When preparing a business plan, the executive summary is written after all other key elements of a business plan are explained in detail. There is no standard format for writing a business plan, but it is a good idea to start with some information about the business. The first section of the business plan can, therefore, be titled as ‘Business Description’. In this section, an introduction to the business can be provided to tell the reader as to what the organization is doing or is planning to do. The business description can be structured according to the need for which the elements of a business plan are put together in a document.
As the readers of the plan would want to know the objectives and why the business should exist, it is only proper to start this section with a statement of purpose. Clearly indicate to the readers the intentions and motivations of the business through a mission statement. It forms the beacon of the business. It is important to keep it concise and jargon free. However, it should answer the following three questions that the readers of your business plan might have.
What needs of the customers does the business address or what market opportunities does it plan to tap? This explains the purpose of the business.How is the business going to cater to these needs? This gives an indication to the reader as to how the business is going to operate.What are the guiding beliefs or principles on which the business will operate? By incorporating this aspect in the mission statement, it can be made clear as to the value sets that the business will follow.
Business description section, one of the important elements of a business plan, must also include the name of the business, licenses available or required, ownership details, legal structure (sole proprietorship, partnership, corporation, etc.) and an indication as regards the classification of business; whether manufacturing, service, retail, or wholesale. In addition, information as regards company location, space requirement in the case of a new venture or expansion and space ownership are required to be provided. It is also important to state whether the business is a startup company, an expansion or a purchase of an existing operation.
The details about the products or services offered by the business can be covered in depth in the relevant section of the elements of a business plan, but a general outline is required to be provided in the business description section.
Summarizing, the business description section must provide a high-level review of the business and give an indication as to what is going to be covered subsequently when discussing other elements of a business plan. This enables readers as well as potential investors get an understanding about the goal of the business and the unique proposition. Further, it is important to incorporate a list of factors that will make the business successful, needs of the marketplace that are being addressed and how the customer needs will be satisfied through the products or services while writing about the nature of the business.
Do you have any experience with internet marketing or starting your own business? Please share your thoughts below; I’d love to hear from you!
As the readers of the plan would want to know the objectives and why the business should exist, it is only proper to start this section with a statement of purpose. Clearly indicate to the readers the intentions and motivations of the business through a mission statement. It forms the beacon of the business. It is important to keep it concise and jargon free. However, it should answer the following three questions that the readers of your business plan might have.
What needs of the customers does the business address or what market opportunities does it plan to tap? This explains the purpose of the business.How is the business going to cater to these needs? This gives an indication to the reader as to how the business is going to operate.What are the guiding beliefs or principles on which the business will operate? By incorporating this aspect in the mission statement, it can be made clear as to the value sets that the business will follow.
Business description section, one of the important elements of a business plan, must also include the name of the business, licenses available or required, ownership details, legal structure (sole proprietorship, partnership, corporation, etc.) and an indication as regards the classification of business; whether manufacturing, service, retail, or wholesale. In addition, information as regards company location, space requirement in the case of a new venture or expansion and space ownership are required to be provided. It is also important to state whether the business is a startup company, an expansion or a purchase of an existing operation.
The details about the products or services offered by the business can be covered in depth in the relevant section of the elements of a business plan, but a general outline is required to be provided in the business description section.
Summarizing, the business description section must provide a high-level review of the business and give an indication as to what is going to be covered subsequently when discussing other elements of a business plan. This enables readers as well as potential investors get an understanding about the goal of the business and the unique proposition. Further, it is important to incorporate a list of factors that will make the business successful, needs of the marketplace that are being addressed and how the customer needs will be satisfied through the products or services while writing about the nature of the business.
Do you have any experience with internet marketing or starting your own business? Please share your thoughts below; I’d love to hear from you!
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