Writing A Business Plan Series - Step 3: The Company Description
The company description of your business plan explains your practice in detail & should include several elements.
Writing a business plan can be daunting, but it doesn’t have to be! In this series of articles, we aim to demystify business plans & give you actionable steps to create your own. So far, we have covered Step 1: Determining your audience, and Step 2: Defining your mission, vision, & core values. Step 3 is writing your company description.
The company description is the second section of the business plan and will follow the executive summary. This section should explain your practice in detail. It should be short, specific, and succinct.
Here are the elements to include in the company description.
1. Name – Legal name of your practice.
2. Structure – Are you a sole proprietor, PLLC, or PA?
3. Management Team – Your key players & their qualifications.
5. Company History – When & why did you start your practice?
6. Mission Statement.
7. Services – What services do you provide?
8. Target Market – Who are your patients?
9. Competitive Advantage – Why will people want to do business with you?
10. Goals – What are your specific & measurable short & long-term goals?