I welcome all small business owners (and would-be business owners) to my new series of posts under the category SMALL BUSINESS BOARD. I am publishing here interesting tips, contents, materials, and links you may find useful in planning, managing, and expanding your business.
The business description briefly communicates to your readers – potential investors, lenders, and other stakeholders – an overview of your business, your product/service/idea, what needs these will meet, who will use these, and what will distinguish these from competition.
Let’s look at some points to mention:
1. An overview of the industry where you belong. State the current situation and future of the industry. How will new products, players, and macro developments affect your business? It is important to indicate references or sources of data you mentioned in order to establish credibility.
2. Product/Service/Idea description. Explain your product, service, or idea including how you would produce or provide it. Highlight its unique proposition.
3. Company description. State the name of your company and its legal form (sole proprietorship, partnership, corporation, or cooperative). Indicate its location, as well as any other facility you will use, and your reasons for choosing such locations.
4. Company ownership. Identify the owners of the business. Include also the members of the management team.
5. History/Current status. If already in operation, describe significant past successes and problems. What were the sales and profit records? How were major problems solved? Any lessons learned? If new, clearly explain what motivated you to start the business.
6. Vision/Mission/Values. Cite in your vision statement what you want your company to become or in what state you want it to be in the future. It should be an inspiring statement. Include in your mission statements what you intend to achieve for the various stakeholders of your business – your investors, employees, customers, suppliers, community where you operate. These should be brief and believable. List also the values that your company will uphold.
7. Company goals. State your business goals – 1 year, 3 years, and 5 years from start-up. How do you intend to reach these goals? What factors will ensure success? Mention your competitive strengths, your perceived weaknesses or disadvantages, and any potential opportunities and threats that will have an impact on your business.
Your business description should be limited to one or two pages only. It is a concise presentation of what your business does and its competitive advantages that will make it a success.
You may CONTACT ME for any problem or concern about starting or improving your business. I will respond to you (free-of-charge, of course) the best way I can as a management consultant dedicated to helping small businesses.
Clifford, Catherine. “Think You’re Too Old to Be An Entrepreneur? Think Again. (Infographic)” www.entrepreneur.com/article/232707?newsletter=true
1) For free business management information and training for small businesses/SME’s: SME TOOLKIT PHILIPPINES
2) For free online training on business and technology skills: HP LIFE
NOTE: While I find selected third party contents, materials, and links shown above to be useful, visitors/viewers are advised to use their own discretion in determining its suitability for their respective businesses.