Business plans are a life-like document that comprehensively describes the specifics of your company. A business plan will outline so many features including what your business plans to sell, how it will operate, its structure, the target audience, how you will market the services, products and the amount of funding required, what the financial projections are, leases, permits and other documentation that will be needed.

A business plan can assist you in getting financing or finding prospective business partners. Investors want to feel secure about the return they can expect from their investment, and a business plan is an extremely effective tool for convincing investors that investing in your business is a wise decision.

It’s not a hefty document and therefore you should not be hesitant in drafting one. Business plans are an effective tool for reaching a target and monitoring the growth of your business. It can be used to establish the business’s strategy, goals timelines, budgets, and deadlines. There are many business plans templates available online.

How To Write A Business Proposal In Nigeria

Research

Determine the structure, marketing strategy, and financial strategy for your business. This will make your forecasts and analyses much more probable to become precise.

Determine The Purpose Of The Business Plan

Determine if the plan is intended to be utilized internally, or by third-party companies, etc. This will help you determine what kind of information to focus on. It is crucial to determine which sections of your business plan are important to your business before starting the process of creating your business plan.

Seek Out Professional Assistance

Seek professional assistance for planning your company’s business plan in case don’t feel confident about preparing it. When you get help, make sure you pay attention since it’s crucial to understand the content of the business plan and be able to defend the plan.

Take Note Of Actual And Estimated Figures

If you are starting your own business and have a set of expected numbers you must communicate the information correctly in order not to mislead investors. Naturally, when already fun running your business, it is important to have the actual numbers. You can also get a relatively close figure if you can make enquires from other entrepreneurs in similar business lines.

Write The Executive Summary Last

I would suggest that you do this in as few words as you can as a page-long summary with relevant information is adequate.

Narrow Down What Makes You Different

Before you begin writing your business plan, you should think about what you can do to make your company distinct and special. What investors would like to know is what you can do to ensure success. Set yourself apart from similar products and service companies within your region.

Keep the Business plan short and in a format that is easy to skim

Business plans are smaller and less rambling than they were earlier. Don’t include all of the results that you have gathered from market studies. Save these data somewhere else for your personal use, or as an appendix. Formatting is essential, therefore make use of bullets, headers, and italics to highlight important information for readers.

You Can And Should Change It As You Go

Business plans are a live document, and therefore should be revised when circumstances change, and also as needed for particular purposes.

Choosing A Business Plan Format That Works

There isn’t a proper or incorrect method to create the business plan. A business plan can be the traditional type or the lean startup. The traditional type is more common because it follows a standard structure and emphasizes details. Consequently, they require more effort and can be hundreds of pages long.

The lean startup model isn’t as common, and the one most commonly used is the Business Model Canvas. The lean startup plan is focused more on the summary of essential points or the key elements of the plan. Typically, it is a long page.

You can also download a business plan template which can be modified to suit your company.

Traditional Business Plan

Let’s discuss the traditional kind of business plan. It is ideal for the person who is more detailed or one who requires an extensive plan or wants to obtain funds through traditional channels. It is not necessary to stick to a specific outline. Instead, select those sections which make the most sense for your requirements.

A thorough traditional business plan will include these sections:

• Executive Summary
• Description of the company
• Information about the product or service
• Competitive and market analysis
• Strategies for Sales and Marketing,
• Plan of operation
• Summary of management
• Analysis of the financials
• Appendix (which provides additional details)

I’ll go on to describe in detail the sections, and provide examples where appropriate.

Executive Summary

This is the first section. It briefly explains to the reader what your company’s mission is and what it can do to be successful. It is always recommended to create your executive summary after you’ve written the remainder of the plan so that you can draw the key information from various sections.

The executive summary must convey the mission statement of the company along with a short company profile as well as product or service information and details about employees.

Include financial data and growth plans in case you are planning to solicit financing from investors. The executive summary provides an overall view of your company’s operations and market before the reader dives into specifics.

A summary of the executive should include two paragraphs the summary including the company profile, products or services, marketplace, as well as financial factors as well.

A good format of the overview of an executive overview, made using Odigital Tech Ltd is:

Odigital Tech Ltd is a fully-serviced and co-working business with its headquarters on Lagos. The company attracts the attention of entrepreneurs due to its area of operation, its high-speed internet, good road networking system & support services.

The company is planning to establish a solid market share on the market in Surulere by forming strategic alliances using the strength in the Odigital Tech Ltd brand and its other partners. The company offers technical & general information and its services to general users of the internet such as  entrepreneurs and small-sized businesses with competitive rates that will satisfy their requirements.

Company Description

This section provides details about your business as well as the problems it wants to tackle and the companies you plan to assist. It describes your competitive advantage, which will ensure the success of your business and the expertise of your team, as well as the area of your business. You must communicate the strengths of your business in this section in order to persuade investors.

A good example of a company description summary section is:

Odigital Tech Ltd is a brand that is committed to providing all information, tools and resources to entrepreneurs. Through its different sections, Odigital Tech Ltd offers integrated support for entrepreneurs.

One of the sections of Odigital Tech Ltd is to provide technical and useful information and general knowledge that allows business owners, entrepreneurs, businesses of all size and general users of the internet to have quality information about their work. Learntal.com is another arm of Odigital Tech Ltd which lectures and provide knowledge and information that will help you achieve your aspirations as a digital marketer.

Learntal.com consultation and registration services assist entrepreneurs in keeping their business organized. Our dedication to providing quality is second to none and above others.

Market Analysis

The market will determine whether you succeed in your company. Do you think the market will be interested in what you’re offering? You must have a thorough knowledge of your industry and the market. Research on competitive factors will reveal how other businesses operate and what their strengths are. Find out if you could do better than what they’re doing.

Let’s consider Odigital Tech Ltd to serve as an example. We have identified our Target audience that is, anyone who wants to be a digital marketer.  Entrepreneurs who can operate on their laptops, and who offer technologically driven solutions are the target markets.

Include the analysis of research conducted by other researchers (articles and other publications about co-working areas) and also the research (interviews and customer surveys etc.) that you have conducted. Also, you can include an analysis of competitive factors

For instance, research into how many other co-working spaces hold some part in the marketplace. What do they have in common? Draw out your strengths as well as weaknesses in these competitors and the strategies that help you gain an advantage.

A sample of a summary of a market analysis:

Odigital Tech Ltd targets three types of clients: small-sized businesses who require an office and can work from their computers freelancers or solo-preneurs that require a comfortable space to work from, and executives and trainers who require an area that is comfortable to gather.

 

The co-working community has diverse niches. There are those that provide the opportunity to help tech entrepreneurs develop their ideas and those designed to empower and for artists, and others that cater to craftspeople.

 

Odigital Office Planning has carved out its own niche. Our services are designed for entrepreneurs and businesses of all sizes.

Organization (Operations) And Management

This section is used to inform the reader about the organization of your business and who will manage it. The legal structure of your company, and also state whether you’ll manage it on your own or be integrated. Thus, using an organizational chart to indicate who is responsible for what is important will help you understand.

Highlight the unique skills each member of the team has and the contribution that these skills contribute to the successful completion of your business. Also, make sure to include bios of each team member and provide details about their experience as well as their education. Additionally, you should explain what people filling in the vacant positions will be accountable for. A sample of our employee plan:

The workforce of Odigital Tech Ltd is small and we pursue other business interests on behalf of the company.

 

Additionally he will be responsible for the expansion strategy of Odigital Tech Ltd and help to grow the Odigital Tech Ltd community, and ensure that the ReDahlia brand is at the top of mind for potential clients.

 

Additionally, there is a client service manager. She’s in charge to manage the most fundamental tasks including customer service, design graphics, and supervise managing our social media.

 

She is also a part of the strategic sessions of Odigital Tech Ltd.

Odigital Tech Ltd services in accounting and legal are outsourced. We have established a mutually beneficial partnership with our lawyers as well as our accountants.

 

Security and cleaning services have also been contracted out. At first glance, this appears more expensive, but it actually eliminates the pressure of monitoring and gives us time and peace to do the things we need to do.

 

The supervision of daily tasks in the Odigital Tech Ltd Workspaces is handled by an office assistant, who makes sure that the clients have everything they require to get their work completed.

Service Or Product Plan

The section should describe what you offer or the service you provide and its lifespan. Define how it benefits your customers. Provide plans of intellectual property filings and studies about your product or service. Additionally, you should describe the issue you’re trying to solve and the method you will solve it. It is important to discuss your competition too.

The Marketing And Sales Plan

You will answer questions such as how you will penetrate the market, what you can do to expand your business as well as the distribution channels to concentrate on, the best way to connect with customers, your sales strategy, and how to grow over time.

An example:

Odigital Tech Ltd plans to be more than just a digital marketing & co-working facility. We’re planning to offer all things to general users of the internet.

We aspire to be the top high-end, yet affordable co-working facility.

Public relations: The press release about our launch was released via offline platforms like several newspapers and several popular website like Learntal.com and other social media platforms. We also participate in other social responsibility activities which help to raise awareness about the brand. For instance, we make use of the Instagram, Facebook & Twitter every Friday to provide ideas on how entrepreneurs can manage successful businesses.

Articles published and offline ads:  We are a regular contributor to publications and have appeared in other blog sites. We have brochures we send out to certain places and events to distribute because we know that our clients will be there.

Social media and the Internet: We maintain a regularly-updated website, and we have received numerous enquiries from it. Our profiles are present also on social media.

Financial Plan

The financial plan is essential to define your financial plan in full detail, including the startup cost projections, financial projections, as well as a funding solicitation for investors. The cost of starting is the amount of money required to begin your business – the cost of leasing computers, phones, and so on. Make sure you are honest about estimates.

Make sure your financial projections are clear so investors are aware of where the money is going and how they can recoup it.

Businesses that are already in operation will have accounts of income, balance sheets, and cash flow statements for the past three or five years. You should list any collateral which can be used to secure loans.

The Appendix

This section concludes your business plans. Additional documents (resumes permits, leases images of products letters of reference, etc.) are included in the appendix. The appendix is not required.

I hope this article has been beneficial to you. It’s time to transform your business idea into an actual reality. We’re committed to helping you realize your dream of becoming an entrepreneur. Contact us via our comment section.

Originally posted 2022-01-14 12:05:52.