Business Plan Writing: Describing Your Product and Services
Updated: May 14, 2020
"You’ve got to start with the customer experience and work back toward the technology – not the other way around." - Steve Jobs
In this, the fifth installment in our ”Creating your business plan” article series, we’re going to discuss the information you should include regarding your products and services and how they contribute to your unique value proposition and what sets you apart from your peer group.
Most companies either sell a range of products or offers several services to their customers, and sometimes both, especially as your start to grow and scale-up your business operations.
Describe Your Product or Service Offerings
Firstly, within this section of your business plan, you want to include a description of each of your products or services. These should be reasonably detailed, to give your reader a strong understanding of how they fit into your overall business plan.
You should discuss the general categories that your products or services fall under, and then describe the relevant characteristics of your offerings. It’s important to remember that, while you should offer a detailed review, you shouldn’t get too technical. It would help if you avoided buzzwords, acronyms, and dense industry jargon.
There’s a good chance that some of your readers won’t be familiar with these terms and using them could confuse. Instead, write for someone that doesn’t know anything about your business. That guarantees that your descriptions are clear and comprehensible.
As you sculpt your product and services description for each entry, keep the following questions in mind.
What is the current product or service offering status in the marketplace?
Is the offering an existing product or service or one that’s in development?
How will you offer the product or services?
What are the ideal price point and profit margins?
What are your innovation plans for this product or service?
For the former,