A business plan is a professional form of a written document with goals and how they are to be attained. Every business needs one as it is the backbone of any successful business.
However, creating one can be a thorn in the head. So, to help you connect financially, physically, and emotionally with your customers, here is what you need to write a professional business plan in Nigeria.
Terms In Business Planning
Market Analysis: In-depth research on product market competitors, manufactures, distributors, and so on.
Product and service: Rendered products or services.
Executive summary: Overview of business.
Financial projections: Estimated finances that will be used in running supply costs.
Company description: Description of the business line.
Funding request: Estimates of financial needs in 3 – 5 years.
Management: Overview of key players, committee, stakeholders, and government.
Marketing strategy: Intended marketing and selling method.
Appendix: Section for resumes and permits.
Having known this, getting started is always difficult but here are tips to draft the perfect business master plan
Do Your Personal In-depth Research
Research is the first and foremost strategy in business planning. It is a very vital factor in knowing the in and out of any proposed business. With it, an intimate knowledge of Market competition, Product description, services, cost analyses, financial estimations, overview, audience e.t.c is established.
Set Your Road Map
Determining the purpose of your business plan is very important because it answers the whys of a certain course of action. This serves as a pointer to guide you in every intending plans. Getting to know your customer’s problem is a good start. The goal of the business plan covers future financial strains by addressing bumps that may come in the way. This has to be specific, clear, and concise.
Create A Professional Company Profile
Creating a professional company profile helps in giving targetted customers a clear overview of the company’s products and services. It also includes the company’s history and background, resources, strength, and capacity.
This is normally found in the official site of the company. Having it makes research easy for wagering customers who want to find out more about the company in a nutshell.
Get A Marketing Master Plan
Marketizing your products and services is an essential part of a business plan. In every successful business, there is a professional master plan responsible for it. This plan covers a wide range of marketing objectives needed to achieve marketing missions such as Maintenance of products, territory expansion, product expansion, cross-selling, sales-boosting, contracts, price management and control, refining products, and boosting delivery.
Each of these should have goals, objectives, plans, tactics, and cost.
Do proper Documentation
Every investor and businessmen will always want to know their financial reward for doing business with your company. Documentation helps by giving a summary of your licensing agreement, financial flow, expenses, expenditures, projections, targets, legal status, external costs, and internal hours.
Note, Minor details like location should also be included.
Create A Feeling Of Exclusivity
Creating a special form of service to customers in any business is one sure way of catching their attention.
Take, for instance, an Engineer will be more interested in the specifications of the product, Bankers on cash-flow, investors on management, and so on.
Promising and giving customers products and services in accordance with their taste, specifications, class, and interest will keep on bringing them back for more.
Applying Emotions in your product marketing is one sure way to permanently convert a visiting client to a full-time customer.
Solving a problem through your product will boost your demand market.
Also, let your commitment, dedication, and passion reflect on the business plan.
Be bold to show them your learned mistakes, problem-solving capacity, and values.
Tell them what differentiates your products/services from others in the market.
With these tips, drafting a successful business plan is one step away.
Hope this helps?
If you think this post can be helpful to somebody else, please share it on Twitter, Facebook, G+, Whatsapp or Email it to friends. There are buttons below for this (easy to use too)!
- Visa Free Countries for Nigerian Passport Holders in 2021 - January 6, 2021
- Top 10 Best Banks in South Africa For Savings & Home Loans (2021) - January 6, 2021
- Top 10 Best Universities in South Africa for Nigerian Students (2021) - January 6, 2021