Writing the Perfect Business Plan: Company Description

You should start with the company description section when writing the perfect business plan. This section will introduce your reader to your company. Because it is an introduction to your business, it is crucial that you make it very detailed. Also, there are some similarities between the company description section and the organization & management section. Let’s look at this section more closely.

Mission Statement

The company description is a good place to add a mission statement. This is a short statement that explains the main goals of your business.

Key Question: What is your overarching goal as a business?

Nature of your Business

Next, you should discuss the general nature of your business. You should explain (broadly) what you offer to the world. This can include the specific needs that your company meets for your consumers. In addition, it would be helpful if you can outline how these needs will be met by your business.

Key Question: What do you offer to potential customers?

Who you will serve

In this section, you should discuss the general characteristics of the people you will serve. These could be individuals or other organizations/businesses. By explaining who your customers are, you are giving your reader a better overview of your goals. Then, they can better imagine how well you will actually meet the needs of your target audience.

Key Question: Who will you serve?

Your competitive advantage

Your competitive advantage is the edge you have over your competitor. This will vary widely depending on your business. For some, your competitive advantage could simply be a location that is closer to your customers. For others, it may be that your product offers an added value because of a specific characteristics. By outlining your competitive advantage, you are essentially saying why someone should choose you over a competitor.

Key Question: Why should someone choose you over a competitor?

The above sections are the key pieces of information to include in your company description. After this section, you can continue on to the organization & management section of your business plan.