Products and Services
It is important to write a clear, concise description of the products and services you offer, for yourself as well as for others. The process is helpful in clarifying what you offer; identify the number of products and services offered, and for planning changes in product offerings.
How are you going to scale your product/service, if so how? How will you sell your product or what is your channel of distribution? If it’s a product, do you need or have you chosen a co-packer? Have you considered licensing your product?
The most important reason for describing your products and services is to help you communicate with your customers, suppliers, advisors, employees, and provide focus for your business.
If the focus is unclear or too general, people cannot identify what you do, and therefore, do not know when to call you or come to your place of business. For example, a retail clothing store offering expensive, high – quality dresses and suit, plus bargain-basement plastic shoes, would have a difficult time communicate its different product lines. Potential customers might be confused, not trusting the quality.
If the focus is too narrow, you risk losing business to more full time service businesses. For example, a janitorial service offering only vacuuming and dusting services and no window-washing, floor scrubbing, or waxing services risk losing business to others offering more.
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