The company description of your business plan describes the vision and direction of the company so potential lenders and partners can develop an accurate impression about who you are. A good company description should succinctly outline key details while conveying your passion for the mission. Show
Here's what you need to know to write an effective company description for your small business. Key Takeaways
What Is a Company Description?The company description section of your business plan is typically the second section, coming after the executive summary. The company description outlines vital details about your company, such as where you are located, how large the company is, what you do, and what you hope to accomplish. Parts of a Company DescriptionThe exact elements included in your company description can vary, but some elements are more common than others and most likely should be part of the section:
How To Write Your Company DescriptionOnce you've organized the key information that you want to include, you need to write the section in a way that will be appealing to readers. Follow five steps to help create a successful company description. Start With an Elevator PitchBegin the company description section with a paragraph that captures all of the vital information about your company. Imagine you are giving an elevator pitch about your company and want to express the key characteristics in just a few sentences. Use the same thought process for your introductory paragraph. Stick With High-Level InformationSome of the information in your company description will be included in other sections of your business plan. For these parts, provide only a high-level overview and leave all of the specific details for the related section. Show Your PassionLet your passion and excitement show in the company description section as you explain why you started the company and what you hope to accomplish. Your excitement should show in the tone of your writing, and your aim should be to get the reader interested in reading the rest of the business plan. Do a Length CheckWhen you're writing about the passion and excitement that led you to start your company, it can be easy to get carried away and use more words than necessary to get your point across. Once you've drafted your company description, go back and cut out any unnecessary parts or redundant information to make it clear and concise. Have It ProofreadAsk someone who hasn't seen various drafts of the company description to review it for typos, grammatical errors, or flow problems that could hurt the impact it has on the reader. The Bottom Line on Writing a Company DescriptionThe company description is a crucial part of any business plan. You should use it to highlight key details about your company. Writing a good company description for your small business starts with a solid elevator pitch. A general overview of your vision and goals should be supplemented with details about exactly what your company does, where it is located, how it is structured, and other information along these lines. Frequently Asked Questions (FAQs)What should I write in a company description?Your company description should include all of the basic details about your company. You don't need to go into granular detail in a company description, but you should give an overview of what you do, how your company is structured, and the vision you have for the future. What is a company summary?"Company summary" is another way to refer to a company description. The terms can be used interchangeably. Was this page helpful? Thanks for your feedback! Tell us why! Other SubmitSources The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. What is a written description of a business venture that describes all aspects of the business?The Business Plan: a written description of a new business venture that describes all aspects of the business and is not only used by the entrepreneur but also by potential investors and financing agencies.
What is description of venture in business plan?The business venture definition is a new business that is formed with a plan and expectation that financial gain will follow. Often, this kind of business is referred to as a small business, as it typically begins with a small amount of financial resources.
Which part of the business plan explains the size scope and type of business?Executive Summary
The executive summary must communicate to the prospective investor the size and scope of the market opportunity, the venture's business and profitability model, and how the resources/skills/strategic positioning of the company's management team make it uniquely qualified to execute the business plan.
What are the main features of a venture plan?What should a business plan include?. The executive summary.. A description of the business.. The market(s) the business will operate in.. A SWOT analysis.. Management team and personnel.. The products or services offered.. Marketing.. A financial plan.. |