Business Plan format in Nigeria
What is a business plan?
It is a document that describes a company’s activities, what they do, their vision and mission statement, the company’s objectives, goals, and how they want to achieve them. The business background, business nature, and financial progress are included in the business plan.
Why do you need a business plan?
- It helps to describe and analyze your business, examining its technical, economic, and financial feasibility.
- It also serves as a business guide for introducing your business to others such as banks, investors, institutions, or any other agency involved when needed for financial support.
- A business plan provides economic and financial projections for the business.
- It analyzes the key factors of success and the risks of the business. Knowing this will enhance productivity and regular assessment of the company’s progress.
- A business plan is a passport to the source of finance
- It simply defines exactly where your organization is today and intends to become tomorrow.
Business Plan format in Nigeria
There’s a standard format in writing a well-detailed and comprehensive business plan.
This simple format will help you in writing your company business plan.
- Executive Summary
- Company Description
- Industry and Market Analysis
- Competitive Analysis
- Marketing Plan
- SWOT Analysis
- Organizational Structure
- Business risks
- Operational Plan
- Financial Plan
Executive Summary: As the name implies, “Executive Summary” is a summary of your company. It should be informative enough because it’s the first thing the reader’s, your audience/reader should be encouraged by the summary to read the remaining part of your business plan. In writing your executive summary, the company’s overview should be the first paragraph, industry analysis, target market, and market strategy. Then the operations, business forecasting, and a bit of your financial analysis. A good executive summary should stand alone and not be more than 3-5 pages.
Company Description: A company description is who your company is. The name of your company, what you do, the location, years of existence, registration number if registered, the company’s vision and mission, objectives, goals, products, and services rendered by the company. Your company description should be precise and concise.
Industry and Market Analysis: You are to write about your company’s industry; it can be manufacturing, fashion, cosmetology, oil and gas, food and beverages, consulting. Analyzing your business industry gives you an idea of how the industry has been, the present trend, and the projections. Know your customers, the target market, the risks, and how to overcome them.
Competitive Analysis: This includes assessing and analyzing the strengths and weaknesses of your competitors. State your key competitors, what they are doing, their existence, and how your product is unique from theirs.
Marketing Plan: The strategy your business use to get its products to the customers is a marketing plan. These may include radio or television advertisement, online presence through a website and social media platforms, and email listing.
SWOT Analysis: It means Strength, Weakness, Opportunity, Threats. SWOT analysis aims to help organizations develop a full awareness of all the factors involved in making a business decision. Use your SWOT analysis to discover recommendations and strategies, with a focus on leveraging strengths and opportunities to overcome weaknesses and threats.
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Organizational Structure: This is a structure that outlines how certain activities are directed and those in charge. These activities can include roles, responsibilities, requirements, and experience. A good organizational structure business plan entails details about how your company is structured, who the people involved are, and what each team brings to the table. It is not enough to list out these details. What matters is how they are presented in your professional business plan.
Business risks: These are possible situations that may happen and could cause a company’s revenues or profit to be lower than what the owner project. All potential risks should be listed out, and solutions should be provided.
Operational Plan: This details the day-to-day running of the company. How the products are produced or how you render your services. It describes the business operations such as location, facilities, and equipment. An operational plan makes sure each employees know their specific duties and how to go about them.
Financial Plan: The financial plan is a crucial part of the business plan. It describes the resources, equipment, and materials prices that the business needs. Financial plan shows the salary for a year, cost of operations, cash flow, projected sales, net margin, tax payable, balance sheet, budget for a year, and many more. It helps the management set financial targets for the organization and reward staff for meeting objectives within the budget. It also validates a business plan by confirming that the goals set are achievable from a financial point of view.
Milestone: Milestones are significant events that you think your business can achieve in the future. They serve to monitor the business progress, track results, and manage responsibilities. A good milestone indicates a set time, a due date, a description of the task, and a budget. It is essential to review your milestones monthly to help you identify problems and opportunities in your business to aid growth.
Conclusion: You want to write a well-detailed business, follow the steps listed above, and don’t forget to be concise and precise in all that y0u write. Only a well-conceived and well-packaged business plan will get the necessary investment and support. Let your business plan be convincing enough, let it convince you that your idea is a viable reality, let it convince your partners, investors, and skilled employees. Your business plan will help your team to see and visualize your vision and help them to understand what they are working to achieve even if they are working with you or remotely. You can’t start what you don’t understand. Ensure that you do thorough research about the business you want to do, and if you are in the industry, keep researching to know the latest trend in the market. It is also important to update your business plan regularly as your business and position changes.
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