How to Write A Perfect Business Plan In Nigeria

How to Write A Perfect Business Plan In Nigeria

There is something I normally say and that is every business in Nigeria needs a written business plan. I keep saying that a business plan is a road map that is design to direct your business “A formal statement of any business goal and how one can reach those goals with a period of time is what is called a business plan”. When one write a business plan it is normal for that plan to also contain background information of the company, industry/organization and also how the team will reach those goals”.

According to Wikipedia A business plan is a formal written document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved. It also describes the nature of the business, background information on the organization, the organization’s financial projections, and the strategies it intends to implement to achieve the stated targets.

In spite all this definition it is very simple to say that a business plan is a form of a  guide  that will lead you on the way your business should go; in other words a business is a roadmap for your business that is a well layout information that outlines yours goals and also details on how you plan to execute and achieve those set goals either a long team or short team. A good business plan should be able to represent the description of the future of your business and where it will be heading. A business plan provides that direction in a well detailed form for your business, and with the plan it gives rooms for potential investors, it also attract partners into your business and it makes your business go viral with that success for your business is sure.

A wisest man ever lived on earth said something, if you have it in mind to build a house you should first make plan and write out the cost and everything regarding the house so that you can finish it, if you don’t write it down you may end up not finish it and people around you would laugh at you. For that business you want to start and make it viral you need a business plan

So what are we talking about, we are discussing on How to Write A Perfect Business Plan In Nigeria?

We have discuss what a business plan is all about and now we will give you the understanding on How to Write A Perfect Business Plan In Nigeria

A good business plan contains the following “STRUCTURE”.

When writing a business plan the structure of the perfect business plan should always include the following:

Executive Summary:– This area is what a carries the comprehensive summary of your company, industry, organization, or business

Company Description: – In this area you are expected to provide a description of your company, industry, organization, or business,

Market Analysis: – In this part of the business plan you are to indicate the research on your company, industry, organization, or business market and competitors

Organization and Management:– At this area of the business plan you have to write down your company, industry, organization, or  business and management structure

Service or Product:– In every business there  is a service that the business offers here is where you write down the product or service you offers

Marketing and Sales:– At this area of your business plan you have to provide a well detailed description on how you plan to market your company, industry, organization, or business and also your sales strategy. This is important because the sole purpose of any business is to make money. If your investors doesn’t see how you plan to get their money back they won’t invest.

Funding Request:– when writing this part you need to be specific the purpose of this part is to get money for your company, industry, organization, or business so here you are to write a proposal of how much money you will need for the next three to five years. Let your amount be specific don’t say 1 to 2 million. It is either 1 million or 2 million if you are not specific that means you don’t even know what you want.

Financial Projections:– This part should supply information  such as balance sheets

Appendix:– In a business plan this part of the business plan is optional but it includes resumes and permits and detailed calculations.

Going through the above information or guide on how to write a business plan may not be so easy as it seems. The fact is writing it could be a little difficult to truly get it started based on the structures. Here are some steps that will simplify your writing and it will make writing easier.  Below are the step-by-step strategies on how to write a perfect business plan

Research.

In other to writing a perfect business plan for your business, company, industry, organization, you should fully aware what and what you truly want to achieve in the business you are going into. You should have a full knowledge in detail concerning your company, industry, organization or business and you should analyze them perfectly well so that everyone will understand. You should carry out a well detailed research and make an analyze of your business product, including your market and also your objective expertise; that is from A well known  writer by name Bill Pirraghia,  who was a senior financial and management executive.

It is advisable that you should spend much time in fact twice the time researching on your business to have full understanding on the business, try and evaluate and think about the business before you start writing the business plan. Don’t just go ahead and start writing business plan on your business for you to write the perfect plan, you must know your company, industry, organization, business, you should know your product, you should know who are your competitors, and you have to know who and what is the market intimately.

It is great to write a business plan but you should write on something you know about research takes the centre stage for planning the future of your business. When you make a good research without bias it will determine the quality of your business; and give you a positioning statement of the business you are going into. Every business owner (CEO), are required to have full knowledge of the business it is what we called first class knowledge and information that concerns your business and including what and what will contributes to the growth of the business, starting from your business products or services, you should be aware of the problem in your products or services, the weakness in other to ices a solution.

You should know your customers, the needs of your customer, your business competitors, how deep is the market. If you are going into the business as a new business owner you know not go into it blindly you should be an information collector in other to stand. You have to be in a situation where you can gather all the necessary information that can increase your business, every information relating to your business. Don’t just relay on your understanding you have to also read everything concerning your business and industry. Meet people, talk with them, people that are in the same business with you, seek their technical advice.

If you want to survive in the business look for what drives you in the business I mean look for your passion in the business get hold of it.  Find out if your expectations for the business are realistic. When you do and it is find out why, it is. Do not spent too much time writing the business because the time spent in writing the plan is totally irrelevant as compare to the research you carried out your business and its prospects. You need to start from the very beginning, in other to have full understanding towards your business and all its technicalities, ensure you understand every problem that may arise regarding to your products and services and get the solution on how to solve them.

You don’t just go into a business without having the first hand understanding of your target market, you need to know the types of customers your company or business need what they are looking for, and also know  how things in the market is changing with time based on the development. Find out who your competitors are in the business and how to go up against them, if you carry out a good research it will give you an idea what and what you are going up against and this will give you a room on how to determine the market in the first place. Ensure you research your sales plan and make sure the other logistics involved in running.

Purpose of The Plan.

I need you to know the reason why we write a business plan and that is for the  purpose of which it is intended for, one of the reason why we write a business plan is for internal use, and the second reason for writing a business plan is to attract potential investors, access to bank loan. A well constructed business plan is a roadmap that will provide the direction or directions that will help you plan the business’s future and also help you to avoid bumps along the way. I need you to know that a business plan is written with the intention to attracting investors, such business plan should to be very strategic, such business plan should be well constructed in a way that it attract these investors that are needed and it should necessarily be as clear and concise as possible.

When you are about to write a business plan for you business, company, industry, organization, there are things that should first come to your mind and one of those things are

  1. What is the purpose of me writing this business plan?
  2. You have to ask yourself this question “To whom am I writing for?”

When you ask yourself those two question the answer you get will determine the aim of your business plan and this will guide you perfectly well on how to proceed from there

Create a Company Profile.

Every company should have a profile because a profile are often found on the company’s official website if they have one and with the profile the company is able to attract potential customers to them. When writing your business plan, your business, company, industry, organization’s profile should be included and the profile should describe your company. In writing your business, company, industry, organization’s profile include the history of your business, company, industry, organization, talk about the products and services that you offer, talk about your business, company, industry, organization target market, talk about your resources and those thing that make or show how unique your business is.

In your business, company, industry, organization’s profile, it should contain a detailed description of your business, company, industry, organization’s goals and its objectives. Ensure to give a description of the problem, challenges that you solve for your customers and states the solution that you are selling or offering. Your business profile should describe the business, company, industry, organization of your business and it should showcase the key members of your management team. Do not forget to describe what products and/ or services your business, company, industry, organization is offering now and/ or what products and/ or services you will develop and offer in the future. It should clearly outlined your management team strengths and experience.

Documentation.

Investors that want to invest in your business, company, industry or organization would want to be very sure of the business their putting their money if the business, company, industry or organization is feasible. Every investor do not just put money into a business they would want to ensure that your business, company, industry or organization is going to make them some money. Because of this reason you should know that investors will be expecting to know everything about your business, company, industry or organization as far as you’re the business is concerned.

In other to make your business presentation more and more effective to you investors and to make it productive, you will have to make all the documentation even to the little detail from your expenses, down to your cash flow, to industry projections. Things you should include in details include the following location (site), marketing strategy and legalization should be stated very clearly. In most cases you are advise to include tables that will aid and provide more details and clear information to the investors, include receipts/ or bills for materials and a detailed price list. Every data and information regarding to the business starting from the day your business, company, industry or organization begins should be well documented in a clear and concise form.

Marketing Plan.

In your business plan you will have to describe or provide a description of your marketing plan, you will discuss your customers’ needs, talk where your customers are located, who is your customers and explain in a very clear view how you have plan to reach them or how you have been reaching them and you will explain how you would be delivering your goods, products, or services to them in a shortest time possible.

Next, as you are explaining your customers to your investors you should also bring to their notice regarding your competitors where they are and who they are and what and what is your plan to measure against them and how to overtake them in the market. You will need to discuss to your investors about the market and provide a total address in the market and you will have to explain to them the reason you think that there is room for you in this market in spite meeting with great competitors. The truth is the investors would really want to see a well detailed description of your marketing strategy and you will have to provide your marketing plan you need to show how you have to achieve this strategy.

In every business there is a promo so investors will want to see what kind of promotional tactics you have and what marketing channels you are planning to use. With this in mind they still want to see how you are going to price your products and/ or services. I need you to note this information that it is very imperative for you to be specific in outlining your marketing plan. When you are going into this there are things you should know that is your product or service is construction. So you will need to tell your investors how you are going to address the problem you have identified in the construction market. You will need to share who is your ideal customer; how many of them do you have at the moment.

If for example you’re into a restaurant business, I need you to know that just because everyone must eat that means they are your target not at all you aren’t targeting everyone just because everyone eats. What should be doing is targeting a specific market segment, like those who don’t have the time to cook such as bachelors in your area. If you have this in mind it will make your job easier for you then going around targeting the whole marketing. When you are trying to develop your marketing plan, you need to answer the below questions.

  1. How is your target market solving their problems today
  2. Are there alternatives or substitutes in the market?

When writing your business plan ensure you include a strategic and aggressive marketing plan, that is what investors do really want to see. And will basically involve achieving the marketing objectives for your business.

Make It Adaptable.

I need you to understand this that your potential readers of your business plan ranging from bankers, to venture capitalists to employees, states Entrepreneur.  Those who read your business plan do not have a specific type of what they read I want to know about the business you have bring before them.  And because you do not have an idea regarding to those who will be reading your business plan that why you business plan should easily to adapt because if you are aware beforehand those reading the plan will take it into account when preparing a plan for that particular audience

Explain Your Passion.

Finally, my readers whether you’re creating a business plan for investors, customers, or team members, or you are doing the business plan for yourself you need to indicate and show your passion, you need to show your dedication, you need to show your commitment, and actually care about your business and the plan. If you explain why you care about your business that you are creating or building it brings out emotional connection with others and will make them more empathetic and ready to support your organization’s goals and objectives.

BUSINESS PLAN IN NIGERIA

Tweet: Our Business plan could be use for application of Grant, applying for Bank Loans, writing an outstanding business Proposal, create a Business Concept Note, use in a Competitions etc. https://ctt.ac/DU6n5+

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