Whether you run a new or a company that has been in business for decades, you will always be asked what your company is all about. Businesses tend to grow over the years, what you have started way back may have significant changes. But basically, to help customers, investors, and business partners understand what your company is and how you run things you need to provide a well-written business description. Normally part of a business plan, a business description essentially describes the essence of a company. To learn more about this, let us discuss this further below. And if you need help writing a proper description for the company, then check out our free business description samples that you can download on this page.
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What is a Business Description?
The need to describe what your business is important for those who are interested to invest in your company, who want to become your business partner or clients who want to buy your products or avail of the services. A business description is sometimes written down on a company’s website or is mostly made available in a business plan. This is meant to provide an overview of the company’s background, including what the business does and how the company is unique from others in the same industry. When writing this on a business plan, it is usually found after the executive summary. The need to include a business description would be a deciding factor for those who are interested to do business with the company. A well-written business description may give you more business opportunities.
Over time your business may grow and develop so changes are inevitable, that being said you need to also update your business description so you will be able to attract new investors and partners.
How To Write a Business Description
A business description differs per company is obviously based on the industry and type of company that it has been created for. And the length would depend on where you are using it for. If you need to describe your company in a proposal then you can keep it short by detailing the industry and product in a paragraph each and then using three to four paragraphs to describe your business and its components for success. But there are times when you need to add other information if the situation demands it. An effective business description should be written in a way that your readers fully understand what your business is all about, and for you to start here are several guidelines that can help you.
I. Official Business Name
Once you start writing a business description, start off by providing the company’s official business name. This should be the name that is registered on legal papers. You can also opt to include the name of the owner of the company.
II. Basic Information
Aside from the name, you will need to also provide the where the operations are going to be conducted, business structure (sole proprietorship, LLC, partnership, or corporation), management, number of employees, and hours of operation.
III. Business Goals and Target Market
It is important to let the reader know what the company intends to achieve and its purpose of existence. Make sure these are realistic and are properly identified to be short and long-term goals. Another essential factor to include is describing who your target market is, and explaining who you’re selling to and why they will buy your product or service.
IV. Competitive Advantage
Explain how your company will be able to succeed amidst all the competition. So, you need to describe what makes the business unique and its competitive advantage in the market.
V. Mission Statement
This will outline the purpose of the company, highlight the motivations for starting your business and summarize your product or service, and its target consumers.
VI. Description of the Products/Services
Provide an overview of the products or services you are offering to the market. Expound on its benefits and why it is much better than the competitors.
VI. On Writing the Business Description
It is essential that you start the first few lines of the description with an elevator pitch. This should cover the key aspects of your business and should be brief and persuasive. And make sure to only include all relevant details, your business description need not be several pages long, but must be direct to the point and understandable.
What is a Business Plan?
A business plan is a document that basically provides a complete overview of what your company is all about, and serves as a roadmap based on several aspects that are needed to operate. This covers marketing, financial, and operational standpoints.
How long should a Business Description be?
This will depend on where you need it, take for example you need to provide a description of the company in a business proposal, then a page will do just fine.
What is a Business Proposal?
A business proposal is a document that is provided to potential investors and clients to persuade them to buy their products or avail of their services.
A well-written business description is one of the best ways to attract new opportunities to your company. Readers are able to get an overview of what the business is all about and should be one of the deciding factors to support the company. To make it easier for you to prepare, download our free templates now!
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