To give others a clear understanding of the value your product or service provides, read about 11 important things to include in this section of your plan. It may be necessary to give some basic background if this is an area or industry people are unfamiliar with. While you write up the Products and Services section of your business plan, keep your reader in mind. Things that you might take for granted or know inside-out might not be common knowledge to potential lenders or investors. As you write, avoid being too technical, assuming too much knowledge from your readers, and using buzzwords. Here are the points you want to write up in the Products and Services section of your business plan:.
Business Plan Section 4: Products and Services
Personnel Section of a Business Plan | Scott Legal, P.C.
As a small business owner, when you start a company, you ideally want it to grow. Putting together a business plan can be an intimidating process that involves a lot of steps and writing—but breaking it down piece by piece can help you accomplish this seemingly insurmountable task. As we said above, there are many small pieces that are put together to create your business plan. One of those pieces is the company overview, which is also sometimes called the company summary or description. A company overview provides the reader of your business plan with basic background information about your company so they have an understanding of what you do, who the management team is, and what customers your business serves. The company description is the second piece of a business plan, falling right after the executive summary.
Business Plan 101: General Company Description
The company description provides a snapshot of your business. Check out the 11 components to include in this section of your business plan. Think of the company description section of your business plan as a snapshot of who you are and what your company is all about. What do you do?
Whatever your reason for writing a business plan, the task will probably still feel like a homework assignment. A business plan is a document that describes a business, its products or services, how it earns or will earn money, its leadership and staffing, its financing, its operations model, and many other details essential to its success. Investors rely on business plans to evaluate the feasibility of a business before funding it, which is why business plans are commonly associated with getting a loan. Business planning is often used to secure funding, but plenty of business owners find writing a plan valuable, even if they never work with an investor.