Updating Your Business Plan for 2024 Part 3 - Company Description


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Updating Your Business Plan for 2024 Part 3 - Company Description
Written By: June Bachman ~ 12/13/2023 9:00:00 AM


Updating Your Business Plan for 2024 Part 1 - Getting Started

Updating Your Business Plan for 2024 Part 2 - Executive Summary

As you develop your business plann, writing a compelling Company Description is a fundamental step.  This section of your business plan is much more than a mere formality; it's the narrative that introduces your business to the world.  In our latest blog post, we delve into the critical role and purpose of the Company Description, highlighting how this essential element not only provides a snapshot of your business but also serves as a powerful tool to attract investors, guide stakeholders, and set a strategic direction.  From articulating your mission and vision to showcasing your business's strengths and goals, the Company Description is a cornerstone for establishing your business’s identity and future path.  Whether you're a budding entrepreneur or a seasoned business owner, understanding the significance of this section is key to aligning your business with its intended market and defining its trajectory in the industry.  Let's explore how a well-crafted Company Description can be a game-changer in your business journey. 

Include the following sections:

  • Mission Statement – An explanation of why your company exists. It can be as long as a couple of sentences, or as short as your business tagline.
  • Philosophy and Vision – Describe the philosophy of your business values. The vision is the long-term outlook of your business. In the long run, what do you see your business becoming?
  • Target Niche’ Market – Just include a brief overview in this section. The Target Niche’ Market will be covered in detail in the Marketing Plan section of the Business Plan.
  • State of the Industry – Describe your industry, and how your business is competitive within the industry. Is the industry growing? What is the long-term and short-term outlooks of your industry. What trends or changes do you anticipate; and how will your business change to meet new trends?
  • Legal Structure – Describe the legal entity structure of your business. Why did you choose this structure? Explain the division of ownership, investors, lenders, etc.
  • Company History – Describe your business’s story … your history. Include the following:
    • Length of time in business
    • Previous owners
    • Sales and profit history
    • Business reputation
    • Highlight past success and failures
    • Share most important challenges
  • Strengths and Competencies – Describe your business’s core competency – what do you do best? What are your competitive strengths? What specifically, do the main key managers personally bring to the business?
  • Company Challenges – Describe the business’s main challenges – both today, as well as in the future. If you are seeking investment funds, explain how the money may help address the challenges.
  • Company Goals – Describe your company future goals? Include both short-term and long-term goals. They may include:
    • Revenue growth
    • Diversifying products and services
    • Increasing production
    • Selling your business


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