Please note: the sound on this recording is a little low, you may wish to listen through headphones.
When formulating your business idea, we naturally go through a process of asking ourselves questions about our business, such as: what will we sell, who are our clients, where will my business be based, etc.
The first section of a Business Plan is called the Business Vision, Business Description, or Business Idea (depending on the Business Plan template you are using) and reflects those thought processes.
In other words, the Business Vision sets the scene for your business. It paints a picture of your business so others can understand it. It introduces the idea you have for your business in a clear and concise manner.
The subsequent sections of the Business Plan are there to PROVE that the Business Vision you set out in this section is viable and realistic.
In other words, all the other sections of the document support this Vision and prove it is possible.
Your Business Vision sets the questions:
- What is my overall business concept?
- What are my products and/or services?
- What is my market segment?
- How does my business fit into my industry?
And the activities we undertake as we plan our business, and document as part of our Business Plan, answer these questions.
Let’s dig a bit deeper.
Here’s what’s generally included in the Business Vision section of a Business Plan.
- Business Concept Statement
- Your business goals
- Details of your product or service
- Industry background
- Competitive analysis
In the next video we’re going to look at the first of these, the Business Concept Statement.