When writing a business plan, your detailed company description should follow the executive summary. While you touched on the basics in the summary, this section should go into further details of your products or services, and your company structure.
In this article, we are going to show you how to write a company description when writing a business plan.
What to include in a business plan?
The company description of your business plan should include the following:
- Company name – the official name of your business has registered in the state where you do business in Malaysia
- Type of business structure (sole proprietorship, LLC partnership, or corporation ownership)
- Management team
- Names of the key people behind the company
- Location – where is the company headquarter?
- Company history – when was the business started?
- What inspired you to start the business?
- What does your company fulfill?
- Mission statement – a clear statement that represents the purpose of your company products services
- Target market – a brief overview of what you plan to sell and to whom
- Objectives – an outline of what you want to accomplish in the immediate future
- Future growth
- Goals and vision statement – a statement about how you envision the future of the company
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Do not assume that anyone who will be reading your business plan knows anything about your business. You will need to include a number of specific pieces of information that will help readers to understand exactly how you have set up the business.
A good business description will make your work a lot easier as you travel the road to start in your business. Especially when you write a formal plan with the hope of qualifying for a business loan or attracting investors – you need to let them know that you know what you’re doing.
Company Description Is Vital
But aside from all of the paperwork and jumping through the hoops, we believe that the most important reason to write an in-depth business description is to understand who your potential customers are. Your business description primarily must meet the expectations that your customers have. When they walk through your doors, get inside their heads. What do they want? If they’re looking for something specific, you can bet there is something else related to it that they want as well.
Understand them and offer them what they want. Then, break it down to what will it take to provide the solutions to them. Your business description should leave readers with a clear understanding of exactly what you have set up. Also, demonstrate how you served others in the past as well as how you plan to continue expand or change your business in the future?
Therefore, it is important that you use clear language and details that will paint a picture in the mind of the readers. At the same time, your company description should also inspire your readers or potential clients to want to know more about your business. All because of the interest they have developed during the reading of your company description.
Writing a Business Plan with Word Philocaly
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