Mastering Your Envestors Digital Business Plan: Company Description

Setting your sights on the Innovator Founder Visa? Securing an endorsement letter is a key step, and to shine, you need to impress one of the three official endorsing bodies such as Envestors. Your journey with Envestors involves two critical stages: the initial registration, where you introduce yourself and your vision, and the business plan phase, the heart of your application. No need to stress, though. We're here to help.

Here are the areas you should focus on:

• Market Research
• Competitive Analysis
• Company Description
• Financials
• Marketing and Sales Strategy

Company Description

Being specific in your business plan is crucial. 

For instance, when demonstrating that you've secured reliable suppliers for your products or services, detail is key.

Bad Example

"We have reliable suppliers for our materials."

Salmo’s Version

"We've secured contracts with ABC Materials Inc., a leading supplier with a 98% on-time delivery rate, ensuring our production line remains uninterrupted."

This is a much better statement because:

• Specificity: It names a specific supplier, "ABC Materials Inc.," giving the claim credibility and allowing for independent verification if needed.
• Quantifiable Performance: By mentioning a "98% on-time delivery rate," it provides a quantifiable measure of the supplier's reliability, which reassures stakeholders of the supply chain's efficiency.
• Impact on Business Operations: The statement directly links the supplier's reliability to a critical aspect of business operations—ensuring "our production line remains uninterrupted." This highlights the strategic importance of the chosen supplier in maintaining consistent business activities.
• Demonstrates Due Diligence: By selecting a "leading supplier" and providing data on their performance, it shows that thorough due diligence was conducted in the supplier selection process, reflecting positively on the business's management practices.

The same logic applies when you talk about your manufacturing or production plan. 

Bad Example

"Our products will be manufactured overseas to reduce costs."

Opting for overseas manufacturing might catch the eye for its cost benefits, but without detailed specifics, it raises concerns. Evaluators will probe into the depth of your research on this strategy, questioning its effects on quality and delivery timelines.

Salmo’s Version

 "We've partnered with XYZ Manufacturing Co. in Vietnam, offering a 20% lower production cost compared to domestic alternatives without compromising quality. Our agreement includes strict quality control measures and a flexible production capacity of up to 10,000 units per month to scale with demand."

This is a better statement because it includes:

• Partnership Details: It specifies the manufacturing partner, "XYZ Manufacturing Co. in Vietnam," adding credibility and transparency to the claim.
• Cost Savings Quantified: Mentioning a "20% lower production cost" provides a concrete figure that highlights significant cost efficiency, making the financial advantage clear.
• Quality Assurance: The assurance that cost savings do not come at the expense of quality addresses a common concern with overseas manufacturing, reassuring stakeholders of the product's integrity.
• Scalability: The mention of "a flexible production capacity of up to 10,000 units per month" showcases the partnership's ability to scale with demand, indicating readiness for growth and the ability to meet increasing market demands efficiently.

We know the devil is in the details with a digital business plan. That's where Salmo's endorsing services come in. Let us help you refine your application to ensure your content is polished and poised to secure that crucial 'endorsement letter'!