How to Write a Synopsis of a Business Proposal
The synopsis of a business proposal is also known as the executive summary. It is the introduction and the focal point of your business proposal.
When we analyzed over $1,480,000,000 of closed deals, we found out that people spend 38,2% of their time reading the introduction. Moreover, 27% of the time was spent on the pricing page.
With data showing that clients spend most of their time on your executive summary, it’s only natural to put in more work and find out what provides the best results. Don’t worry, these tips will help you write a synopsis on your own. You can do it without the necessary help from a small business administration.
Complete your business plan
The only way to write a synopsis of a business plan is to write your business plan first. The business plan should provide a description of products or services and an in-depth analysis of your industry. It should also include your company’s sales objectives, and a detailed marketing plan.
It should also have a financial section that lists the current state of your business, as well as projections for the future. The way to make it stand out is by emphasizing the opportunity and execution.
Opportunity is the part of your business plan that includes a solution to the problem you’re solving, as well as answers to the questions of who you plan to sell to and what differentiates you from your competitors. You should include a detailed plan that explains what problems your clients are facing, how that problem is causing them to bleed money, and what you plan on doing to help them.
If you’re in the business of creating webshops, you should use social proof and show how your previous clients benefited from the e-commerce site you created. Figuring out the problem your potential clients are facing is a crucial step to finding a viable business solution.
The next step is defining your target market, i.e. who will you be selling to? Depending on your business type, you will either focus on B2B or B2C sales. Once you’ve established that, your target group will come to you naturally.
Target audience vs. actual customers
The trick is to differentiate between your target audience and actual customers. A great example would be children’s toys. They are aimed at kids, but parents are the ones that are buying them.
The same principle can be applied to B2B sales. Your product or service will be used by a number of employees in the company, but they do not equate to the person deciding on the purchase.
If the CEO of the company is responsible for buying all the needed programs their employees are using, then it’s safe to assume that the business owners are buying products they will never use.
The best way to shape your target audience is by conducting market research. You need to conduct a detailed SWOT analysis. That includes figuring out your strengths, weaknesses, opportunities, and threats.
Is there room and need on the market for another company? What will set you apart from your competition?
After you’ve finished that, work on finding out your target audience’s age, real-time location, interests, and lifestyle. By working out all of those segments, you will create an airtight buyer persona and have a great foundation for all your future business endeavours.
The next step is execution. This chapter of your business plan should cover how you’re going to make your business work. What kind of a marketing plan do you have in store and what type of activities do you plan on performing in order to achieve your goal?
Your marketing plan should rely on the actual numbers you got from your market research. With the evaluation of the current market, you’ll easily construct a step-by-step marketing plan that will describe your positioning on the market.
All the work you put into your business plan will pay off when creating your executive summary.
Work on your introduction
If you’ve conducted a successful discovery meeting, you’re well on your way. That means that you don’t have to present the history of your company or go into great detail on your business idea.
The most important part of your introduction is showing that you understand your client’s problem. You should present their problem through their own words, without embellishing or placing blame.
It is important for your client to understand that you understand their problem and why it needs to be solved. The biggest mistake people make while writing executive summaries is focusing on themselves. This is not a summary of your business, and you should save your social proof and testimonies for later chapters of your proposal.
Write the executive summary with your client in mind. They’re close to making up their mind on choosing to work with you, what your proposal should focus on is answering the question of how. If you want to share your mission statement with them, do so in the later parts of your proposal.
Attach your solution
Express your goal and how you’re going to solve the problem at hand. At this stage of the proposal, you don’t need to present a detailed step-by-step process on how you’re going to resolve their problem. Just show them that you have a plan and throw in a time period in which you’ll do the work.
This part of your executive summary is the first new piece of information your client will receive, and it should get them excited about working with you. Make sure to end your executive summary with a CTA that invites your client to read the rest.
Now that you have the majority of your synopsis ready, make sure to tweak it in order to get the best possible results. If you have a custom approach to your proposed solution, make sure to emphasize that. Any elements of your business plan that make you stand out from your competition are a huge plus.
If your company includes a management team, let them read your executive summary before sending it out. This way you’ll not only test your pitch but also gain confidence in your message.
For more tips on the rest of your proposal, make sure to check out our all-encompassing guide on how to write a business proposal.
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