FREE online courses on Business Plan Basics - The Essential Elements of a
Good Business Plan - Part 3 - Company Description
Without going into detail, this section should include a high
level look at how all of the different elements of your business fit together.
The Company Description section should include information about the nature of
your business as well as list the primary factors that you believe will make
your business a success.
When defining the nature of your business (or "why" you're in
business), be sure to list the marketplace needs that you are trying to satisfy
and include the ways in which you plan to satisfy these needs using your
products or services. Finally, list the specific individuals and/or
organizations that you have identified as having these needs.
Primary success factors might include a superior ability to
satisfy your customers' needs, highly efficient methods of delivering your
product or service, outstanding personnel, or a key location. Each of these
would give your business a competitive advantage.
