Northwestern Ontario Innovation Centre

Developing a Company Description


What business will you be in/are you in? What will you do?

The development of a company's description is an integral part of starting up a company and provides the foundation to which all business practices are based on. It not only provides direction to you the business owner/manager but also to your  employees, customers, suppliers, partners, potential investors and other stakeholders. It may seem like a simple task to provide simple answers but this process really needs indept thought and care.

As your business evolves and changes so too should your company description. The direction in which your business was going 3 years ago may not be the direction it is currently headed. If your decription is out of date your businesses stakeholders can be led astray considering the businesses actions are not in line with the old description.

 

Mission Statement:

Many companies have a brief mission statement, usually in thirty words or less, explaining their reason for being and their guiding principles. If you want to draft a mission statement, this is a good place to put it in the plan, followed by:

 

Company goals and objectives:

Goals are destinations -- where you want your business to be. Objectives are progress markers along the way to goal achievement. For example, a goal might be to have a healthy, successful company that is a leader in customer service and has a loyal customer following. Objectives might be annual sales targets and some specific measures of customer satisfaction.

 

Business philosophy:

What is important to you in business?

 

The Market:

To whom will you market your products? What is your target market? (State it briefly here - you will do a more thorough explanation in the Marketing section).

 

Describe your industry:

Is it a growth industry? What changes do you foresee in your industry, short term and long term? How will your company be poised to take advantage of them? (State it briefly here - you will do a more thorough explanation in the Marketing section).

 

Keys to Success:

What are your most important company strengths and core competencies?
What factors will make the company succeed?
What do you think your major competitive strengths will be?
What background experience, skills, and strengths do you personally bring to this new venture?

 

Legal form of ownership:

Sole Proprietor, Partnership, Corporation, Limited Liability Corporation (LLC)?
Why have you selected this form?

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