Writing a business plan in Nigeria is an important aspect for all business man or woman. To be successful in your line of business a well detailed business plan must be put together whether the business is about to start or its already running or you want to expand a good and detailed business plan will guide you and give you the insight you need to succeed in that business.
As an entrepreneur a good and well written business plan is all you need to achieve your business goals. As we have earlier said in some of our previous post a business plan is a roadmap for your business. There are lots of benefit of business plan. It will not only guide you but can help you secure loans, grant and bring investors who would want to see your plans succeed.
In writing a business plan in Nigeria or in any part of the world there some key or basic things you must do and that is to identify your niche and there is a difference between business plan and a business proposal. Its very important that you are certain about the kind of business you want to start or you have a comprehensive information about the business you are in already.
A business plan must contain some vital parts for it to be complete, they are;
1. Executive Summary
The executive summary is the first page you meet after the page title, it is the general overview of business plan. In this page you would see the list of your business goals.
his page should be written after the business plan is finished so when your business plan is well written you would automatically have a good executive summary.
2. Business Description
On this page, your company’s profile should be expressively described. This part is not too difficult because as the name implies it a full and complete description of your business.
This is a full and complete explanation of what your company is all about, what it does, what make your company unique, what differentiate your business from others.
Business description should contain current trends in market and your expectations for the future in regards to this trends. Its a page that should talk about the industry you are and its products and services and how it can be of an advantage or disadvantage to your business.
3. Market Analysis and Strategies
This is a very important part of a business plan. It is market research and the competitors in your line of business. This aspect of a business plan gives you what to expect in the industry. When this is done properly you would become familiar with the industry and this will make it very easy for you to plot your success graph.
This part might not be so easy especially when yo are new in writing a business plan but you can seek the services of market research firms to assist you.
4. Design and Development Plan
In this page of a business plan, you would provide information about your product design and development plan and strategy of the business. This is page should contain strategies you intend to use to reach your business goals.
This part of your business plan talks about how your business structure is going to be like, the kind of organization you would use for your business. It important to use the right organization and management structure that works for you. You must not necessary copy others because your goals might not be the same, so having your own unique structure could put your business where you would want it to be.
6. Service or Product Line
In this part of your business plan, you’d outline the product line, your product’s market research, the product development process and strategy, the services you offer and the reason for the product. You would describe how your customer would benefit from your product, the price of your products should also be listed.
7. Sales and Marketing
From the information you have gotten from your market research and analysis, this page should talk about you intend to reach your target customers and market your product. You marketing strategies and promotional tactics should also be outlined.
8. Funding Request
This part is about your financial needs, if the reason for your business plan is to raise funding include the total amount you will need for the business. To get a bank loan or a grant through a business plan require you to be very detailed and clear in best possible way.
9. Financial Projections
It is very important to note that your financial projections has to be very clear and detailed most especially when you require a bank loan or a grant. Get all the information you need regarding your financial forecast and be very precise, no assumptions or exaggerations.
Benefits of Business Plan
There lot of benefits of having a business plan before going into that business. The benefit of having a business plan can not be overemphasis, it goes beyond just finding lenders, its a strategy that takes into account the resources and goals you have now that can help you grow your business.
The say when preparedness meets opportunity success become inevitable, in other words, success comes to those who plan for it. A business plan is like blueprint for your business.
Its almost like building a house, you have to get the architecture and plan for the house ready, the kind of material you want to use and the way we want the house to look but the slight difference is that a business is not static. Many of us think that a business plan is a piece of paper that we put together when we are starting the business and then toss aside but it isn’t.
A business plan deals with the objective of the business, the business plan for any business will change over time as the objective of the business changes so its an important tool for managing and growing your business. You can learn how to write a business plan
A good business plan lays out a vision of growth and the steps you need to take on how to get there.
Below are benefits and importance of business plan
1. Help Find Funding, Such as Bank Loans
To get loans or funding from investors or capitalists you need to show a business plan. Investors or capitalists want to see a good business plan so they will know that they are investing in a business that will grow. You might be a young entrepreneur or an established market leader looking for capital investment having a good business plan gives you the chance of getting the money you need for the business.
Its important to get a clearly written business plan that describe the opportunities. Investors will want to know why they will be better off investing in your business rather than another or better still leaving their money in their account.
Investors will want to know what the Unique Selling Proposition (USP) for the business is and also the reason people will buy from you.
If you have well written and a detailed business plan, all of these points will be conveyed very clearly to your investors so they will know they are putting their money into the right investment.
We often make the mistake of thinking that a business plan can only be useful when starting a business, in case you do not know a business plan is a good tool for established businesses.
As your business grows and evolves, things change, for example, the number of your employees, your yearly budget, financial targets and client targets and you will need to monitor this change and so the business plan needs to be revised as new goals are set.
This is a very important aspect of a business plan it helps you pinpoint the best strategies to use. A good business plan helps you to know where you are and where you are going. There has to be good strategies that you will need to put in place to get you to where you want to be.
4. Clear Direction
A good and well written business plan helps you define what your business is all about or what its going to be over time. The clarity of your purpose should be so defined so you can a have a clear direction and description of the business and the vision of the business.
5. Future Vision
To plan for the future of your business is very important because businesses evolve and grow over time. A business plan that has a future vision can help you plan effectively for changes and new innovations
Benefits of Feasibility Study
A feasibility study analysis how viable or successful an idea is considering its economical, operational, technical, legal factors.
To be successful in your business there are some qualities that you need to have, you have to be a creative thinker, passionate, tenacious, flexible, able to tolerate uncertainty, and of course able to take risks. With all of this qualities without good feasibility study for that business you are unlikely to succeed
Feasibility studies are used in the early stages of planning the business or project, it helps you with good insight for better decision making and prevent you from taking unnecessary risks.
This is to determine the cost, viability, benefits that are associated with the business before allocating the financial resources.
This deals with how well a business takes advantage of its opportunities and solves problems in the industry. Also it analyses how a business plan satisfies the requirements identified in the analysis phrase of the business