๐ต๐ฐ #๐ฆ๐ฏ๐ข๐ฃ๐ญ๐ฆ ๐บ๐ฐ๐ถ;
(1) Attract investors
(2) Get the Right/qualified team
(3) Build a sustainable business
(4) Proactive instead of being Reactive
(5) Manage your business effectively & efficiently
(5) To strategically position and increase your market share
Benjamin Franklin one of America’s founding fathers said,
โ๐๐ง ๐บ๐ฐ๐ถ ๐ง๐ข๐ช๐ญ ๐ต๐ฐ ๐ฑ๐ญ๐ข๐ฏ, ๐บ๐ฐ๐ถ ๐ฑ๐ญ๐ข๐ฏ ๐ต๐ฐ ๐ง๐ข๐ช๐ญ.โ
During one of my BUSINESS LEADERSHIP MASTERCLASSES, I discussed with the owners of micro, small, and medium scale enterprises (MSMEs) the significance of having a BUSINESS PLAN and how to design a professional one in order to entice investors, construct the appropriate team, and run a value-driven business that is profitable.
You will agree with me that just as a construction site engineer requires a building plan, you as the owner of a business absolutely need a business plan since it will help you to follow a professional project management process, which is comprised of the following steps:
๐ผ. Initiation
๐ผ. Planning
๐ผ. Execution
๐ผ. Monitoring
๐ผ. Evaluate
๐ผ. Control & manage
Your business ecosystem through different phases as you make your milestones. Mr Abraham what exactly is a #BUSINESS PLAN???
Here is my own definition๐๐
This is a detailed blueprint (Road map) that gives you, as the owner of the business, clear insight into the goals and objectives that you have set for your business, how to achieve them, how to measure them, how to recognize your target market, competitors, operations, team management roles, and how to create mutual value (products and services) in order to build goodwill (brand name), generate revenue (money) and run your business cash flow system.
A professional business plan is into 10 #segments which are;
๐ ๐๐๐๐๐๐๐ ๐ โ EXECUTIVE SUMMARY
1. Office & site location
2. Mission & Vision statement
3. Short & Long term Objective
4. Name of business/company
๐ ๐๐๐๐๐๐๐ ๐โ STUDY AREA
1. Company overview
2. Management team
3. PESTEL Analysis (Political, Economic, Social, Technological, Environment and Legal)
4. SWOT Analysis: (Strengths, Weaknesses, Opportunities, And Threats)
๐ ๐๐๐๐๐๐๐ ๐ โ INDUSTRY ANALYSIS
1. Market structure.
2. Defining your market
3. Channel of Distribution
4. Your market size growth rate and sales projections.
๐ ๐๐๐๐๐๐๐ ๐ โ CUSTOMER ANALYSIS
1. Target customers
2. Customer needs
3. Customer Relationship Management
๐ ๐๐๐๐๐๐๐ ๐ โ COMPETITIVE ANALYSIS
1. Competitive advantages
2. What is your unique selling point (USP)
3. Who are direct and indirect competitors
๐ ๐๐๐๐๐๐๐ ๐ โ OPERATIONS ANALYSIS
1. Technical analysis
2. Production process
3. General approach to production
4. Standard operating procedures (SOPs)
๐ ๐๐๐๐๐๐๐ ๐โ FINANCIAL ANALYSIS
1. Revenue model
2. Financial analysis
3. Business model canvas
๐ ๐๐๐๐๐๐๐ ๐ โ FEASIBILITY STUDY SECTION
1. Budget of fixed assets
2. Summary of project cost
3. Financial Models
4. Capital expenses/investments
๐ ๐๐๐๐๐๐๐ ๐: โ MARKET VISIBILITY ANALYSIS
1. Define your brand’s functionalities
2. Social Media presence & engagement
3. Highlight your Unique Selling Points (Offers)
4. Lead generation tools to increase visibility & sales
5. Email Marketing tools
6. Digital Marketing tools
๐ ๐๐๐๐๐๐๐ ๐๐: โ BUSINESS SUCCESSION PLANNING
1. Exit Plan (succession)
2. Build systems within the business
3. Engage Leadership in the Process.
4. Identify, select and strategically place the Right People for the Job.
5. Identify, Analyze & Evaluate the business’s key positions for succession planning.
Your ability to get the above-listed right and accurate forms the foundation of you having a successful business that can bring sustainable cash flow and growth. You may say I know some1 who have no business plan and the person is doing well.
My question to you is are you in business to generate money just to pay
๐ค House rent
๐ค School fee
๐ค Change clothes or cars
Or you are in business to build an empire that will outlive youโ
Do you have a clear business plan as a business ownerโ
ยฉ Abraham Orukpe
๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐จ๐ง๐ฌ๐ฎ๐ฅ๐ญ๐๐ง๐ญ/๐๐จ๐๐๐ก