In order to complete the Company Description section, which is part of the business plan checklist, a company should explain every aspect of the nature and operations of the business. In order to get financing, it is important to state the core competencies the company has in the market.
A core competency is any aspect of business in which the company outperforms the same, or a similar, aspect of any other competing company. The core competencies of every company will be different in any industry; however, some examples of business core competencies include manufacturing the lowest cost products, providing the most durable product, providing employees with the best sales incentive compensation plan, or providing the best product warranty.
Next, state the strengths, or competencies, of the company; which are aspects of business a company performs well, however, other competitors may perform the same aspects of business better or worse than the company. Finally, weaknesses of the company must be stated, even if they do not affect the overall performance of the company.
Weaknesses of a company include items like a non-desirable location, a large amount of competitors in the same area, and even the lack of skilled trade to employ at the business.
Once these are listed, explain of how the company satisfies, or plans to satisfy, the needs of its customers. Conclude this section by connecting the company's target market, explained in the Market Analysis section into the final sentences of how the customers' needs are or will be met.