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Starting a Business! Part 3

Updated: Jan 22, 2020

Company Description

This section should give an overview of the functioning of the various elements of your business with relation to each other. Information should be provided regarding the type of your business along with the various basic reasons why you have full faith in the ultimate success of your venture.

While describing the type of your business, it is very important to specify the various areas of the market whose needs are your primary target. You should also indicate how you plan to project your products and services as the ideal solutions to cater to those market needs. In the end you should make a specific list of organizations and/or people who, you think, would require your products or services.

In order to show a high chance of success in your proposed business, you have to demonstrate the following: high level of competence to be able to cater to the needs of your customers, well-organized systems of delivery of your products or services, exceptional staff, or a strategic location. Every one of these factors would put you far ahead of your competitors.

Organization & Management

You should include the following in this section:

  • The organizational structure of your company

  • Your company’s ownership details

  • Qualifications and experience details of each member of your management team

  • Profiles of your board of directors

Organizational Structure

An organizational chart should be made with explanations regarding the elements of the chart. This is an effective way to demonstrate the construction of your company and it establishes the fact that the duties, responsibilities and powers of all the members of the team have been carefully planned. This also proves that no aspect has been overlooked and that all functions of the company are well-controlled.

Ownership Information

The legal build-up of your business and the ownership details should be included in this section. The following information should be provided:

  • Owners’ names

  • What is each owner’s share of ownership?

  • How much is each owner involved in the company?

  • Types of ownership

Management Profiles

It has been established that the success of any company depends upon the competence and past performance record of its owner/management.

Board of Directors' Qualifications

The main advantage of having a board of directors is that they function like an unpaid board of advisors providing expert advice that might be difficult for your company to afford otherwise. Moreover, the credibility of your company is greatly enhanced as a result of the presence of famous and successful managers/business owners on your board.

Marketing and Sales Strategies

Your company lives on sales and marketing which involves getting customers to whom you can sell your products or services. Marketing strategy should, therefore, be very dynamic and it should be clearly spelled out in this section. Basically your marketing strategy should be moving with the times and should be a constant process of self-evaluation, specifically adapted to your business.

Conclusion tomorrow...

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