₦airaland Forum

One thing I find common among entrepreneurs in Africa is that we hardly write our business plans before starting a business. We are only compelled to write a business plan only when we are seeking for business loans from a bank or any other financial institution as it is usually one of the requirements. We often see business plan as only a business fund sourcing tool.
Some who draft out business plan when they are starting their business, do not go back to the business plan periodically to review it. The business plans are dumped immediately they get their start-up funds or once the business is in operation.

A business plan is more than a loan seeking tool. It is important at all stages of your business. It is the roadmap for your business journey. Which driver do you know that throws away the roadmap for their journey once they have started the journey?
I have explained below 12 vital reasons why you need a business plan for your business.

1. A business plan helps you to check the feasibility of your business ideas
Almost everybody has business ideas. Many of these ideas are not best suited to our environment, proximity to source of raw material, our training, our target market, funds at our disposal and our skill. However, the only way we can put these ideas on paper to the test is by writing a business plan on each of the ideas. When we do this, we can effectively judge the workability of our business ideas and know if there are worth pursuing or not. Through your business plan, you test the validity of your business assumptions, like your expected revenue, your expected market, expected break even period etc. Simply put, a business plan refines your business ideas and helps you to separate the wheat from the chaff.

2. A business plan serves as a road map for your business
I have observed that many entrepreneurs do not have a full understanding as to the direction of their business. When you ask many business people what stage their business is, they will be staring at you! This is because they don’t have a business plan or they just used it to seek for loan and dumped it after they got the loan. A business plan helps you to pre-determine what you are going to do with your business, the steps you are going to take to achieve your business objectives, the human and financial resources you will need, and helps you to track your progress during the course of the business. It helps you to track where you are coming from, where you are and where you are going to in your business.

3. A business plan helps you to know you mission and business objectives
Writing your business plan helps you to know your business purpose and objectives clearly and enable you to communicate same to others. For example, the purpose of Myafribusiness.com is to inspire Africans to do successful businesses that will create more jobs and thereby improve the economy of African countries. We seek to do this by providing valuable business education and information to African entrepreneurs and celebrate successful African entrepreneurs. By writing your business objectives you get more focused and motivated to pursue your business objectives.

4. business plan helps both your present and future staff to be in alignment.
Without writing and defining your business plan and objectives, your staff may not be fully aware of the direction of the company and this will affect the success of your business. For your business success, it is important that every member of your business team is on the same page as to the business missions, goals and objectives and a business plan defines this.

5. A business plan helps you to attract and keep your best staff.
Quality staff are attracted to purpose driven companies. When your business model is clear your team can see this and help you to achieve them. They are motivated to put in their quota to achieving them as the company will be more poised to grow and as the company grows, they staff know that they will also grow in their carrier. Companies that are not focused or have lost focus tend to have more staff turnover.
A business plan helps you to be focused and avoid distractions.
When your business objectives are well spelt out in your business plan, you get more focused and prioritized. You don’t major in minors. You don’t pursue the wrong opportunities no matter how appealing they may appear because you know what your core priorities are.

See source for more:

http://myafribusiness.com/12-reasons-why-you-need-a-business-plan/

This is very educative and loaded with many useful information. Thanks OP for posting this. I think this should be taken to front page so that many more persons can benefit from it.

Beautiful pics. I pray this marriage and love keeps soaring and last forever!
Igbo amaka. Igbo amaka. Igbo amaka.

anori:
So for mutual fund portfolios. I researched on it. And there are 3 different approaches for diversification. Aggressive, Moderate and Conservative. I use this system.

Aggressive Portfolio Asset Allocation: 85% Stocks, 15% Bonds
Moderate Portfolio Asset Allocation: 65% Stocks, 30% Bonds, 5% Cash/MM
Conservative Portfolio Asset Allocation: 25% Stocks, 45% Bonds, 30% Cash/MM

I had all my money in MMF but I am gradually moving through to the Aggressive Portfolio.

An aggressive portfolio is appropriate for an investor with a high risk tolerance and a time horizon longer than 10 years. The reason for this is that aggressive portfolios typically include more stocks than moderate and conservative portfolios.
A moderate portfolio is appropriate for an investor with a moderately high risk tolerance and a time horizon longer than 5 years.
A conservative portfolio is appropriate for an investor with a low risk tolerance and a time horizon from immediate to longer than 3 years.

Thanks for this insight. I also think before moving to the moderate or aggressive stage of investing, one should have at least 6 months worth of one's living expenses in MMF as a form of emergency fund - stand by. Then depending on one's risk tolerance and time horizon we can invest more aggressively for better returns.

dotcomnamename:
What is BIF?

Sorry I meant SIBAL - Stanbic IBTC Balanced Fund.

dotcomnamename:
Are you aware of the risk in Guaranteed Investment Fund?

. I think there is no risk of capital loss in GIF. It's has more potential of capital growth than MMF due to its equity side. But may not be as rewarding as the balanced investment fund because the percentage of equity side is not as high as the BIF. But my concern is how one can effectively combine the various funds for maximum returns.

oseri:
If u download the subscription form from their website, u should see the account number for all the funds...

Stanbic IBTC MMF: 9202476223
Stanbic IBTC GIF: 9202475343

These are the two funds I've subscribed to. I plan to add Balanced fund later this month

I have also subscribed to MMF and plan to add GIF and other Equity funds to my portfolio. But I think there should be a percentage of one's investments that should be in each of the various funds for maximum returns and proper diversification. Pls who has a better idea of the percentage one's money that should be in these various funds?

When I see him, I remember his messages back then: '' should I still forgive him'', '' University of tears'', '' Injury Time'' . He is one of the foremost holiness preachers of our days.

teegurl02:
You don't need to open a new mutual fund account . Just log into your existing mutual fund account , there is a link that says buy mutual funds, click and it will take you to other types of mutual fund you can subscribe to. You can finish the entire transaction online and you'll get an email that effect. Hope that helps

Thanks a lot.

ernie4life:
This thread is about mutual funds but so much emphasis is being place on money market funds which is only one type of mutual funds, there are other funds performing better than money market funds, for example balanced funds, balanced fund is a type of mutual fund which is structured to invest into real estate, money market and equity, I know a balanced fund that has Performed above 20% year to date.

I strongly believe equity funds would outperform money market funds between now and March next year, equity funds could do 10% net not P. A.
My reason is as rates come down investors would move to the equity market and as demand increase prices of stocks would increase leading to equity funds performing better

I have MMF account with stanbic IBTC, If I want to also diversify into other types of mutual funds like Balance fund, equity funds etc, do I need to open a new mutual fund account for each of the type of mutual fund or can the various fund types be linked together to the existing mutual fund account I have with them?

Pls how long does it take for top up transfer into ones STANBIC IBTC MMF account to reflect in ones MMF account? I made payment since morning in their branch and till now the money is yet to reflect in my Acct.

Pls is anybody offering MGS 757 - principles of accounting ? If yes, how are u coping with the disorderly arranged course material and too many typographical errors in it? Pls pm me so that we can share knowledge on how we can succeed in this course. Pls anyone who has the TMA solution , past question etc for MGS 757 or any other helpful material for the course Pls kindly inbox me here: gospelcares@yahoo.com. Thnks in advance.

Jesus Christ didn't found the Romans Catholic Church. The Roman Catholic Church was founded in Rome by the Romans. Jesus founded THE CHURCH consisting of all Christians regardless of denomination.

Pls how much will a automatic drinker battery cage for layers that an house about 1000 birds cost?

Thnk u sooo much Mr Lesgupnigeria for the encouragement and sharing your personal experience in farming. I am in the process already to acquire 6 plots for agricultural. An following and will be glad to have u as a mentor. Waiting for more of the posts.

fxuser:
u too worry !

. Bros the stock market is market hinged on news. And wise and savvy investors don't neglect the news.

What could possibly be the impact of the UK's exit from the EU on the NSE. Good or bad?

zendi:
I've just bought Oando at 7.00 myself.
I think we need a Crystal Ball erected in one corner of this room.

Godisfaithful:
Sir, too early to sell any banking stocks selling below their book value except those one that is yet to do the needful. Remember, their is shift in Naira with almost 40 percent shift; so also the financial and stocks market need to be reprice as well. Too early to recommend any price now, just follow your heart when you have already make some reasonable profit!

angelo82:
No sign of reversal yet because most stocks are undergoing growth correction but there is bound to be small pull back.Access will determine how fast UBA will move.Oando will be on the move as far as oil price is at 50 or above 50.

lancee:
The choice is urs sir , i think you have made enough profit you can either cash out or reduce ur exposure by selling some of ur stocks , i agreed with myjoy08 we re in the process of price correction , also some banking stocks are selling below their values
But def there will be a slight pull back ,if u cannot stand the turbulence you can either sell some if u entered at a reasonable price , but if u re yet to break even then u can wait
With the little info i gathered the local investors are the ones mostly taking position now , the foreign investors are testing the new Fx system to see they can easily move their money out without restrictions
In the nut shell there is light a the end of the tunnel ..but if r heart no fit stand am ..u either choose one of the 2 options
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Thanks a lot.

Seems this bull has come to stay or. . .

@Godisfaithfull, Chibuking, Zendi, Lancee, Deruggedprof, Megainvest etc, pls at what price do think UBA, Access and Oando will park and possibly start to engage the reverse gear southwards?

Please I need the info so as to make soon decisions as I hold positions in them for several months now.
Thanks in advance.

Access, Oh Access!!
Oando, Oh Oando!!

Riding on the wings of the bull.

Greetings to you all great members of the NSEMPA and BNSITL! Thank God I was patient enough not to short sell my stakes when the going was indeed tough. Patience in the NSE is key to success. But just thinking loud : how long can this bull last? Has this bull come to stay? If yes, why and if no, how long? Experts in the house over to you.

okosodo:
Around third junction by sakponba road. it is very expensive....................... Advice to ahmedio, redo your merek vcnt, and work on your space, the birds are too close to each other considering the fib rate, its 50-50 though...Goodluck

Thnks.

MetaHuman:
Birds die more this time of the year.

Make sure you separate suspected sick birds, they could be contagious. Once you notice the birds eat less and not as active as the rest with roughed feather, remove asap.

Try and get a battery cage, and make sure the place is well ventilated ..



I had small issue too last week that made me lose about 15 birds.. But I have been able able to rectify it by placing the rest of my birds in battery cage and isolate the suspected birds for special treatment.

Birds mass mortality is the biggest problem is poultry production.

Pls I stay in Benin City, how can I get a battery cage for my birds so as to avoid this issues on time? Thnks.

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