What is a Business Plan?
The business plan is not a mere academic exercise required in business, it’s actually the “manual” of the business which contains the objectives and important details about the operation and finance of the business.
Writing your business plan presents an opportunity to creatively think ahead and carefully plan for the first few years of the business. You can use the business plan to apply for loans and as a tool for setting, monitoring and meeting business goal.
What Does A Business Plan Contain?
Although, there’s no set format, a good business plan typically contains:
• Cover Page -Identifies your business.
• Table of Contents -Organizes information for the reader.
• Executive Summary -Provides a “big picture” or view of the plan, highlighting the factors that will lead to success.
• Business Background -If it is a brand-new business, include your background qualification and skills.
• Marketing Plan-Relates the business’s marketing strategy(leveraging on the advantage your products/services have over your competitors).
• Action Plan-Summarizes how you will create and deliver your product or service.
• Financial Statements and Projections -Illustrates how the business will perform financially based on the plan’s assumptions.
• Appendix -Includes statistical analyses, marketing materials, resumes.
Technically, business plans can be divided into three sections;
• A concise narrative section
• A financial report
• Appendix
The first section will outline the nature of the business and the marketing plan. This will include a description of products and/or services, forecast of expected trend in sales, the market and the target customer group and competition in that line of business. It will also contain information about the business owners or management team, the legal entity of the business, current personnel and future staff needs.
The second section appears to be the most critical section because it contains figures that will prove if the business is viable or not. You may do with professional assistance from accountants or financial managers in writing this section comprehensively.
The appendix (third section) includes the resume of key management team, breakdown of sales or patronage and reference letters.
You can write an outline of your business idea plan by clearly stating:
• Statement of goals, vision and mission. How much success is envisioned?
• Statement of services to be provided and the business’ scope.
• Reasons why the business will succeed.
• Type of business for profit? Service or product oriented?
• Competition study of major competitors and their competing products
• Operational details; who will run the business, and what education they need?
• Taxes, insurance needed, employee benefit.
• Financing needed over how long a period, and from whom?
• Equipment needed how much and at what cost?
• Bookkeeping, accounting and income facts and projections
• Financial agreements, leases, licenses, loans.
• Advertising and marketing plans and packaging designs.
• Sales plan will employees be needed for this and how many employees in relation to wage bill?
• Suppliers and helpful contacts.
• Conclusion statement and envisioned future prospects
How To Get Business Plan For Free?
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Business plan template for Integrated Rice Milling Business Plan
Business plan template for Bottle/Sachet Water production
Business plan template for Maize Flour Production
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Features of the business plan
- The templates are in Microsoft Word format, so you can easily edit them.
- SWOT Analysis
- Customer Segmentation with graphical representations
- 3 years production forecast with graphical representations
- 3 years sales forecast with graphical representations
- 3 years gross profit forecast with graphical representations
- 3 years OPEX forecast with graphical representations
- Net Profit Analysis with graphical representations
- ETC
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