How Important is You Business Plan Company Description?
In your business plan, the company description describes the what, who, when, and how of what you envision your business will become in the first few years. Describe these four things about your business in just a few short paragraphs and you will have the makings of a solid business description.
What do you do?
This one is easy: describe what you do.
“Ben’s Veggie Burgers will be served from a food truck that operates in the downtown business district of Cleveland, Ohio. We will provide healthy lunches and organic side dishes for our customers. Our lunches will feature veggie burgers on whole-grain buns that will be a healthy alternative to other local food vendors”.
Who do you serve?
Who makes up the marketplace you are attempting to reach. You will need to identify the customers you will target and describe how you will target them.
For example, “Ben’s Veggie Burgers will target businessmen and businesswomen who are looking for an affordable, quick healthy lunch within walking distance of their office. We plan to achieve nearly 54% of our revenue from the lunch hours on Fridays with the remaining 45% coming from our lunches on Mondays thru Thursdays.”
When do you operate?
Identify your hours of operations and if there are any “after hour” opportunities. For example, Ben’s Veggie Burgers could operate not only as a food truck during the week but also as a catering business on weekends and evenings.
“Ben’s Veggie Burgers will operate Monday thru Friday in the downtown business district of Cleveland. Additionally, we will offer catering at remote locations, within 20 miles of downtown Cleveland, on Saturdays and Sundays”.
How will you serve your customers?
Describe how you will serve your customers and how you will set up your business to meet their needs.
“Ben’s Veggie Burgers will have convenient locations for business persons to purchase a quick lunch-to-go in highly populated work district. Our food truck will be equipped with dual cooking stations and dual cash registers to provide the quickest meals for our patrons.
Obviously, these “starter statements” for each of these sections of the Company Description are examples and not complete sections but they should provide you with the creative ideas on how to create your company description to meet your business plan goals. When you write your business plan company description you should concentrate on communicating your vision with as much detail as necessary to convey the opportunity you see for your business.
Next step: Write out your business plan company description today. Put it aside for 2 days and then come back and review and update the description as necessary.