THE PERFECT BUSINESS PLAN SAMPLE IN NIGERIA
Every business in Nigeria needs to have a written business plan. “A business plan is a formal statement of business goals, reasons that are attainable, and plans for reaching them. It may also contain background information about the organisation or team attempting to reach those goals”. Wikipedia. In its simplest form a business plan is a guide or roadmap for your business that outlines goals and details how you plan to achieve those goals. It represents a written description of your business’s future. So, whether its to provide direction or details of your business, or attract potential investors, a business plan is vital for the success of your business organisation.
So, the question is, what is the perfect business plan sample?
The structure of the perfect business plan should include the following:
– The executive summary – a comprehensive summary of your business
– Company description – description of your business
– Market analysis – is research on your industry, market and competitors
– Organization and management – your business and management structure
– Service or product – this is the product or service you offer
– Marketing and sales – this will give a detailed description on how you plan to market your business and also your sales strategy
– Funding request – this is a proposal of how much money you will need for the next three to five years
– Financial projections – this should supply information like balance sheets
– Appendix – this is an optional section of the business plan that includes resumes and permits and detailed calculations.
The above information should provide a guide on how to write a business plan. It may however be a little difficult to actually get it started. So, to simplify your writing and make it easier. Here’s a step-by-step strategy on how to write the perfect business plan
In writing the perfect business plan, you must clearly know and determine what you want to achieve. Everything concerning your industry and your business must be well analysed. ” Research and analyze your product, your market and your objective expertise”, writes Bill Pirraghia, a former senior financial and management executive. ” Consider spending twice as much time researching , evaluating and thinking as you spend actually writing the business plan”
“To write the perfect plan, you must know your company, your product, your competition, and the market intimately”
Basic thorough research takes the centre stage for planning the future of your business and in writing your business plan. It is good research that determines the quality of your business’ positioning statement. As a business owner, you are required to have first class knowledge and information about everything that concerns and contributes to the business, ranging from your products or services, the problem your products or services ices is to solve, your customers, your customer needs and habits, your competitors, the market, and your niche industry. A new business owner should be an information collector. Positioning yourself to gather as much information as can be accessed as far as your business is concerned. Read everything about your business and industry. Talk to people. Seek technical advice. Find out what drives your passion for the business. Are your expectations for the business realistic? If so, why? The actual time spent writing the plan is irrelevant as compared to researching your business and its prospects. Start from the very beginning , understand your business and its technicalities, understand the problem that your products or services solve for your customers and the solution that you are selling. Understand your target market, the types of customers you are looking for, and also how its changing with time. Understand who your competitors are and how to level against them, also your research should help you determine why you are sure there’s room for you in the market in the first place. Research your sales plan and other logistics involved in running. Read everything about the technology you plan on using. Is your business location perfect? Who are the key member needed to get your business up and running?
Also read: 100 samples of business plan
2. Purpose of the plan.
A business plan is written according to the purpose for which it is intended for, this could be a business plan written for internal use, or a plan written to attract potential investors, or one written to access funding or bank loans. Any written business plan is more of a roadmap providing directions as to help plan the business’s future and also helps it avoid bumps along the way. Keep in mind that a business plan sample written with the intention of attracting investors will have to be strategic, it should be written in such a way to attract these investors and it should necessarily be as clear and concise as possible.
So, next to research is defining the purpose of your business plan, you should ask yourself these questions
1. What is the purpose of this business plan? And,
2. To whom am I writing for?
The answers to these questions will help you determine the purpose of your business plan and hence perfectly guide you on how to proceed from there
3. Create a company profile.
Profiles are often found on the company’s official website and they are used to attract potential customers. In writing your business plan sample, your company profile is included and is used to describe your company. Your company profile should include the history of your organization, the products or services to will offer or offer, your target market, your resources and what makes your business unique. Your company profile should contain a detailed description of your company’s goals and objectives. Describe the problem that you solve for your customers and the solution that you are selling. It should also describe the organization of your business and the key members of your management team. Also it should describe what products and/ or services you offer 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.
Any investor would want to be very sure of the viability of your business. They would want to make sure that your business is going to make them money. And as such, because of this expectation, investors would want to know everything about your business as far as your business is concerned. So, to make your presentation effective and productive, you will need to document every little detail from your expenses, to cash flow, to industry projections. Details such as location, to marketing strategy and legalisation should be clearly stated. You may even need to include tables that will provide more details, such as receipts/ or bills for materials and a detailed price list. All these data and information should be well documented in a clear and concise form.
5. Marketing plan.
In describing your marketing plan, discuss your customers’ needs, where your customers are, and explain clearly how you plan to reach them and how you would deliver your products and/ or services to them. Next, you would need to know who your competitors are and how you plan to measure against them. Discuss your total addressable market and explain why you are certain there is room for you in this market. An investor would want to see a detailed description of marketing strategy and also the marketing plan you have in place to achieve this strategy. Investors will also want to see what promotional tactics and marketing channels you plan to use. And also, how you will price your products and/ or services. Note that it is important to be specific in outlining your marketing plan. For instance, this is your product and/ or service. So, how are you addressing the problem you have identified in the market? Who is your ideal customer? How many of them are there? If you’re into a restaurant business, you aren’t targeting everyone just because everyone eats. You’re most likely targeting a specific market segment, such as say, bachelors in your vicinity. This will make it much easier for you to target your marketing and sales efforts in attracting the specific kinds of customers who are most likely to buy from you. Again, in developing your marketing plan, you need to answer these questions.
– How is your target market solving their problems today?
– Are there alternatives or substitutes in the market?
So, your business plan should include a strategic and aggressive marketing plan. And will basically involve achieving the marketing objectives for your business.
6. Make it adaptable.
“The potential readers of a business plan are a varied bunch, ranging from bankers, to venture capitalists to employees”, states Entrepreneur. ” Although this is a diverse group, it is a finite one. And each type of reader does have certain typical interests. If you know these interests upfront you can be sure to take them into account when preparing a plan for that particular audience”
What this means is that your business plan sample should cater to the particular expectations of your audience. For example, bankers will be more interested in balance sheets and cash flow statement, while venture capitalists will check for the basic business concepts and your management team. While your employees or the management team will however use your business plan sample to “remind themselves of your company’s objectives”
7. Explain your passion.
Finally, whether you’re creating a business plan for investors, customers, or team members, it needs to indicate that you’re passionate, dedicated, committed, and actually care about your business and the plan. Explaining why you care about your business builds an emotional connection with others and will make them more empathetic and ready to support your organization’s goals and objectives.
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Serial Entrepreneur - International Business Planning Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional.
- 2018 SME Business Trainer and Coaching Advisor at GIZ for SME Loop.
- 2018 YALI RLC Online Cohort 9
- 2017 Fellow, Inspire Africa Train-the-Trainer Entrepreneurship programme sponsored by US Consulate Lagos and the Dickey Center, U.S.A.
- 2016 Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- 2015 Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank and EDC, PAU.
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
- He is a Certified Trainer in Design Thinking by the U.S Consulate, Lagos and the inspire Africa Entrepreneurship Institute.