In a business plan, what aspect should be addressed in the description section?

The description section of a business plan should focus on providing a clear and thorough overview of the business itself. This includes detailing what the business does, its vision and mission, and importantly, the target markets it aims to serve. Identifying target markets is crucial as it helps to clarify who the company’s potential customers are, what their needs and preferences may be, and how the business plans to meet those needs. By addressing target markets in the description section, it sets the stage for further details about marketing strategies, competitive positioning, and product or service offerings.

While elements like company history, financial projections, and competitive analysis are vital components of a comprehensive business plan, they typically occupy separate sections dedicated to those specific topics. Each of these areas requires focused attention and detail, which is why they are not the primary focus in the description section. The description is all about presenting a foundational understanding of the business and establishing a context for the more detailed analyses that follow in the plan.