Introduction To CXC Business SBA Part3 (Description Of The Business)

THE DESCRIPTION OF THE BUSINESS

ALL business plans are vital to show:

1. The name of the business e.g. Lubin Advertising Agency.

            The name should be simple to say, and should ignite interest, and grab the awareness of the reader.

2.         In a few words show who owns the business, and how the thought for the business came about, e.g. your particular wellbeing, skills or credentials.

3. What is the legal position of the business? Is it a sole trader, partnership, private limited company, public limited company…?
4. Does the business have limited or unlimited liability?
5. Summarize what the type of liability means for the owner of the business.

6. Why was the business created? What are the business’ objectives?

            The objectives may be bulleted and a short clarification should go with the statement e.g.

To make a profit: Given the current market status the business predicts a 40% profit in its first 2 years of operation.

—  A business should operate with a:

1. Mission Statement or a
2. Vision Statement.

      The Mission Statement states precisely the aims of the business and helps keep the workers of the business on task. It also clearly tells the customers what the business stands for and should facilitate them to understand your ethics and build customer faithfulness.

       The Vision Statement tells clearly what your business expects to achieve in the medium or long time period.