How To Write A Business Plan - Business (2)

How To Write A Business Plan - Business (2) - Nairaland

Nairaland Forum › Nairaland General › Business › How To Write A Business Plan (33260 Views)

Re: How To Write A Business Plan by GreatManBee: 2:20pm On Oct 13, 2015

Merlissa:
What is a business plan?

A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of a plan.

Now that you understand why you need a business plan and you've spent some time doing your homework gathering the information you need to create one, it's time to roll up your sleeves and get everything down on paper. The following pages will describe in detail the seven essential sections of a business plan: what you should include, what you shouldn't include, how to work the numbers and additional resources you can turn to for help. With that in mind, jump right in.

Executive Summary
Within the overall outline of the business plan, the executive summary will follow the title page. The summary should tell the reader what you want. This is very important. All too often, what the business owner desires is buried on page eight. Clearly state what you're asking for in the summary.

Business Description
The business description usually begins with a short description of the industry. When describing the industry, discuss the present outlook as well as future possibilities. You should also provide information on all the various markets within the industry, including any new products or developments that will benefit or adversely affect your business.

Market Strategies
Market strategies are the result of a meticulous market analysis. A market analysis forces the entrepreneur to become familiar with all aspects of the market so that the target market can be defined and the company can be positioned in order to garner its share of sales.

Competitive Analysis
The purpose of the competitive analysis is to determine the strengths and weaknesses of the competitors within your market, strategies that will provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited within the product development cycle.

Design & Development Plan
The purpose of the design and development plan section is to provide investors with a description of the product's design, chart its development within the context of production, marketing and the company itself, and create a development budget that will enable the company to reach its goals.

Operations & Management Plan
The operations and management plan is designed to describe just how the business functions on a continuing basis. The operations plan will highlight the logistics of the organization such as the various responsibilities of the management team, the tasks assigned to each division within the company, and capital and expense requirements related to the operations of the business.

Financial Factors
Financial data is always at the back of the business plan, but that doesn't mean it's any less important than up-front material such as the business concept and the management team.

Source: www,facebook.com/tequila.nigeria

Re: How To Write A Business Plan by Nobody: 2:25pm On Oct 13, 2015

Okkk

Re: How To Write A Business Plan by Infoay: 2:43pm On Oct 13, 2015

Thanks for this.

Re: How To Write A Business Plan by AkpanUnanam(m): 2:43pm On Oct 13, 2015

Its ok with us

Re: How To Write A Business Plan by Nobody: 2:51pm On Oct 13, 2015

This is good OP. This is real good. A fore thought business plan will curtail many failures---most importantly:

1. define your target market

2. identify your competitors

3. create a differential advantage or competitive advantage for your products/services

4. utilise blue ocean vs. red ocean strategy.

5. go for niche market, create your own niche market.

Now this is what I consider FP worthy thread.

Seun take note. G-d bless ya hustle anyways.

Good stuff.

Re: How To Write A Business Plan by abbey621(m): 3:01pm On Oct 13, 2015

If I asked most people what part of the business plan do you write first? Most would say Executive summary not knowing the executive summary is the last piece to write even though it would be the first to be read when it is presented to potential investors. Furthermore competitive analysis should include SWOT and other risk matrix, how would the business differentiate itself from the competition? Is there room for growth or expansion? Mergers & Acquisitions and so on. Finally no business plan is complete without an appendix, the bigger the business the more proof investors want. Flowcharts, pie charts, financial statements and so on, let investors know you mean business!

2 Likes

Re: How To Write A Business Plan by ROSAND14: 3:03pm On Oct 13, 2015

Luvly God blez u.

Re: How To Write A Business Plan by DKOKO3(m): 3:05pm On Oct 13, 2015

Amazing!

Re: How To Write A Business Plan by agabaI23(m): 3:06pm On Oct 13, 2015

Merlissa, assuming I want to write a business plan and the topic is "how to do business with Merlissa", how do i go about it?

Re: How To Write A Business Plan by Nobody: 3:16pm On Oct 13, 2015

...and once again no example was posted. I know all these stated already I just want to see how it'd look like after execution.

Re: How To Write A Business Plan by Guyman02: 3:23pm On Oct 13, 2015

wapmingle:
watch:- the teacher who cant read during an interview with the edo state governor. watch below

Hediot without occur, imbe without cile. Stop posting this video everywhere

Re: How To Write A Business Plan by nigeriancuban: 3:26pm On Oct 13, 2015

I have a client ho could seriously use a post like this ,sharing the link to him asap

1 Like

Re: How To Write A Business Plan by krestup: 3:26pm On Oct 13, 2015

A Business Plan is a management tool which help businesses or entrepreneurs in determining in advance what to do, how to do it, when to do it and who is to do it to achieve business goals. A Business Plan contains information about a business and it is used to obtain funding from financial institutions or investors.

Writing your business plan is not as difficult as it seems. Whether you are a start-up or growing firm follow the following steps:

Write the description of the business
Write the Marketing Plan
Write the Operational Plan
Write the Financial Plan
Organize all the information gathered
Write the Executive Summary
Craft a Killer Business Plan from the drafts

Write the Description of the Business: To describe your business you have to define what business you into. In doing so you address what makes your business unique. To write this section you must address the following questions:
What is your Business Type?
What products or services are you offering?
What are the benefits of the products or services?
What uniqueness differentiates your products and services from competitors’?
Where will the business be located?
How accessible is the location to the potential customers?
What kind of space are you considering?
What about the building/structure required?
What is the profit potential?
What are the growth opportunities?
What information do you have about your business from bankers, suppliers etc
What is the legal form of the business? (i.e. proprietorship, partnership, corporation etc)

Write the Marketing Plan: Marketing is important in business, hence the need for a marketing plan. Marketing Plan entails all activities involved in the distribution and promotion of goods and services. Note that a bad promotion can ruin a perfect product so tread softly. To develop your Marketing Plan consider the following questions:
Who are your potential customers?
What is the growth position of your target market?
What is the size of your market share?
What is your promotional strategy?
What is your pricing strategy?
Who are your competitors?
What are their strengths and weaknesses?
How are their products and services different from yours?
What pricing strategy are you adopting?
What is the comparison of your pricing to others in the industry?

Write the Operational Plan: Operational plan has to do with determining ahead how the business will be run on a daily basis. Everything from producing to shipping must be addressed. To draft this, you have to answer questions like:
What is your production process like?
Who are your suppliers (for raw materials and other requirements)?
Where will you house your inventory?
How many staff will you require for your daily operation?
What equipment or technology will be required in running the business?

Write the Management Plan: Management involve the activities of planning, organising, staffing, directing, coordinating, reporting and budgeting organisations’ resources to achieve set goals and objectives. Managing a business is not fun as many thought it to be. It requires commitment and tact. The Management Plan states everything about the operation of the business. To draft this you need to supply answers to:
What is your business experience and how does it help your business?
Analyze your strengths and weaknesses?
Who are the members of the Management Team?
What are their strengths and weaknesses?
What are their duties?
What are your current personal needs?
What are your personal plans?

Write the Financial Management Plan: this has to do with managing the business’ financial resources to keep it afloat. Draw up plans relating to set up cost (i.e. cost of starting the business) and operating cost (i.e. cost of running the business). Both costs should be budgeted for and should reflect in the plan. To assist in drafting this up you need to answer the following:
How much money do you have?
How much do you need to start the business?
How much do need to keep it running?
What is your financial projection?
There are 3 statements that should also be part of the financial plan, thus:

Income statement
Balance Sheet
Cash-Flow Analysis

Organize all the information gathered: Put together all the information from your drafts and organize them into sections and subheadings. It will look like this:

Title Page
Table of Contents
Executive Summary
Description of the company
Products and Services
Marketing Plan
Operational Plan
Management
Financial Plan

Write the Executive Summary: This is a summary of the vision of your business. It states the uniqueness of your business and its operations that position it for success. For instance technology, production process etc. This part of the Business Plan is of particular interest to investors, lenders or banks.

Craft a Killer Business Plan from the drafts: After all the research and hard work, you need to put them all together to get a final document. Create a killer Business Plan from all your several drafts by organizing them into a single document. Proofread and edit the document before binding it for presentation.

Source: http://how.com.ng/complete-guide-on-how-to-write-a-business-plan/

3 Likes

Re: How To Write A Business Plan by munex007(m): 3:28pm On Oct 13, 2015

Nice write up but you miss a vital step "BUSINESS RISK AND MITIGATING TECNIQUES"..Most business fail due to inadequate research about peculiar risk of the particular business...Risk can be market risk,credit risk,technology risk etc

2 Likes

Re: How To Write A Business Plan by free37: 4:03pm On Oct 13, 2015

Nice.

Re: How To Write A Business Plan by Nobody: 4:03pm On Oct 13, 2015

Reference for my future uber hair lounge kiss

Thanks op.

1 Like

Re: How To Write A Business Plan by adconline(m): 4:09pm On Oct 13, 2015

Nice one.. Starting one this wk.

1 Like

Re: How To Write A Business Plan by Kasfarin(m): 4:15pm On Oct 13, 2015

'The Best Way to Start a Business is to Plan the Business. A Well Planned Business Stands the Test of Time and Opens Door for Opportunities'

Do you need a Standard Business Plan with accurate Financial Analyses /Infograghs to access loan/fund from Bank of Agriculture (BOA), Bank of Industry (BOI), Micro finance Banks and other Financial lending Institutions to kick-start or expand your business.

Do you also need Standard Business Plan to benefit from Entrepreneurship Programmes, Grants giving Programmes, Business Plan Competitions or Government programmes such as Abuja Business Plan Competition (ABPC), Youth Employment in Agriculture Programme (YEAP), Fund for Agricultural Finance in Nigeria (FAFIN), etc.

Do you or your Institution, Organization or corporate bodies need training on Standard Business Plan Development

Contact Kaspharyn Solutions a registered and leading Business Development Agency Now
Whatsapp or Call: +2347066515451; +2348056766126
Email: Kasfarin@gmail.com

http://kasfarintheagropreneur..com.ng/

2 Likes

Re: How To Write A Business Plan by Nobody: 4:21pm On Oct 13, 2015

Nice one, most businesses fail because they never had a PLAN but draft of ideas. Some even don't know why they are in business.

1 Like

Re: How To Write A Business Plan by gr8david(m): 4:33pm On Oct 13, 2015

nice one, but can u upload any sample format/template

1 Like

Re: How To Write A Business Plan by Bright4(m): 4:50pm On Oct 13, 2015

Welcome idea @d needed moment. Thanks.

1 Like

Re: How To Write A Business Plan by Merlissa(op): 5:15pm On Oct 13, 2015

PuciPrince:
The kind of Nigerians we are looking for. God bless you.

Amen and Thank you

Re: How To Write A Business Plan by Merlissa(op): 5:17pm On Oct 13, 2015

agabaI23:
Merlissa, assuming I want to write a business plan and the topic is "how to do business with Merlissa", how do i go about it?

Send me a mail and we talk about it

Re: How To Write A Business Plan by Merlissa(op): 5:21pm On Oct 13, 2015

The next post would contain samples and step by step process of how to write a business plan...

Thank you for the lovely comment..

Follow this trend

Re: How To Write A Business Plan by octus2008(m): 5:43pm On Oct 13, 2015

nice

Re: How To Write A Business Plan by klassic(m): 5:48pm On Oct 13, 2015

pls i need a complex business plan/proposal sample. kindly mail it to: timipowei981@yahoo.com

Re: How To Write A Business Plan by darlenese(f): 6:01pm On Oct 13, 2015

Thanks for sharing

Can you give us a piece on how to know a business is viable
And the calculations as well

Thanks once again

1 Like

Re: How To Write A Business Plan by Chartey(m): 6:15pm On Oct 13, 2015

Merlissa:
What is a business plan?

A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of a plan.

Now that you understand why you need a business plan and you've spent some time doing your homework gathering the information you need to create one, it's time to roll up your sleeves and get everything down on paper. The following pages will describe in detail the seven essential sections of a business plan: what you should include, what you shouldn't include, how to work the numbers and additional resources you can turn to for help. With that in mind, jump right in.

Executive Summary
Within the overall outline of the business plan, the executive summary will follow the title page. The summary should tell the reader what you want. This is very important. All too often, what the business owner desires is buried on page eight. Clearly state what you're asking for in the summary.

Business Description
The business description usually begins with a short description of the industry. When describing the industry, discuss the present outlook as well as future possibilities. You should also provide information on all the various markets within the industry, including any new products or developments that will benefit or adversely affect your business.

Market Strategies
Market strategies are the result of a meticulous market analysis. A market analysis forces the entrepreneur to become familiar with all aspects of the market so that the target market can be defined and the company can be positioned in order to garner its share of sales.

Competitive Analysis
The purpose of the competitive analysis is to determine the strengths and weaknesses of the competitors within your market, strategies that will provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited within the product development cycle.

Design & Development Plan
The purpose of the design and development plan section is to provide investors with a description of the product's design, chart its development within the context of production, marketing and the company itself, and create a development budget that will enable the company to reach its goals.

Operations & Management Plan
The operations and management plan is designed to describe just how the business functions on a continuing basis. The operations plan will highlight the logistics of the organization such as the various responsibilities of the management team, the tasks assigned to each division within the company, and capital and expense requirements related to the operations of the business.

Financial Factors
Financial data is always at the back of the business plan, but that doesn't mean it's any less important than up-front material such as the business concept and the management team.

Source: www,facebook.com/tequila.nigeria

Re: How To Write A Business Plan by Revolva(m): 6:46pm On Oct 13, 2015

Nice....one ..

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