TOP 5 RESONS WHY YOU NEED A WINNING BUSINESS PLAN AS AN ENTREPRENEUR IN NIGERIA

We live in an age where there are so many businesses offering the same type of goods or services. Some industries seem so saturated, that you wonder as an entrepreneur whether your business will thrive if you decide to venture into those markets. This is where a business plan comes to play.

How do you combat this saturation of the industry? How do you ensure that your brand has an edge over other similar brands, to make prospects to choose you over them? How do you ensure that your business thrives and continues to stand the test of time? You can achieve all these by having a killer business plan.

Stay put as we educate you on the powers of a killer business plan and how you can get one.

What is a Business Plan?

Imagine embarking on a journey without knowing where you are headed, you’ll feel lost, no? I get it…..Abraham tried it and it worked out for him right? But you’ll agree with me that times have changed now.

Starting a business without proper planning is like embarking on a journey without a sense of purpose or direction; you need a good plan to give your business a purpose and a direction.

Now, what is a business plan? It is a document that lays down the objectives, goals, strategies and the mode of operation of a business. A business plan serves as a road-map to give a business a direction, purpose and potential. The main purpose of a business plan is to map out the goals and objectives of a business and to make strategies and plans for their achievement.

Key Components of a Business Plan

Now that we know what a business plan is, let’s take a good look at the components of a good business plan:

1. Executive Summary:

This is a brief overview which contains a summary of the mission, goals, strategy, leadership and employees of the business.

2. Business Description:

This contains the history, vision, values, mission, and legal structure of the business.

3. Market Analysis:

This outlines a business’ stance and fit in the relevant industry, its customer demographics, and competitors.

4. Management:

This contains the information about the management and key personnel; and their roles in the day to day activities of the business.

5. Operations:

This contains the information about the daily operations of the business, and how the activities are to be carried out in the business.

6.  Resources and Cost:

This includes all the expenses that will be needed to make the business run properly, such as staffing, development, and marketing.

7. Marketing and Sales:

This is a list of the plans for the promotion and selling of goods and services, including branding, distribution and advertising.

8. Finance:

This provides information about the cash flow over a period of time, the losses and profits and entire expenses of the business.

9. Funding:

This gives information on the means through which the capital and funds for the business will be generated, including an estimate of the funds needed to kick-start the business.

Top 5 Reasons Why You Need a Winning Business Plan as an Entrepreneur in Nigeria

A good business plan draws out all the requisite business strategies such as sales and marketing, operations, financing and management.

1. Strategic Planning:

A good business plan draws out all the requisite business strategies such as sales and marketing, operations, financing and management.

2. Clarity of Business Goals:

A business plan outlines more elaborately and clearly the goals of a business to give purpose and direction and focus to the business.

3. Access to Funds and Loans:

Investors and Financial institutions usually require business plans to give them insights on the business they want to invest in. This gives the business some credibility and commitment before the investors.

4. Risk Management:

A good business plan highlights the potential risks that are likely to be faced by the business while setting out ways to undertake them without incurring colossal losses.

5. Proper Allocation of Resources:

It sets out the essential expenses of a business, how to undertake them and the proper allocation of the available resources. This also enhances financial management to ensure that the business does not go bankrupt.

How to Create a Winning Business Plan

The following steps will guide you to create a winning plan for your business:

1. Conduct a thorough market research.

2. Set specific, measurable, achievable, realistic and timely (SMART) goals.

3. Highlight the value that your business offers to customers, to make it stand out amongst competitors.

4. Keep your plans clear and concise.

5. Carry out regular checks and update your plan to ensure that it aligns with current business trends.

6. Seek the assistance of a business consultant.

Conclusion

Having a killer business plan has multiple perks which will keep your business ahead of competitors and ensure its growth and longevity. Hence, it is a must-have for every entrepreneur.

At In-Charge Solutions Limited, our team of business consultants is ever ready to assist you to get that killer plan, specifically tailored to your business and your taste. Contact us today, your business deserves to win big time.