Do you have a good Business Idea that you want to transform into reality (Product & Service)? or do you intend expanding your small Business. Business planning is the solution. You need to develop and write a professional Business Plan in order to attract investors or sponsors. If you have a good Business Plan but don’t have a Start-up Capital or expansion capital, you can enter into various Business Plan Competitions such as YOUWIN | Nigeria, Global Social Venture Competition, Youth Social Entrepreneur Competition | Changemakers etc. A primary aim of any Business Plan is to set out the strategy and action plan for the business for the next 1- 3 years or more for long term. It explains your objectives and how you will achieve them. Once written, the plan is a benchmark for the performance of the business. The act of writing the plan helps you crystallize and focus ideas, and identify your priorities.
PROFESSIONAL BUSINESS PLAN FORMAT
Make this as lively and attractive as possible. Remember to include your.
Business name/Limited Liability,
Trade mark (if any).
Telephone, fax number, e-mail address and website if you have one.
You could include your logo or an eye-catching picture of one of your products or services. The period plan covers
It is important to have your business plan clearly laid out in sections and a contents page with headings and page numbers which will guide the reader quickly to a particular topic.
Although found at the front of your business plan, it’s the last section to be written, quite literary and a summary of your business plan. Even if the reader has not read the full business plan, the executive summary should convey all about the business plan and who you are.
At this point, you do the following:
Your Mission and Vision.
Promoters profiling, like who is involved where you are based what up day.
You give details of the history of the business and the type of business, where it is located, or expected to be located.
How the business started and has developed or how you intend to start and develop if you are a new business.
Key achievements the business has made (for those already in business should be added to the above). Significant milestones, relevant partners
Give more information or your service/product. Here you can show pictures, graphic showing growth rate, diagrams you can make mention of brochure and leaflets that will be attached as appendix
SWOT and PESTLE ANALYSIS OF BUSINESS
SWOT means Strength, Weaknesses, Opportunity and Threats
PESTLE means Political, Economic, Social, Technological, Legal and Environmental factors that affect your business. You should list them accordingly. They are factors beyond your control i.e. external factors but it is still important to list them all e.g. inadequate power
MANAGEMENT AND PERSONNEL PLANNING
Describe the legal structure for enterprise. You also need to explain the internal management structures.
Describe the staff role and any skills, experience and qualifications, which will be necessary.
Address of any skill gaps by including a training plan.
Organogram showing management arrangement.
This is a crucial part of any business plan. You will need to answer some of the following questions.
I. Marketing Research:
Who are your customers? Need and preference of your customers; Service/product to offer; Competitors
II. Marketing Plan (Price)
Cost of product; How much customers are willing to pay; Competitors price; How much do you sell? Reason for setting your price; Discount will be given to the following customer ( if any); Credit will be given to the following customers
III. Marketing plan (Place)
Location; Describe the planned location of the business; This location is chosen for the following reason; Is it convenient for you and your customers? Do you have competitors around your business location? Method of distribution; The business will sell to 🙁 individuals, Wholesalers, Retailers, Others specify); This way of distribution is chosen for the following reason; Cost of paying for the place.
IV. Marketing Plan (Product/Service)
Quality; Product variety; Packaging; Cost of production or delivering this service
V. Marketing plan (Promotion)
How will you get the word to customers? Type of advertisement, word of mouth, public relations, sales promotion etc Why; Details; Price (cost to do the advert); Graphic image: Logo design, cards, letter head
VI. Target Market
The target market of your business plan must clearly identify the current and prospective buyers of your company’s products and services. The goal is to define your customer base as specially as possible. Will you be selling primarily to (private sector, Wholesalers, Retailers, and Governments etc)
How will the products/services be delivered?
How will the customers receive the services/products?
What days and time are involved, any peak and low operational period?
What equipments do you use or need to use as the case may be?
What consumable materials are needed e.g. paper, soap, fertilizer, fuel, etc
The resources you needed should cover staff, premises, facilities, and all necessary equipment.
Describe how the business will develop by illustrating your short, medium and long time goals,
Taxes applied to the business; Regulations applied to the employees; The business will need the following license and permits; The business will have the following Insurance
This is the vital part of your business plan and often the section, which is referred to before anything else! By completing the other sections of the business plan you should have already arrived at most of your costing, these can now be illustrated through budgets for year one and two and a two year cash flow forecast.
Sources of startup (Owners equity, Loan if any, others)
Net worth for existing business.
Value of working equipment (Wages, fuel, Telephone, depreciation)
Utilities (Fuel, Mobile Phone, water, waste disposal, etc)
It is also important to include details of the financial systems you will use, particularly the controls on those systems. Who will sign cheques? What information will be used to make financial decisions in the business? What safeguards will you establish to account for and monitor income and expenditure?
With time people may be interested in your business as it is growing. It is always good to think ahead of what happens to the business in ten years or twenty years time. Like Venture. Capital or Angel Investors may want to buy share and want to know what will happen to the business. Here are some possible exit strategies to consider… Merger/Acquisition; Buyout by partner in business; Franchise your business; Hand down the business to another family member; Going out of business sale.
You can include here any documents that are too detailed or bulky to go in the main body of the text. These could include some of the following: Brochures, Leaflets, Photographs, Diagrams, Maps, Market research information, Questionnaires, Surveys, References, Other supporting materials relevant to social enterprise, Curriculum vitae Bank statement
AEA Business Plan Format