How to Write Business Plan / Financial Plan Template of Tony Elumelu Foundation TEF 2024 $5000 Grant
How to Write Business Plan / Financial Plan Template of Tony Elumelu Foundation
Greetings Entrepreneurs,
As a passionate advocate for business development and financial empowerment, I’m excited to extend my support to participants of the Tony Elumelu Foundation (TEF) 2024 program. With extensive experience in crafting business plans and financial strategies, I am fully equipped to guide you through the process of creating a comprehensive and compelling roadmap for your entrepreneurial endeavors.
Navigating the landscape of business planning can be challenging, especially when striving to harness the full potential of the TEF $5000 grant. However, with my expertise and dedication, I assure you that together, we can craft a business plan that not only meets the rigorous standards of the TEF but also sets a solid foundation for your business’s success.
I understand the importance of clarity, feasibility, and innovation in business planning, and I am committed to helping you articulate your vision, identify opportunities, and mitigate risks effectively. Together, let’s unlock the transformative power of entrepreneurship and drive positive change in our communities.
Get ready to embark on a journey of growth, resilience, and prosperity. Your dreams are within reach, and I am here to help you turn them into reality.
Call or WhatsApp +2348060779290 if you need to review your business plan before submission or if you want to engage our services in writing a professional business plan for you in accessing loans, grants or investor funding.
The Foundation has put together a business plan template and a financial plan template that you must use to write your business plan. The outline of the business plan and the explanation as provided by the foundation is highlighted below.
The Cover Page
You must provide a cover page for your business plan which outlines your name, your business name, business contacts [address, phone numbers, email address and website (if you have one)]and a business logo (if you have one). You are also encouraged to include a brand slogan for your business if you have formulated one.
Executive Summary
This is a summary (or a snap shot) of all the contents of the plan. It should be written in such a way that anyone reading it would have seen the core or essence of the plan. The Executive summary should cover every section from Introduction to the Milestones.
1. Introduction
Overview:
Describe the business. State the stage of the business:
- Research and development stage, or
- Market entry stage, or
- Growth stage
If already existing [growth stage], describe the current operations. State the progress so far made and what has spurred you into taking the next steps for which you are writing this business plan.
Vision Statement:
This is a statement of what you want your company to become eventually such as one of the top 5 in the industry, or the most preferred for the service. You may state the time frame for attaining the vision. The vision must be inspiring to drive you to higher and higher performance in the business.
Mission statement:
This is simply the statement of the purpose for which the business is set up and is trying to achieve, its reason for existing that indicates the problem the company’s product will solve and the market niche.
Objectives:
This is a statement of what you want to achieve with the business itself over a defined period. It could be to:
- Establishing your product/service in the market
- Grow the business to a specific size
- Increase market share
- Increase profitability to a certain level
- Be a preferred brand
Most importantly, your business objectives must be SMART:
Specific – target a specific area for improvement or initiation.
Measurable – quantify or at least suggest an indicator of progress.
Attainable – specify who will do it.
Realistic – state what results can realistically be achieved, given available resources.
Time bound – specify when the result(s) will be achieved.
The Value Proposition:
This is a promise of value to be delivered and acknowledged. It is what gives the target market an expectation of what benefits will be delivered and experienced from the product or service. It could be:
- It could be reduction in time
- Reduction in cost
- Enhancement of health
- It could be enhancement of efficiency in the customers’ business or life, etc.
How to Write Business Plan / Financial Plan Template of Tony Elumelu Foundation
2. The Product/Service:
Describe the product and/or service you are producing or you will produce to deliver the value proposed to customers. Include illustrations if necessary.
Call or WhatsApp +2348060779290 if you need to review your business plan before submission or if you want to engage our services in writing a professional business plan for you.
3. Industry and Market Analysis:
- State the industry or the sector of the economy (health, agriculture, construction, manufacturing, etc.) in which your business is playing
- State the key features or peculiarities of the industry that make it viable or demonstrate growth potential.
- State the actions of government that support the growth of the industry
- State the market you intend to serve
- State the major players in the industry
- State the size of the market (volume and value, where possible)
- State the segments of the market – the different customer groups
- State the specific group your product or service is meant for
- State the potentials for growth in the market
4. Competition
- State your major (direct and indirect) competitors
- Describe their product and service offers.
- State their competitive advantages or disadvantages
- The customer segments they are focusing on
- State the probability of new entrants
- State the potential new competitor/market entrants
- State if the barriers they must overcome to enter the market is high or low
- State if the cost is high or low for a customer to switch to competitors
- State how you can make or achieve customer loyalty – making sure your customers will always prefer your products or services
5. SWOT Analysis
State your areas of strengths – skills/expertise, financial resources and unique selling point. State any existing patents, intellectual property, partnerships, collaborations and technical support you currently have or will soon secure, and how they contribute to your strength. State any awards and recognitions achieved that can make your brand stronger
State weaknesses internally and even externally – such as new untested product, weak brand, low level of adoption by target market, etc
State the opportunities in the business environment that will assist the performance and growth of your business. Consider the political, economic, social, technological, legal/regulatory and physical environmental factors (PESTLE) in your community, country, region or continent that may influence your business
State the threats, challenges and risk that you have to deal with (also consider PESTLE)
State how you will enhance your strength and use it for competitive advantage
State how you can reduce your weaknesses
State how you can exploit the opportunities
State how you can reduce the threats, risk and challenges
| Strength |
Weaknesses |
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| Opportunities |
Threats |
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6. Operations Plan
- State the patents and permits/licences you require to operate
- State material resources (such as raw materials, physical assets, human resources and other inputs) and how you obtain – by direct purchase, by suppliers, by buying agents, outsourcing, etc. include the the equipment needed to manufacture the products or produce the service
- State other key resources (including intangibles like certification or new knowledge) you require
- Describe how you will deliver the product or service to the customer (from production point to consumption point)
- State your suppliers, and your expected method of relationship with them, as well as your key distributors and/or agents (if any)
Call or WhatsApp +2348060779290 if you need to review your business plan before submission or if you want to engage our services in writing a professional business plan for you in accessing loans, grants or investor funding.
Video Training: How to Write Business Plan / Financial Plan Template of Tony Elumelu Foundation TEF 2024 $5000 Grant
7. Marketing Plan
- State how you will make the customers aware of your product or service – be as specific as possible by digital, social media, TV, radio, newsprint, etc
- State how you will promote your product or services – by trade fairs, TV talk shows and appearances, radio talk shows focus meetings, strategic presentations, etc
- Describe the pricing strategy for your products/services and the assumptions you have made.
- Will there be any incentives that will make them switch from current providers or buy the products/services anew – discounts, credit facilities; and where possible, describe the effect of the incentives on your cash flow and profitability
- State how you ensure that credit customers (if any) will pay
- State the channels by which you will get the services to the customers:
- e-market place (on the Internet or any other electronic means), department stores/supermarkets, distributors, wholesalers, sales agents, etc.
8. Management
Functions:
State and describe the functions you need to perform to run the business:
- Production/ Inventory Management
- Admin/Facility management
- Human Resources
- Finance/accounts
- Marketing/Sales
- Other functions
Qualifications/Expertise:
- State briefly the qualification and expertise of staff required to perform the functions
- State the calibre of staff who will be (or are currently) responsible for the function such as production manager, personnel manager, accountant and marketing Manager
- The roles and responsibilities you hold in the business
Organizational Structure to show the coordination and relationship lines between and within the functions
9. Financial Plan
Key Assumptions – on cost elements, current and futurecosting, financing options and revenues projections. Remembers that it is prudent to underestimate your revenue and anticipate more in costs.
Cost Estimations & Projections
Cost of facilities and operations
- List the required facilities and corresponding costs to determine total cost, and include assumptions on currency of purchase (whether they are locally available or need to be imported)
- Give cost breakdown for producing the product or service – both direct and indirect – cost of raw materials and other inputs, repairs and maintenance, testing/quality assurance, etc.
- Provide the estimates and projections of cost of running the business for 3 years – wages and salaries, capacity building, branding and advertising, packaging, admin, logistics, professional services, licences, etc
Financing
State how you will finance the cost:
- By your savings/personal funds (equity), by grants, with business proceeds (equity), by credit from suppliers (debt) or by borrowing (debt), by raising additional capital via the stock market or other forms like venture capital, private equity, etc
- Describe proportions if you are considering a combination of sources
- State exactly how you will use the money
- State how you will repay the debt
Revenue Projections
- State the products and services from which you will derive revenue – your revenue streams
- State the way you will price them
- State the estimated volumes of products and services to be sold for 3 yrs. – year 1, year 2 and year 3
- Determine the revenue projections for the 3 years
Financial projections on the financial statements (please use the Microsoft Excel template provided along with this template):
- Profit and Loss projections for 3 years
- Cash flow projections for 3 years
- Balance sheet projections 3 years
Milestones and Attachments
Milestones
State what you need to achieve each quarter for the next 2 years and the amount required to achieve each of them
- Include milestones of output – products, solutions, clients, patents, coverage area, etc
- Indicate number of staff – full time and/or part time
- Include expansion/ growth milestones that can be tracked per quarter
Avoid bogus, exaggerate or unattainable milestones.
10. Appendices
Place additional charts, graphs and images here to support your business plan.
How to Write Business Plan / Financial Plan Template of Tony Elumelu Foundation
Call or WhatsApp +2348060779290 if you need to review your business plan before submission or if you want to engage our services in writing a professional business plan for you in accessing loans, grants or investor funding.
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