary between universities along with the assignments. If the project needs you to include one, it might be valuable to include the following mentioned things:
- The primary set of learning
- The changes to have taken place
- Benefits and disadvantages of the change
Hence, these above mentioned five paragraphs are typically important to help you write an executive summary. However, do not forget to test the executive summary once completed.
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