What type of information is included in the 'Description of Business' section of a business plan?

The 'Description of Business' section of a business plan is essential as it provides a detailed overview of what the business is about. This section outlines the aims and objectives, which are the goals that the business seeks to achieve and the purpose behind its establishment. By including the aims and objectives, this section helps stakeholders to understand the mission of the business and its strategic vision.

While other aspects, such as market size and potential, marketing strategies, and production processes, are also vital components of a comprehensive business plan, they belong to different sections focused on specific details of the business. Market size and potential would typically address industry analysis and demand forecasts, marketing strategies define how the business plans to reach and engage customers, and production processes describe the operational workflows involved in delivering products or services. Each of these contributes to the overall business plan but does not capture the foundational essence of the business’s aims and objectives, which is crucial in the 'Description of Business' section.