There are many helpful documents that businesses should have, these included a Business Plan, Marketing Plan, Financial Forecast, Budget and Business Profile. Most small businesses have the first four but do not see the need for a profile. This document is potentially one of the most important, a well-crafted profile should form the foundation of your Business & Marketing Plans and Financial Forecast.
The first two things that a business owner should do before starting a new business is develop a profile and exit strategy (this will be covered in a later article). A Business Profile should be the essence of the business, it should be a concise description that grabs a potential client or customer’s attention. A good Business Profile will be comprehensive without beginning an unduly long testament to the business. The profile should include information about its vision, performance, reputation, structure and history of the business and business owner.
A business should have two versions of their profile, one that can be included in proposals and one that is a standalone document. The short version is a summary of the comprehensive document, essentially an executive summary of the complete profile. The full profile should include;
• Brief Description
• Mission Statement
• Vision & Values
• The why and what of the business
• Solutions & Services
• Highlights (including key personnel)
• Client Profile
The profile of the business is important because it forms the basis of your Business & Marketing Plan and Financial Forecasts. If you do not know why you are in business and who your clients or customers are then your business plan will be ineffectual at best or potentially a waste of time.
A comprehensive profile will save you time and money when developing your marketing strategy. If you understand your vision and values then these should form the building blocks of your marketing strategies. Many businesses fail because the values of the business are not in line with the values of the business owner. Passion is a vital element in a successful business, most people cannot maintain long term passion when what they do is at odds with their values.
Finally your comprehensive profile should be structured, easy to read, include illustration or diagrams that complement the text. A good profile needs to be informative but also enticing to read therefore you should be mindful of your clients, customers and prospects time so I recommend the full profile should be no longer that eight pages, the brief profile should be between 2 – 4 paragraphs.
Remember “Turnover is Vanity, Profit is Reality and Cash is King!”
Quote – “It is in your moments of decision that your destiny is shaped.” Tony Robbins
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