The ABC of business plan writing in Nigeria
One of the most important foundational pieces for starting a new business is creating a business plan and using it to present your idea to others. Despite the fact that some entrepreneurs are fortunate and thrive without creating a plan, for the majority of business owners, the process of creating a business plan and presenting it to others will rank among the most significant and crucial learning experiences they will undertake.
Few people know how difficult and intricate the work of creating a business plan actually is. Even if you “think” you are an expert in the field, the rigorous process of conducting a thorough market analysis, developing a value proposition, actively formulating an entry strategy, and perfecting the financial plan for what you are trying to do will reveal nuances that you might have overlooked otherwise. I’m convinced that making the time to produce a business plan and presenting it in a way that a layperson can easily understand will not only help you get investors but will also help you understand the message you ultimately want to share with the market.
Thus, we will examine what I call the “ABC” of business planning today. Similar to how the letters “ABC” serve as the building blocks of the English language, mastering the alphabet is essential for everyone who wishes to speak the language. The difficulties that must be in the back of your mind when drafting a business plan and presenting it to investors are similar to the ABC and are what I will be presenting to you today in the same manner. Let’s get started.
- Be mindful of the context
The first step in creating a good business strategy is to thoroughly comprehend the market, the opportunity, and the surroundings. Direct business advantages can come from knowing the environment in which you intend to operate. Make as many inquiries as you can about the business you offer. It’s surprising how much you can learn by simply reading.
- Develop a business model, and the plan
Understanding how a business’s various components work together to generate value is crucial. You must establish a business model that properly integrates the marketing, financial, and operational aspects of the firm in order to fully know and comprehend how your organization creates value. Ensure that the story your company model tells is cohesive. Your concept must be consistent with your presumptions, satisfy the wants of actual clients, and relate to your financial projections.
Determine your competitors, the reasons why your product is special, and the extent to which your product or service can be imitated or modified by rivals. Pay great attention to every little detail. Even the smallest detail might trip you up when presenting your proposal to investors. More often than you have, they have done this. If you have any tiny doubts, clear them up before they grow into larger ones (which they will most likely do when you’re presenting your plan and you can’t provide a good response to a challenging issue).
Regarding your goals, be reasonable. Don’t inflate the numbers excessively. Everything depends on how ideas are put into practice. Don’t bother if you can’t explain in detail how you’re going to do what you want to. Dream big, but realistically.
- Include all important details
At some point, you need to take all the effort you put into analyzing the situation and developing a business plan and turn it into a written business plan that concisely expresses your goals. The discipline and attention that this engenders might mean the difference between success and failure in a new business. The act of putting your plan in a formal document may seem like a tiresome waste of time.
If you intend to present your company to an investor panel, writing a business plan takes time and cannot be rushed. Being detailed can help you avoid embarrassing situations when your strategy is being examined and you are asked to answer inquiries. The MBA jargon is not necessary for a business plan because it must be transparent and simple for a possible investor to understand. Instead, find a straightforward manner to describe how your solution works. Request feedback from a few people about your plan. Their feedback and criticism can be really beneficial.
- Prepare a pitch
The other half of the story entails presenting the idea; writing the plan is only half the story. A business plan’s presentation frequently carries much more weight than the written version. A strong written document lays the necessary groundwork for a strong presentation, but to entice investors, and you also need to craft a standout presentation.
- Present or deliver your pitch
In the end, it all boils down to your words and delivery. Although it can be scary to speak in front of a group of investors, if you can accept the pressure and channel it into something positive, you might be able to make the breakthrough you need to launch your company. as follows Display conviction. Being sure that your product or service will satisfy customers immediately affects how you present it to others. If you believe your business will succeed, you naturally exude the enthusiasm that investors seem to like.
- Get actionable insights from feedback
The real business plan presentation serves as a starting point for additional conversation. When the audience asks questions and offers input based on the presentation, this dialogue might take place right away. Continual referrals or follow-up meetings could also result in it.
You must be open to receiving input from others and take the initiative to follow up after the presentation if you want to get the most out of the business planning process.
When questioned about your plan, resist the want to become emotionally defensive. Accept the inquiries with open arms and complement your response with data from your company plan. If your strategy contains nothing to refer to, you might not have been comprehensive enough. Take advantage of any criticism made by audience members. Consider the positive sides of what they are expressing; they might unknowingly co-create or improve your plan if you do!
Recognize that different investor groups could respond differently to the same company presentation. Recognize their perspective and pay attention to what they have to say, but resist the urge to let a vocal minority derail your plan.
Bring business cards, include your contact information on all written materials, and ask interested investors for their business cards. Try to establish a lasting relationship with the investors you get along with. The doors they might open for you will astound you.
Creating and presenting a business strategy is undoubtedly more complex than memorizing your ABCs. Planning a business is a complicated task. Nevertheless, there are several subtle, even understated, actions you may take to significantly impact this process.
I advise you to use these exceptional, first-hand perceptions in the nuances of business plan preparation and analysis in your business plans. As you prepare and propose your own idea for a new business, the process may seem complicated, but understanding the straightforward processes described here will help you cut through the complexity and increase your effectiveness in attaining great results.
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