Business Plan Example - Company Summary
Writing the Company Summary Section of Your Business Plan
The Company Summary of a Business Plan outlines all the elements of your business. It's designed to give readers, such as investors, a quick and easy understanding of your business, goals, and how your business stands out in the market. It covers concepts such as the nature of your business and the factors that you feel will make your business successful and consequently, profitable.
What Goes in the Company Summary Area of a Business Plan
The company summary section of your business plan includes:
- Your business' name
- Your business structure (i.e. sole proprietorship, LLC, S Corporation or partnership,)
- Your business management team
- The location of your business
- Your business' history such as when it started and it's successes
- Your business mission statement.
- A description of your business products and services, and the needs your business fulfills in the marketplace
- An explanation of how your products or services fulfill the market's needs
- A list of the segments of your target market (who will buy your product or services)
- An explanation of your competitive advantage; those aspects of your business that will make you a success, such as location, expertise, value, etc
- Your objectives and goals, including any plans to expand into other products and services, or into new markets.
Examples of a Company Summary
For some help in creating your own company summary, here are a few examples of what you might write. Start with a concise opening paragraph about your company:
XYZ Consulting is a new company that provides expertise in search marketing solutions for business on a worldwide basis, including website promotion, online advertising and search engine optimization techniques to improve its clients' positioning in the search engines. We will cater to the higher education market, including colleges, universities and professional educational institutions.
In the above paragraph, several of the elements of the company summary are covered including the name (XYZ Consulting), history (new company), description of services (web promotion, SEO) and why it's needed (improve positioning in search engines), and the target market (higher education). Next, you might provide the details of your business such as where it is located and legal structure.
If the goal of your business plan is to secure funding, you want to focus on areas that will appeal to investors and lending institutions such as why you're the best person to run this business, your experience in this type of business, and how you plan to make it a success. For example, you want to include your background knowledge, expertise, and experience in doing the work involved in your business. You can include a resume of your experience in the Appendix.
If there are areas you don't have the knowledge or experience or are weak in, explain how you'll overcome or compensate for that.
While this sounds like a lot of information, you should be able to include all necessary info about your company summary on one page. Remember, this isn't about providing the nitty gritty details, but a high-level view of your business to make it easy for investors to get a quick idea of your business.
Tips for Completing Your Company Summary
Here are some additional tips to help you get your company summary written:
- Stick to the big picture. Other sections of your business plan will provide the specific details of your business. This summary synthesizes all that information into one page, so you just need the overview.
- Be passionate and interesting. Business documents can become boring, which doesn't help you get funding. While you don't want to be over the top, you want to make sure your passion and excitement for the business comes through.
- Proofread. This is especially important if you plan to ask for money. A quality company summary will have potential investors reading through the rest of your plan. However, a messy, disjointed, full of errors plan, will have them putting it down and rejecting your request for funding.