Business Plan Writing: Company Overview
Updated: May 14, 2020
When you’re developing your business plan, you may find that describing your company isn’t as easy as it sounds. A quality description requires you to think very deeply about what your company is, and where you’d like it to go in the future.
You’ll need to view your company through multiple lenses, describing it in terms of its history, how it compares to your competition, who your customers are, and what they want from you.
And while it’s essential to craft a rigorous description, you don’t want to go into excessive detail. Your company description functions as an introduction to your business plan, so you want to leave the more in-depth discussions for later in the document.
Here you want to give your readers a sample of what your company is all about and what they can expect to find in your plan.
1. Answer Key Questions About Your Business
The critical, top-level questions that you need to address in your company description are:
Who are you?
What do you do?
Where are you?
To break these down further, when answering who you are, you should provide a brief history of your company and talk about why you’re in business. Focus on what you value as an organization, and what you’re currently doing to realize your vision for the company.
What you do should include information about the range of products and services you provide, who your current customers are and how you reach them, and a description of any processes that are critical to your business success.
For the last question, you’re attempting to place your company in the contexts of where it is in the marketplace and its evolution. It will help if you discuss your industry, your place in it, and how you differentiate yourself from your competitors. It would he