Updating Your Business Plan for 2023 Part 3 - Company Description


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Updating Your Business Plan for 2023 Part 3 - Company Description
Written By: June Bachman ~ 12/9/2022 9:00:00 AM


Updating Your Business Plan for 2023 Part 1 - Getting Started

Updating Your Business Plan for 2023 Part 2 - Executive Summary

The Company Descriptions explains the basic characteristics of your business. The Company Description should provide the readers with a comprehensive understanding of the business’s mission, vision, goals, niche’ target market, competitive landscape and legal structure. This section describes what the business does, and what the business hopes to accomplish.


Include the following sections:

  • Mission Statement – An explanation of why your company exists. It can be as long as a couple of sentences, or as short as your business tagline.
  • Philosophy and Vision – Describe the philosophy of your business values. The vision is the long-term outlook of your business. In the long run, what do you see your business becoming?
  • Target Niche’ Market – Just include a brief overview in this section. The Target Niche’ Market will be covered in detail in the Marketing Plan section of the Business Plan.
  • State of the Industry – Describe your industry, and how your business is competitive within the industry. Is the industry growing? What is the long-term and short-term outlooks of your industry. What trends or changes do you anticipate; and how will your business change to meet new trends?
  • Legal Structure – Describe the legal entity structure of your business. Why did you choose this structure? Explain the division of ownership, investors, lenders, etc.
  • Company History – Describe your business’s story … your history. Include the following:
    • Length of time in business
    • Previous owners
    • Sales and profit history
    • Business reputation
    • Highlight past success and failures
    • Share most important challenges
  • Strengths and Competencies – Describe your business’s core competency – what do you do best? What are your competitive strengths? What specifically, do the main key managers personally bring to the business?
  • Company Challenges – Describe the business’s main challenges – both today, as well as in the future. If you are seeking investment funds, explain how the money may help address the challenges.
  • Company Goals – Describe your company future goals? Include both short-term and long-term goals. They may include:
    • Revenue growth
    • Diversifying products and services
    • Increasing production
    • Selling your business


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