This chapter on business planning will provide an opportunity for a high level of a rethink on all elements of your business. This is similar to an extended elevator pitch that can help readers and potential investors quickly understand their business goals and unique statements.
What to include in your company description
Describe your business’s nature and make a list of the market needs you are trying to meet. Explain how your product or service will meet these needs. Make a list of the specific consumers, organizations and businesses that your company is serving and will serve. Describe the competitive advantages that you believe will make your organization successful, such as – your position, experienced staff, efficient work ethic or ability that will bring your evaluation to your customers.
The Market Analysis section on your business plan will enhance your knowledge of any industry and market, as well as your research topics and decisions. What to include in your market analysis Industry Description and Outlook – Describe your industry with the current volume and historical growth rate and trends and features. Such as- life cycle level planned production rate etc. Next, make a list of the most critical buyers in your industry.
Organization and management
This part of the organization and management should include your company’s organizational structure, details of ownership of the company, a short profile of the board of directors’ management team, and qualifications. Also, who will do what in your business? What is their background, and why did you bring them into your business as a board member or employee? What are their responsibilities? It may seem unnecessary for one or two people to answer these questions, but the person reading your business plan may want to know who is in charge. So tell them. Please describe each section and a detailed description of their functions.