• Tosin "The Jiggy Prof"

The Right Kind of Business Plan

Good business plans serve different purposes; it’s no surprise that they come in many different forms. Before you start writing your business plan, you need to think about, who the audience of the business plan is, and most importantly about your business and what the goals of your plans, are or will be. What are the potential objective changes to be encountered? While there are common components that are found in almost every business plan, such as sales forecasts and marketing strategy, business plan formats can be very different depending on business factors.

Plans can also differ greatly in document type, length, detail, and presentation. Plans that never leave the office and are used exclusively for internal strategic planning cum management might use more casual language and might not have much visual polish, while plans that are destined for the desk of a top venture capitalist will have a high degree of polish and thus, focus on the high-growth aspects of the business as well as the experienced team that would deliver stunning results.

These are the most common types

· One-Paged Business Plan

· The Internal business Plan

· External business plan (a.k.a. the standard business plan document)

Regardless of approach or level of polishing, a business plan must have the under listed:

  1. Forecast sales

  2. Plan personnel

  3. Project Profit & Loss (Statement)

  4. Project Cash Flow (Statement)

  5. Project Balance Sheet

Why is this important?

Entrepreneurs and business owners, who write business plans grow 30% faster than businesses that don’t document their plan. There are enough studies to prove this and a lot less to proof otherwise. Taking the simple step forward, to do any planning at all, will certainly put your business at a significant advantage over other businesses than just drive forward with no specific pathway. Yet, it is equally important to note that just writing a business plan does not guarantee your success. It just makes business success more achievable

NOTE: This is an excerpt from my book - I have N100, What business can I in Nigeria

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