Business rendezvous – Profiling your business

Whether you own an actual business or are thinking of starting one, you should have a clear idea of what your business is about. Creating a profile for your business helps you to better position yourself against your competition. Having a profile of your enterprise is as important as having one on your competition. {{more}}

Your business profile should include information on the management, location, target market, pricing, production and market strategy of your venture. In developing your management profile, you will need to identify the human resources or type of workers necessary to operate your enterprise. You should explain the role of each worker in the business. This will help you to hire the persons with the right knowledge, skills and attitude.

The location of your business is crucial to its success. Therefore, you should state where the business is or will be located if you have not yet started. It is also a good idea to identify the pros and cons of operating from that location. Another important factor that must be included in the enterprise profile is the target market. Your best customers must be described. In addition you should have a very good idea of who your potential customers will be.

The price at which your products is sold at present or will be sold for in the future must be determined. In order to price your products properly you should know the cost to make the goods or provide the service. The price that you sell your goods at will help to engender your competitiveness in the market place.

You should be able to describe the actual or proposed methods of production taking into account all the steps from purchasing the raw materials to the actual delivery of the product to the consumer. If you are providing a service then the entire process involved in providing that service must be described in detail.

Your marketing strategy will outline what types of advertising and promotion you are using or will be using. Elements of your corporate identity such as letter heads, etc. should also be identified.

Your business profile will help you to have access to timely and relevant information that you can use to make decisions within your business. If you need assistance in doing your business profile, you can contact us at the Centre for Enterprise Development.

• Submitted by the Centre for Enterprise Development. First Floor Methodist Building, Granby Street, Kingstown.

Tel: (784) 451-2235-6 Fax: (784) 451-2237 Email: cedsvg@vincysurf.com or cedsvg@hotmail.com