This is a great litmus test for how well you understand your product or service and the value that it creates.
If you have to hesitate and think about exactly the specific need or want that it fulfills, then you don’t have a sufficient understanding of your business.
Later, in a more detailed competitive analysis, you will address the major players and competitors who control parts of the market.
The best way to understand where you are in your business is to compare it to where you want to be.
The mission statement should be a concise statement of the company’s goals and the principles that will guide it’s growth.
Many people see the business’ mission statement as more symbolic than practical.When you are a business intended on growing you must have a clear path of where you want to go.Most businesses identify their objective in a mission statement.For more than 100 years, Deluxe Corporation has sought to create the tools that help shape our economy.Since 1915, Deluxe has recognized the vital role that small business plays in our communities, from job creation to business development.However, the mission statement can serve a very practical purpose in providing a path for a growing and evolving business.You may wish to expand this section further to include a business philosophy. If so, without incorporating the business’ philosophy directly into the planning documents it may become difficult to incorporate maintain those principles as the business grows and evolves.Now you can tell about how the product you have designed or how the service you have developed is going to address the customer’s problems, needs, or wants.Start by giving a general description of the product or service and the individual components.If your product involves patents or technical diagrams you may want to make reference to them in this section and append them to the end of the business plan.If you process is complicated, this is where you can integrate diagrams, flow charts, or process matrices.