Business Plan Format in Nigeria: Templates Meaning, Importance, Needs & Types | PDF | PPT - The meaning of business plan can simply be defined as a formal statement of business goals, reasons they are attainable, and plans for reaching them.
It may also contain background information about the organization or team attempting to reach those goals In its simplest form, business plan is a written description of your business’s future. It also a plan document that describes 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.
Which business needs a business plan in Nigeria?
If you have plans on picking up some freelance work to supplement your income, than you can skip the business plan. But, if you’re embarking on a more significant endeavor that’s likely to consume a significant amount of time, money, and resources, then you need a business plan. If you are very serious about doing business, than taking business plan serious is critical to your success. A Good Business plan is essential for both type of businesses below :
- Startup businesses
- Existing businesses
Why get or need a business plan?
If you invest your time and focus in creating a business plan than note it that is one of the most valuable activities you can undertake. Creating a well-structured business plan will give you direction and also help your business become a success. A business plan provides a road map for your business’s future and is essential to attracting funding.
A business plan is vital for securing finance
If you’re seeking finance for your business, than a business plan is an essential document to help you convince lenders and investors that you should be taken seriously. Whether you’re new to business or have been operating for years, lenders and investors will only risk their time and money if they are convinced your business will be successful and profitable.
Your marketing plan is also a crucial part of helping you to attract funds.
A business plan provides a roadmap for success
A complete, thoughtful business plan is one of the most valuable tools in helping you reach your long-term goals. It gives your business direction, defines your objectives, maps out strategies to achieve your goals and helps you to manage possible bumps in the road.
A business plan gives you control of your business
Business planning can seem overwhelming and time-consuming, but many successful businesses look at it as an opportunity.
The planning process helps you learn about the different forces and factors that may affect your success. If you’re already in business, it helps you to step back and look at what’s working and what you can improve on. Instead of worrying about the future, a business plan helps to give you a sense of control over your business and your livelihood.
Writing and researching for your business plan gives you the chance to:
- learn about your industry, market and competitors
- write down exactly where you are in the market and where you’re headed
- identify challenges you may come across and work out strategies to avoid or overcome them
- understand your business finances, including managing cash-flow and determining your break-even point
- set specific goals, time frames for achieving them and how you’ll measure performance
- make sound business decisions that focus your activities, maximize your resources and give you a competitive edge.
It’s important to have a business plan, but it’s just as important to keep it up to date:
- A business plan is not a document you create once and store in your bottom drawer.
- It’s a living guide that you should develop as your business grows and changes.
- Successful businesses review and update their business plan when circumstances change.
- Set yourself a reminder to review your business plan regularly.
If you have a team in your business, holding brainstorming sessions is a good way to benefit from their knowledge – it ensures you’re all on the same page and that you get their support.
You don’t have to start with a blank sheet of paper
To write an effective business plan you’ll need discipline, time and focus. Although the process can seem challenging, it’s very rewarding and gives you a sense of control over your business.
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Types Of Business Plan in Nigeria:
Here is a quick overview of three common types of business plans:
1. One-page business plan
A one-page business plan is exactly what it sounds like: a quick summary of your business delivered on a single page. No, this doesn’t mean a very small font size and cramming tons of information onto a single page—it means that the business is described in very concise language that is direct and to-the-point. A one-page business plan can serve two purposes. First, it can be a great tool to introduce the business to outsiders, such as potential investors. Since investors have very little time to read detailed business plans, a simple one-page plan is often a better approach to get that first meeting. Later in the process, a more detailed plan will be needed, but the one-page plan is great for getting in the door.
2. The Internal business plan
The internal business plan dispenses with the formalities that are needed when presenting a plan externally and focuses almost exclusively on business strategy, milestones, metrics, budgets, and forecasts. And of course it also includes the review schedule for monthly review and revision. These internal business plans skip details about company history and management team since everyone in the company almost certainly knows this information. Internal business plans are management tools used to guide the growth of both startups and existing businesses. They help business owners think through strategic decisions and measure progress towards goals.
3. External business plan (a.k.a, the standard business plan document)
External business plans, the formal business plan documents, are designed to be read by outsiders to provide information about a business. The most common use is to convince investors to fund a business, and the second most common is to support a loan application. Occasionally this type of business plan is also used to recruit or train or absorb key employees, but that is much less common.
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Business Plan Format in Nigeria: Meaning, Importance, Needs & Types | PDF | PPT
A formal business plan document is an extension of the internal business plan. It’s mostly a snapshot of the internal plan as it existed at a certain time. But while the an internal plan is short on polish and formality, a formal business plan document should be very well-presented, with more attention to detail in the language and format.