You probably already know that there are different steps involved in writing and creating a good business plan. A proper business plan is a valuable tool for your business or company and can help lead you on a path to great success. The more you know about the different components that go into creating one, the better your business plan will be.
One important part of the business plan is your Statement of Purpose. The statement of purpose shows you know what you want and you are willing to do what it takes to get it. These are qualities that are important to a successful business and it shows you are serious about your company and its success.
What is the statement of purpose?
Your statement of purpose is how you communicate with potential lenders or investors, business partners or even future employees. This is an important part of the business plan and should be taken seriously. You need to be direct, concise and to the point. Don’t waste words or will it up with “fluff” here.
The statement of purpose should include exactly what you want without “beating around the bush” or taking a long time to get there. You should be able to get your complete statement of purpose into about a page of your business plan. If your original is longer, keep revising and cutting until you can get it down to about one full page that describes what you want.
What should be included in the statement of purpose?
So what exactly do you say in your statement of purpose? Your statement of purpose should include a brief description of your company or business, your objectives, your company mission and your keys to success. You should describe the primary service or goods provided and your plan to provide those to the consumer as well as the rate at which you will provide it.
You should then include the current local market for your goods or services and where you predict the majority of your profit to come from. You will also include major achievements of the company or details that show why your business has the ability to thrive in the market and be successful.