Starting a business needs a lot of preparations. You cannot just do the business spontaneously if you want to be successful with the business.
Of course, you have to be brave when running a business, but you can run the business better by making a proper business plan.
Yes, it is a must to create a business plan. So many elements should be included in the business plan and one crucial element to be added in the business plan is a company overview.
If you have a question about what is a company overview, you can learn further. By creating a great company overview, you can make a great business plan.
How to Write a Company Background
What is It?
You might not feel familiar with the company overview. You might be more familiar with the company description or summary. Those terms are used for the same thing.
The company overview will give some basic background information about your business organization to the business plan reader.
After reading the company overview part, the reader will understand the product or service of the business and the management team of the company.
Where should you put the company overview in the business plan? The first piece of the business plan is the executive summary.
The company overview can be added right after it. Of course, you have to make short and succinct the company overview.
Importance of Company Overview
Why do you need to create a company overview? As a part of the business plan, the company overview will provide the business basics and background.
You can say that the company overview will become the foundation for building the business plan.
You need to make a business plan when you are looking for potential clients or investors.
There is no way the potential clients and investors will be attracted to your business without having a proper understanding of your business.
Hopefully, they can make the right decision after being well informed about your business.
A company overview will also be the reason why the lenders want to keep reading the company overview or not since you they have to deal with so many business plans on a regular basis.
Since you need to make a great company overview as part of a great business plan, you need to know the way to create a great company overview. First of all, you need to know things you need to include in the company overview.
The first thing to include in your company overview must be basic company information. You can say that a company overview is a kind of introduction to your company.
You can add basic company information in the opening of the company overview. Basic information includes the name of your company, business structure, and locations.
Management Team and Ownership
After introducing your business shortly in the opening paragraph of the company overview, you need to include the ownership and management team of your company. You need to explain the business ownership.
The reader needs to know who owns the business and the role of each owner in the business. Some small businesses might be managed right away by the owners. However, a larger business might involve a management team.
You surely need to add information about your business management team. You need to explain their names and their functions in the company. It is crucial what is a company overview.
To make an attractive and informative company overview, you need to point out the company’s uniqueness.
What makes your business unique? It is your business history. Every company has a different history after all.
Even a startup business also has some history. The history of the company can be long but you have to remember that you cannot be too focused on the history section.
You can add some interesting details and personality to your company overview. You need to add something related to the company culture.
Next, you also have to put the mission statement of the company in the company overview. What if you do not have any mission statement for the company since it is only a startup business? It does not matter if you do not add it to your company overview.
You just need to replace it with the purpose of your business. Of course, you can feel free to create a mission statement for your company with your team. The mission statement can also be replaced with a problem statement.
It is important to underline the way your business idea can solve a problem faced by the customers. You need to explain those problems and how your business can solve them.
Product, Service, and Customer
Now, it is time to explain your business a little bit deeper. You can write about the product and service offered by your company.
You must not forget to mention the target consumers of the product or service provided. Since you can go a little bit deeper in this section, you can also share some numbers for strengthening your explanation.
However, you can always save the numbers for a much better explanation in your business plan instead of in the company overview.
You need to remember that the company overview has a purpose to give a general understanding of your business, the product and service offered, as well as, the customers.
If the readers are interested, they will read the rest of the business plan or even schedule a meeting. It is better to keep this section simple and also straightforward
Last but not least, you also have to include the future goals of your business in the company overview. You might think that the company overview will be all about the facts of your business.
However, the reader of your business plan will also need to know your vision and dream about your business.
You might want to find a business problem solution of financing for your business when you write the business plan for an existing business.
When you write one for a startup business, it is more like you want to find funding for your startup.
You can describe your business growth goal if you are asking about what is a company overview of future goals.