Get Access to More Than 100 FREE Nigerians Business Plans Executive Summaries
GET ACCESS TO MORE THAN 100 FREE NIGERIANS BUSINESS PLANS EXECUTIVE SUMMARIES
Get Access to More Than 100 FREE Nigerians Business Plans Executive Summaries
Hi! Welcome. I know you are here for the FREE Business Plan Summary. However, in the meantime, I encourage you to read through the article, it will definitely help you with either writing your own business plan or learn t identify a professionally written one. Please do not forget to share with friends and family.
Beyond this article serving as a quick guide to the entrepreneurs, business owners and managers, the role of this article is to help you identify all you need to know about business plans, how to write one and most importantly for those who buy one, know how to ensure the business plan you bought contains all the vital elements you should look out for. This article will also proof useful for those who are interested in the business of business plan writing. Patriarch Business Advisory hope to publish lots of helpful Cornerstone Articles like this to educate on audience on some of our FREE and premium offerings.
Business Plans? What Are They? How do I develop one? What is their Usefulness? Are there different types of business plan?
Almost anyone who has started or managed a business, or done some bit of management consulting would have heard these questions and similar ones in the course of your career. Please follow through our article today, I can assure you this is one of the best business plan articles you have read in a while. There are lots of valuable information to be gleaned refined through several years of experience. So, let’s burst some business plan questions. Are you ready?
First, what’s a Business plan?
I definitely have three definitions I coined personally to define what a business plan is
A business plan is
- A document that explains the basic course of action a business is planning to embark on in the nearest future (usually a 3 -5 years projection). It usually contains the financial implications in terms of revenue and cost involved.
- A business plan can also be described as a tool used to convince other external parties about the viability, potential and future possibilities of a business. The external parties can include lenders, coveted talents, suppliers, shareholders (equity investors) and possibly buyers.
- In terms of features, a business plan usually includes introduction, company description, market analysis, competitive analysis, PESTEL and SWOT analysis, operational and management plan, financial plan, exit strategy, risk management and social impact.
If you are just learning about business plans in a comprehensive way, I encourage you to read that definition severally. It helps you to think the different things I will still share in the course of this teaching.
So, in one line, a Business Plan is a business operating manual.
So, why should you need a business plan?
There are about 5 reasons why anyone should need a business plan.
- For proper understanding of all the intricacies of your business. From experience, this is usually the least reason why people develop a plan but I think its the most important reason to have a plan. If you are to have a business plan for any reason, it should fit this need. Having a business plan helps you to at least understand the risk involved in doing a business and seek ways to mitigate all of them.
- To convince external parties including funders, investors, grant bodies, special talents, co-founder, etc. of the viability and the opportunity your business seek to exploit. Definitely a business plan highlights the peculiarities of your business
- A business plan provides direction for you. It helps you to clearly establish your business objective, analyses the external and internal environment of your business and seeks as a guide, perhaps it can be described as your business compass.
- A business helps to test the implication of your assumption. It helps to know your strong points and your otherwise not sufficient point. If thoroughly done, it helps you know for instance if your cashflow is good enough to sustain the business until it starts making profit. When thoroughly done, a business plan helps you to know how much work you need to do to ensure your business succeed.
And did I tell you about factors to consider in starting a business or deciding on what business opportunities to pursue…that should come in a separate article, ensure you subscribe below to get updates from us.
- A business plan is also a bragging document. There is perhaps no better way you can show or convince someone that you are serious about a business than to show them a business plan. Perhaps a similar document that helps you brag is the company brochure or profile. We can definitely do that for you too.
Check out ours here.
So now that we know the importance of a business plan, let’s go on to consider how to prepare one.
Or before we do that, let’s just discuss some different types of business plan
Popular site Small Business Chronicles identifies six (6) types of business plans
- Start-Up Business Plans. As the name posits, this is business plan for the new entrepreneur who is just starting out. It’s your way to put your thoughts, ideas to paper. It basically has all the sections of a regular business plan, it just that the ideas are just been tested in the market. People who usually request for this type of business plans are friends and families, grant organizations, etc.
- Internal Business Plans. This is business plan usually done by a particular functional unit of a business. For instance, the marketing team, or HR, or R&D department might produce a business plan to analyse the effect of a proposed course of action.
An IBP is usually done to convince management of a proposed course of action say, (HR) to review employee benefit, forecast for new hires, etc. (Marketing), to analyse product performance, to state sales plan, to show profitability, etc. (R&D) to state and explain the long-term benefit of acquisition of new technologies, development of new products, etc.
- Strategic Business Plans. This is an overarching top management plan. It’s usually done for a 3-5 plan and used to state the strategic (usually financial) objectives of the business but with emphasis on the leadership traits of the company. Leadership traits includes the company vision, mission, core values, critical success factors, etc.
A strategic business plan brings all levels of the business into the big picture. It’s long-term in orientation.
- Feasibility Business Plans. As the name suggest, it’s for looking out before you leap. You want to consider, will people buy my products, will I make a profit from it? Is it the best time to sell it? What are the factors that will help me make the most gain from this project? Should I go ahead or just back out?
A feasibility business plan is very important for business with high capital requirements, high risk and one with lots of uncertainty especially from sources outside your control.
- Operations Business Plans. Simple. It deals with the nitty gritty of your business operations. It seeks to delineate what is to be done, how it is to be done, who does it, who is held responsible for it, how do we know when it is done, the timeline for carrying it out too. This is where stuffs like company policy document, etc. comes in.
Let me say this quickly, the difference been outlined here is so that you can learn to focus your attention more on different aspect of the business plan depending on the purpose to which the business plan is intended. Every business plan will definitely contain elements of all the different types of businesses mentioned here but in different degrees.
- Growth Business Plans. These are business plans intended basically to spur business growth. Now, there are about 6 things that can grow in a business including revenue, profitability, sales, cost can reduce, visibility can grow, customer base can grow too. A growth plan, similar to an operations plan, highlight how growth will be ensured. What new things will be done, how will it be done, what resources are needed for it, what results should be expected, etc. are all part of what should be in the growth business plan.
Now that we know the different types of business plans, let’s go on to consider how to prepare one.
Basically, the way I prepare a business plan is first to outline all the different parts of the business plan
Here are the major segments you should be aware of
Business description (including vision, mission, values, objectives and critical success factors)
Market Analysis (concludes with target audience). Remember Mo taught us Buyers Persona in Inbound marketing?
SWOT and PESTLE analysis
Lastly, executive summary because it is a summary of all the other segments outlined above.
Now, that you know all about a business plan, I should add that a perfect business plan is not a guarantee that you have a perfect business but it’s a step in the right direction. Now, here are the topics to several business plans template available and freshly updated on a quarterly basis. You can contact us to get a FREE Business Plan Summary on any of them.
More Than 100 Available already written business plans. Contact Us to Get A Look.
- Adire/Kampala Business Plan
- Agricultural Commodity Business Plan
- Auto Repair Business Plan
- Bakery/Bread Production Business Plan
- Block industry Business Plan
- Cake Business Plan
- Cashew Production Business Plan
- Cassava Farming and Processing Business Plan
- Catering Business Plan
- Catfish (Fish Farming) Business Plan
- Cattle Beef Production Business Plan
- Chicken Slaughter and Processing Business Plan
- Chin-chin production Business Plan
- Cinema House Business Plan
- Cleaning services Business Plan
- Cocoa Production and Processing Business Plan
- Cooking Gas Business Plan
- Cosmetology Business Plan
- Creche Business Plan
- Day Spa Business Plan
- Diary Production Business Plan
- Dry Cleaning Business Plan
- Electrical Store Business Plan
- Event Management Business Plan
- Export-Import Service Business Plan
- Fashion (Garment Making and Retail) Business Plan
- Feed Mill Business Plan
- Frozen Food Business Plan
- Furniture Business Plan
- Ginger Farming Business Plan
- Goat Farming Business Plan
- Grocery Business Plan
- Groundnut Oil Processing Business Plan
- Gym House Business Plan
- Hair Salon/Barbershop Business Plan
- Herbal Medicine Production and Sales Business Plan
- Hide and Skin Business Plan
- Honey Production Business Plan
- Hostel Business Plan
- Hotel Business Plan
- Hydroponics Business Plan
- Iced Water Production Business Plan
- ICT Business Plan
- Integrated Agribusiness/Farming Business Plan
- Interior Decoration Business Plan
- Kolanut Export Business Plan
- Laboratory Business Plan
- Law Practice Business Plan
- Leather Tanning Business Plan
- Logistics Business Plan
- Meat Processing Business Plan
- Medical Equipment and Supplies Business Plan
- Mobile Kitchen Business Plan
- Moringa Business Plan
- Mushroom Business Plan
- Music Equipment and Rentals Business Plan
- Nanny Services Business Plan
- Nylon Production Business Plan
- NGO Business Plan
- Oil and Gas Business Plan
- Organic Business Plan
- Paint Production Business Plan
- Palm Kernel Oil Business Plan
- Palm oil Business Plan
- Paper Recycling Business Plan
- Petrol Station Business Plan
- Pharmacy Business Plan
- Photography and Videography Business Plan
- Piggery/ Swine Production Business Plan
- Plantain Chips Business Plan
- Plantain Farming Business Plan
- Plastic Bottle PET Recycling Business Plan
- Plastic and Rubber Production Business Plan
- Pop Corn Production Business Plan
- Poultry Farming Business Plan
- Printing and Multimedia Services Business Plan
- Private Security Business Plan
- Quarry Business Plan
- Raw Gold Business Plan
- Real Estate Business Plan
- Recreational Centre Business Plan
- Rehabilitation Centre Business Plan
- Restaurant Business Plan
- Retail Shop Business Plan
- Rice Milling Business Plan
- Rice Retailing Business Plan
- School Business Plan
- School with Special needs Business Plan
- Service Provider Platform Business Plan
- Sesame Oil Business Plan
- Shea Butter Business Plan
- Shoe Making Business Plan
- Snail Farming Business Plan
- Soap Making Business Plan
- Solar Installation and Store Business Plan
- Sport Management Business Plan
- Tea and beverages Business Plan
- Tissue Paper and Serviette Business Plan
- Tomato Farming and processing Business Plan
- Transportation Business Plan
- Travel and Tour Business Plan
- Vegetable Farming Business Plan
- Vocational Training Institute Business Plan
- Water Business Plan
- Yam Business Plan
- Yoghurt and drink Business Plan
- Yoghurt Production and sales Business Plan
If interested in any of the business plan above, learning more about the business plan either to write one yourself or get a professional to do it for you, please do not hesitate to contact us.
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