Developing a comprehensive business plan

Delivered byAngela Ihunweze(Mrs)

CEOANGELA ITAMBO COMPANYwww.angelaitambo.com.ng

08033280453

Old thinking of business plan• Only used to secure funding from financial

institutions and insurance companies• Business plan is written once and for all not revised

after • Seen as unnecessary for starting a business especially

when starting the business is with owner’s money.• Projections used are not realistic, but cooked up to

achieve the purpose for the business.

New thinking of a business plan• It is a necessary tool to manage or operate the business

• It must not be typed; it could be hand written

• The language used to develop it is enjoyable, easy to read and study as well as understand it.

• The plan is often modified periodically and also after a change in the proposed environment

• Conservative projections are often made

Business plan what are you?

I am a written document that provides the road map on how the business goals of any business or project can be achieved within a given period.

An important fact:- To be recognized as a business plan, I must be

written down in an orderly form or manner, either formally or informally. I can be written with the aid of a pencil or pen or for presentation purpose, I should be typed and bind.

Business plan: what can you do for me?

• I can help you bring clarity to your business ideas, or vision or goals

• I will force you to or make you look at the entirety of your business

• I will enable you set realistic targets• With me you can approach investors

and partners to invest in your business

• I will open new frontiers for your business.

Business plan: your make up? For your document to be considered a business plan it should be made up of four main

sections:-1. Introduction to the business or the company history and what it trades on to make

money. In addition to this, the need it tries to address is either a new business or for its expansion purpose.

2. Industry and market analysis section: it clearly indicates the workings of your business industry which is crucial when it comes to developing strategies. Questions such as the following must be answered; the industry your business belongs to, who regulates the industry? What is the monetary value of the industry? The various categories of consumers, who serves them presently; this is featured in the competitive analysis. In addition, an extensive research on the market and the consistent players and consumption pattern e.t.c.

3. Business and strategy: based on the information gathered from the previous sections, it will be ideal to create suitable strategies that will enable you combat the challenges ahead and still remain profitable

4. Financial modeling: All these activities will require funding, this section analyses how much will be needed and the running cost of the business as well as the expected return on investment.

Steps to take in developing a business plan1. Research about your business or your new expansion2. Create a business concept frame work to address the following:- A. What the business is all about B. What need it is to address C. How it will make money.3. Carry out research using the following avenues:-A. The InternetB. Existing businesses C. Trade AssociationsD. Business coachesAll these is to ensure you have data on the historical information to

enable you create a realistic business plan as well as reasonable financial projections.

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Ingredients for a business plan

• Constant research• Analytic thinking• Financial analysis

Structure of a business plan• Cover page; it has the title of the business plan, the biometrics of

the business and the date of documentation• Table of contents; contains• Executive summary; it is a snapshot of the entire plan, it is the last

part of the written business plan , but arranged in front before any other sub-heading. It should not be more than 4 pages. However, from Angela Itambo Company, it should not be more than a page

• Company overview; this section is meant to provide information on what you do, what differentiates your business from others, and the market your business serves?

• Marketing analysis: This section is meant to show outsiders or readers that you fully understand your business industry, market and competitors.

Structure of a business plan (2)• Business and strategy: this section should contain what strategy you wish to adopt in

order to differentiate and compete against other businesses (2) What sales and marketing strategy you will adopt. This will include what pricing model your firm will use, whether it will be a low price or selling at a premium this means you wish to target the high echelon of the market

• Organizational and management; this is meant to identify the best organizational structure for the business .Every business is peculiar and will require a structure that is suitable for it. (2) Who will be hired as employees what will the business be looking out for recruiting. What method will be used to recruit your staff, the benefits and remuneration.(3) Finally, who will manage the business, what policies will pursued to the overall good of the organization.

• Financial modeling: this section should include the cost of start-up or expansion as well as the cash flow statement, breakeven point, profit and loss statement and balance sheet. The Cash flow statement and breakeven point should be used to set targets.

• Implementation table and control: this is meant to set time limits when these actions should be accomplished and what should be done if otherwise

Introducing Angela Ihunweze(Mrs)

• A business plan writer and entrepreneurial consultant• CEO of Angela Itambo Company• We are dedicated towards assisting Micro, Small, Medium

businesses develop their business concepts as well as plan the business to make it grow

How we do so:1. We help entrepreneurs write business plan themselves. Every

Monday for a month we hold business plan writing classes to take an in-depth look at each section of the business plan content. You can send your business development officers or you can attend it yourself. Each new class holds every new month the fee is N30,000

More about Angela Ihunweze’s firmAngela Itambo Company

www.angelaitambo.com.ng08033280453

1. You can buy our business plan template and we will review the first plan our self Fee is N20,000

2. We can write your business plan for you: Micro businesses; any business about to start and less than

N1million. We write for N20,000 Small business; any business from N1million to N10million we write

for N100,000 Medium businesses; any business above N10million we charge a

percent of value.Regular visits to your business premises is not included. Finally, we wish to inform you that we have business guides that

provides information about the business and the industry you are into each cost N2500 and there are electronic.

Business guide listseach is electronic @N2500

visit www.angelaitambo.com.ng/businessguides1.Agro-allied2.Meat processing3. Out-door catering4.Bakery5.Fast food restaurants6.Cake making7.Juice bars8.Non –alcoholic cocktails9.Finger foods10.African Finger foods11. Bar12.Export of non –oil commodities13.Furniture making14.Interior decoration

15.Dry cleaning16.Travel and tours17.Car wash18.Petrol station19.Consulting20.Haulage21.Drug store/pharmacy22.Training and consulting23.Media business and entertainment24.Wedding co-ordination25.Gas plant26.Salon for children27.Life coaching28.Ironing

29.Business center30.Cyber café31.Day care center32.Event decoration33.Facility management34.online-clothing35. Wellness center/spa36. Saw dust briquettes37. Private tutoring center38. Fashion label39.Laundry40. Poultry41. Cleaning and janitorial42. BeadingAnd many more