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Saturday, May 6, 2017

Top 20 Tips to Writing a Persuasive Business Plan in Nigeria

When it comes to writing a business plan in Nigeria there are a few things which must not be overlooked if you wish to avoid making some serious mistakes that will undermine the quality and integrity of the business plan. These business plan writing tips are brief, easy to understand but very effective. 

#1 Know your Audience
Determine who the business plan is being written for to understand what they’ll likely ask for and hence help position your business venture as attractively as possible

#2 Write the marketing summary first and the executive summary last
This is because the ideas of what your business is and should look like always starts from the market opportunity and potential sales it can record within a given period. 

#3 Take business plan writing slow and steady
Don’t rush your market research because the bulk of your business plan will be assessed by the quality and reliability of your market research.

#4 Use brevity in presenting your key business plan summary points
This would mean you write a summary of the main points of your business plan in no more than 100 words at the cover page just below the author name, this is akin to a newspaper rider which piques the interest of the reader

#5 Do not write the executive summary beyond 2 pages
The executive summary ought to be a summary of the entire business plan section by section represented by paragraphs, stick to this and you’ll make your business plan easier to understand and save the intended reader valuable time in perusing your business plan

#6 State how long the business plan projections would last
Specify how long the projections in the business plan is intended to cover right from the executive summary and even in the financial plan itself

#7 Make your business plan presentation to be very professional
Use graphics, tables, pictures and other forms of labelling to not only improve the appearance of your business plan but to also demonstrate knowledge of your facts and figures. This can also save the intended reader time because graphical representation of data is brief but detailed

#8 Use references in your business plan
This will tell whoever is reading it that you are not quoting a random source or guessing but actually using proven knowledge to make your projections and analysis

#9 Write in a business friendly tone and not in an academic or informal way
When you do this, the investor or bank can readily see through your tone and appreciate your professional touch and presentation

#10 Compare data from various sources
Your information sources should be as diverse and reliable as possible to make for improved inference

#11 Calculate your figures slowly
It’s better to take 3 or more days to compute very reliable figures than to do a 1 day job shoddily, the financials are very important

#12 Don’t copy and paste other people’s write-ups into your business plans
This is because you might make some illogical and unconnected statements afterwards which would expose you as a copycat and ignorant business person besides not also making your work tidy

#13 Include summary reports in the financial plan
This is necessary in order to explain the main figures in your projections especially your balance sheet, cash flow and breakeven projections.

#14 Ensure your business profile segment is detailed
You will normally have to include this under the company summary and description and should contain 

#15 Use business and professional language
Avoid use of highly technical language except where unavoidable but even so providing explanation for terms used

#16 Write with confidence
Especially with your projections, they should sound like they’ve already been achieved even if they are 3 or more years away, your language should also show that you have done this

#17 Include a funding request and use
This is especially required in the executive summary or synopsis. You should state what you’ll do with the money you want to raise and why you need to raise it

#18 Add a SWOT Analysis in your business plan
A SWOT analysis gives an unbiased outlook on the opportunities and threats which could prove decisive overtime. This is best presented in a quadrant table form, thus making your business plan more realistic

#19 Don’t overestimate your proposed business venture
Many entrepreneurs make this mistake, in a bid to improve the outlook of their business make a lot of claims and promises in their business plans which clearly overstates the earning potentials of the business, a move which often spells doom for the business 

#20 Never forget to analyze your competition
If you have done a thorough job with your business plan will be proven if and when there is a competitive analysis. What will likely be your place in the market in comparison to other operators who you will be competing against?

These business plan tips if well applied can help you achieve a lot with your intentions – funding to start or expand the business, to attract partners or as a working document

Do you need a professionally written business plan? Give me a call right away: 0803 206 4106 or email me: paulonwueme@gmail.com to get one written for you within 10 days