How To Write A Business Plan In Nigeria

How To Write A Business Plan In Nigeria.

There are things that can’t be boycotted as far as business was concerned. Infact, the success of your business depends on some certain elements. That’s where business plan comes in. This is something you cannot shy away from else you are facing a downtown. With a well detailed business plan, you are already 70 percent successful as a business person. A business plan develops a roadmap to your business success.
According to research made by some experts, business starters with a formal business plan are 16 per cent more likely to succeed than those without. If this is true and it is true, then you probably have no reason not to have a business plan.

Ways on How to Write a Business Proposal in Nigeria for Clients

For those who are ready to write their business plan, then get ready because am gonna show you the must eight have elements in a Business plan.

Read below and see How To Write A Business Plan In Nigeria

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1. Executive summary

This is the first part of How To Write A Business Plan In Nigeria. When we talk about an executive summary in a business plan, we are talking about the goals, vision, mission and it’s mission statement and the very proposition of your company. Sometimes it is been referred to as the elevator pitch. This is where you state what your product is all about, what your services is about and who makes up your leadership team?

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If your business plan is meant to secure you capital either by grants, loans or competition, then you are to include a very high level financing information that will describe the growth plan of your business. Like I said earlier on your executive summary as it where, has to include a high-level information that should be able to summarize in details various aspects of the business plan. Although this aspect of your business plan is to come last but be smart enough to write it last. The reason is that you can be able to ensure that you have all of the vital information that is needed in the executive summary.

Tips on How to Write a Business Proposal

2. Business description

At this point, you are to provide a very detailed indepth of what company or business does. A very detailed analysis of what your company does. Here is when do a bit of history explaining the background of how your company came about to be. Don’t just write history but be detailed about your business description which talks about your company’s story. There are basic questions to answer you write this section:

What’s your business model?

What is the legal structure?

What market opportunities are available?

Where are you located?

What is the drive behind your company?

Over here, you are to describe the and talk in details about your company’s projected growth and how you intend making that happen. When you are done writing this session, the company backers should be able know in full details the ins and outs of your company’s description.

3. Market analysis

And this is the third part How To Write A Business Plan In Nigeria. Before you actually started out on your business, you must have done a detailed market and financial analysis. Now you have to put all your research work into writing. This section is a very critical and crucial section where you have to include a detailed competitive research on your market analysis which should include information about the strength and weaknesses of other companies. You also have to include what exactly other companies are doing. When we refer to market analysis, we mean themes finding and also trends that are found within your targeted market spheres. You want to outdo your competitors and this is where you have to detail on ground a roburst research that would have a concrete idea of what your competitors are doing well and how you can out perform them. You must also include the profiles of your potential customers and target audience.

4. Organisation and management

Although you must have written a few stuff of some of the items here on your executive summary, right here, you will be writing in details and indepth about your company’s structure. This is where you define the structure of your company, the organizational structure of how it’s gonna work and who is going to be running it. Also you will be explaining your team members in details and their roles too.
You have to incorporate an organisational chart. This will help pass the message clearly because this chart will be put into a clean and concise way to help pass the right information. Ensure you detail the roles and responsibilities of each leader and also their experiences and business contributions too. This session like I said must be detailed because it still gonna contain the description of your company’s legal structure. You will explain it’s future plans for incorporating or forming a limited or general partnership if that will happen.

5. Offering

Here is where you have to give a detailed description of what your company sells or the services they render. Some persons may already have a highly rated and powerful niche industry. But ensure you detail how your offering could benefit yoir customers and not just stating it. This is very very important. You need to explain what customers exact need are you satisfying with your products or services? This is where you describe your products lifecycle. You will explain in details the following: patent filings, copyrights or intellectual property. All these must be explained in details.

6. Funding requirements

This has to do with the financial aspect of it where you have to put in articulate details the funds you need for the business, why you need such an amount and how exactly this money will be spent. Ensure you are very accurate in your details and analysis here. You should be able to know how much is will cost you on the average to what you need do. Don’t forget to include the worst case scenario and also the best case scenario too in your finance and analysis too. You should be able to create a perfect timeline where by the leaders will be able to understand and have a perfect idea of your plans both future and present and this will be done by creating a timeline. You should also include detailed information ane analysis regarding buying a physical office, insurance, permits, licenses, staff payments renting a work place etc

7. Financial projections

This may sound very similar to your funding request but they are different although this will act as a huge supplement to it. This section helps you to convince your lender, those who wants to give you grants or investors that your business as far as finance is concerned, it will sure be a success. If your business is already an existing account, then include your cash flow statements, your balance sheets and also include your income statement from the previous years or months as the case may be. Also include collateral if there is any but if not, forget it. For those who are just starting up, they are to provide in this session a financial framework for at least the next five to six years. You are to prepare and provide capital expenditure budgets, balance sheets, and forecast income statements of your business in a clear and understandable manner.

8. Appendix

This is not actually a big deal. It has to do with documents that are supporting in format that are usually requested by the lender or a loaner. This is what am Appendix is all about. This means you have to attach reference letters, credit reports, permits, patents, resumes, and anything else that has been asked for by your lender, loaner or investor(s)

Conclusion

You can’t shy away from having a detailed business olan for your business and expect to get a loan or grant or even convince your investors. You need it. This will also position your company to ensure it’s on the right path to success. The aforementioned eight elements are what you need to make up a good business plan in Nigeria and the world at large.