It has been mentioned in times past that most businesses would die within the first 3 years of operation and this is often times due to improper knowledge of the market, unforeseen risks and mismanagement. One thing seems to tie all these conditions together namely; the lack of a well written business plan.
A well written business plan can save you a lot of trouble and stress when trying to find a head way for your business but in addition to that it helps foretell possible areas your business could experience serious lapses.
Advantages of a business plan to Nigerian Business Owners
We could go on and on but every serious Nigerian Business owner or entrepreneur should keep at the back of his mind the following benefits of owning a viable business plan.
Sell your business idea to potential investors
Investors are very often prudent people, they’re not interested in long, vague and not well articulated ideas no matter how promising you try to make it seem. They always want a business plan that won’t confuse them nor entice them with empty promises. The only thing that can guarantee that is a business plan that explains your business idea, how it will generate income, how you hope to make profit etc. So a well written business plan can sell your ideas to potential investors.
Get a marketing advantage over the competition
What a business plan can also do for you is show you how you can gain an advantage over the existing competition and hence make a profit at their expense. The market summary in a well written business plan often times contains detailed market analysis and findings on how you can gain an edge over the competition to increase your market share.
Deeper knowledge of your business operations
Sometimes you might actually think you know enough to run your business successfully and profitably but you’d be surprised how little you know about your business without a written business plan. Some basic strategy to guide you for day to day operations may be overlooked or ignored out rightly if you don’t have a written business plan but all that changes the moment you’re armed with one making for smooth daily operations.
Minimizes avoidable risks to your business
There’s a segment of your business plan called SWOT Analysis where your businesses Strength, Weaknesses, Opportunities and Threats are analyzed and weighed against competing businesses to help determine your place against the competition but in addition to that tells you how much risk you’re up against and how to minimize those risks to your business. So a SWOT Analysis can actually tell you how exposed your business is to failure and risk.
Define the progress of your business
Would you like for someone to tell you just how to run and operate your business or rather leave it to chance? Certainly not if you hope to be successful as success is not co-incidence or luck, it’s a result of deliberate actions taken from a predetermined plan. You make your plan of how you want to succeed by your own terms known to you that way deciding the kind of progress/outcome you want for your business rather than being a venture that just drifts according to the prevailing wind, be a speed both in your identified niche.
Want to start a business or looking to raise capital for it? Have a professionally written business plan to guide from start to finish. To hire a professional Nigerian Business Plan Writer simply call: 0803 206 4106