The company overview section of your business plan provides a detailed description of your business, its history, and its mission statement. This section should help readers understand what your business does, its legal structure, how it operates, and what its goals are.
The section of a business plan that provides an overview of the company may be referred to interchangeably as company overview, company description, or company summary.
Why Company Overview is Important?
The company overview is important because it provides context for the rest of the business plan. Understanding whether your company is new or established, as well as its accomplishments to date, is crucial information for readers of your business plan. This is because past accomplishments are the greatest predictor of future success.
What to Include in a Company Overview Section?
Here are some key components to include in your company overview:
Introduce your company and provide a brief history of its founding, ownership, and management team. Describe your company’s mission, values, and culture to give readers a sense of what sets your business apart from others.
Product and Service:
Describe the products or services your business offers, and explain how they solve a problem or meet a need in the market. Highlight any unique features or benefits of your products or services, and include information about your pricing, production process, and quality standards.
Briefly mention the legal structure of your business, such as Corporation, Limited Liability Company, Sole Proprietorship, Non-Profit Organization, or Not Yet Incorporated.
Location and Facilities:
Describe the location and facilities of your business, including any assets such as equipment, inventory, or real estate. Explain how these assets contribute to the success of the business. The location of a company is a crucial factor since many potential investors tend to favor investing in businesses that are geographically close to them.