Page 88 - Business Plans that Work A Guide for Small Business

5 COMPANY

AND PRODUCT

DESCRIPTION:

SELLING YOUR

VISION

ompleting the dispassionate analysis described in Chapter 4 lays
the foundation for describing your company and concept. This is
Cthe place to be passionate and sell your vision. Use both rational
data and emotional appeals that support your story, but don’t ramble.
A concise, hard-hitting statement supported by data is impressive. Fig-
ure 5.1 lays out the major sections covered in this part of the plan. In
the first paragraph identify the company name, where it is incorporated,
and a brief overview of the concept for the company. Be clear but suc-
cinct in describing the product/service in this introductory paragraph. In
the following paragraphs, you can go into much greater detail. The first
paragraph should also highlight what the company has achieved to date;
what milestones you have accomplished that show progress. Investors
and stakeholders view much more favorably those action-oriented entre-
preneurs who have accomplished milestones.
More space should be used to communicate the product. Again,
graphic representations can be powerful. Reflecting on the competitive
profile matrix from the previous section, highlight how your product
fits into the customer value proposition. What is incorporated into your
product and what added value do you deliver to the customer? This is
sometimes called “the value proposition.” This section should clearly
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