Why You Need Business Plan!
Hi, my name is Julius Alagbe, I write, train and consult for individuals and businesses. I'm marking 10 years doing this and I want you to have a taste of this cookies.
I want to talk about business plan, and why you need it. Well, apart from having a business that you want to run by yourself, you can as well write your ideas in black & white and sell it to entrepreneurs. Not the best thing to be doing but it is better than doing nothing.
Great number of people die with their ideas, that's why we have not found alternative to money. Hmm... I'm thinking, are you?
So, what's this about need for business plan?
It was on a very hot afternoon, the sun scotched like... I don't know, and my phone rang. I picked the call, at the other end I heard good afternoon Mr. Julius, how are you doing? As a matter of fact, I wasn't doing very much well at the moment because I was thinking how and where to make money.
"Please, can you write a standard business proposal as well as facilitate a training session for about 30 custom officers who are our clients"; the person at the other end said. You could guess what my answer was!
I did it! I have been doing it! I am still doing & I will be doing it.
At the seminar session, I told delegates that it is not compulsory for them to have business plan before they start a business. Give or take, the business has 50:50 chance of survival. They shrugged, they were expecting me to tell them it is lifeline for their proposed projects as they were about to be retired.
I asked; Isn't that too risky? They answered it is.
I told them: You draw a business plan to give your business a meaning... Believe me, it gives business a meaning. Business owners that prepare no business plan has no plan for the survival of the business.
You don't need business plan if you never wish to have a business of your own. You don't need business plan if you don't need to grow your business beyond that tiny shop or kioks. You don't need business plan if your balance sheet size (statement of financial position) is just about ... ignore able amount!
I mean, you don't need to stress yourself or expend a token doing that. However, if you have ever dreamt to build a business with value, you need to draw up your business plan.
Is business plan the same as business proposal? They are both document drawn up for different purpose and to achieve different objectives. Business plan is a roadmap to your business success but business proposal is an offer to sell a product or services.
To realise any interest, desires or even a tiny wish, you have to propose. If you are a type that have passion for business, you must have specific areas of interest. Developing a business proposal will help you to plan ahead the take off point.
With business plan, you are more likely to discover some risks that are associated with the business, use the information to manage the risk.
A well written business plan contains section for economic feasibility, market & marketing feasibility with segment analysis. Technical & products feasibility with financial forecast with consideration for timing, flows of funds.
Statistics reveals that 1 out of every 20 businesses survives after first operation. That's both hilarious and scary. However, do you know what's common to these businesses that could not survive? The had no pillar to erect the ideas.
Business plan is the foundation for establishing a business. It acts as a pillar as well as compass for planning, organising, directing, controlling and reviewing business performances over time.
Who should write your plan? Yourself!
You are the principal actor in this business show, it would be nice for you to write this document your very self. People have asked me questions on that, queried my position. They are right in the sense that not everyone could write or have time to do feasibility study on their proposed projects.
Writing is an art, it can be learned. Writing business proposal needs not be daunting, not undoable task. If you can write your name, your thought and think through... you can do it.
But you must be taught.
Or...
Let a consultant write the plan for you.
Either way, you can demand for our next training schedule or discuss your need for business plan with us. We are selling to you years of experience, Training & re-training in business support services.
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you need a Structured Business Plan Written with a Custom Financial Analysis attached on any kind of business you can reach me at rowlandjumbo@gmail.com or 08036267796