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Business Description

Simple Alliance, Kenya Limited


Definition

A business description is basically the vision for a business.

Vision

By definition, vision refers to your business’ plan for the future – your business strategy.  Your vision needs to consist of precise actions or achievements that your business intends to attain. This succinctness makes your vision measurable. In other words, your vision consists of quantifiable actions or feats.

Business Description Components

Your business description contains information or data that defines a number of significant business concepts.  The description gives a clear account of:

  • Your identity as a business entity
  • Your service and product offerings
  • The market needs you aspire to tackle
  • Justification for your business idea as a valid one  

Your Business Identity

Your business description clearly describes your basic details. Some important particulars in this identity category include:

  • Your business’ name
  • The physical location of your business
  • The business postal address  
  • Your business’ phone contacts
  • The business email address

What you Intend to Offer

Within your business description segment, you specify your planned service or product line. This marketing plan section enables you to define your anticipated scope of business operations. In other words, you state whether you wish to run a wholesale, retail or a combination of the two types of business.     

The Market Needs You Plan to Satisfy

Here, you specify the existing service or product gaps. This exercise establishes a market need within your target market. You then explain how your anticipated service or product offerings will meet the identified market needs.  

Validation of your Business Notion

Your business description exercise also offers you a chance to provide justification for your business concept. This initiative enables you to explain how your anticipated business will be of benefit both to you as well as to your target customers. You show and prove that your planned business will financially benefit you. You also illustrate and verify that your target customers will gain utility from using your services or products. Your financial plan could help rationalise your business.       

Components

Your business description section comprises a number of elements, namely:

  • Industry overview
  • Company discussion
  • Product or service description
  • Business position within the market
  • Desired pricing tactics  

Significance

Business description is important in a number of ways. It: 

  • Corroborates your business plan
  • Helps you to network efficiently
  • It backs your marketing initiatives
  • It helps you to discuss your business with outside parties

Business description refers to a succinct, easy to comprehend presentation of your business’ vision. The vision is basically your business strategy or your business’ plan for the future.  The major components of your business description segment include; your identity as a business entity, Desired pricing tactics, your financial plan, your marketing plan or your service and product offerings, the market needs you aspire to tackle, Industry overview, and Justification for your business idea.

Copyright (C) 2016, Simple Alliance Kenya Limited

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