Why you need a business plan

A business plan is not just required to secure funding at the start-up phase, but is a vital aid to help you manage your business more effectively. By committing your thoughts to paper, you can understand your business better and also chart specific courses of action that need to be taken to improve your business. […]

A business plan is not just required to secure funding at the start-up phase, but is a vital aid to help you manage your business more effectively. By committing your thoughts to paper, you can understand your business better and also chart specific courses of action that need to be taken to improve your business. A plan can detail alternative future roadmap and set specific objectives and goals along with the resources required to achieve these goals.

By understanding your business and the market a little better and planning how best to operate within this environment, you will be well placed to ensure your long-term success.

The Director General, Bureau of Public Service Reforms (BPSR), Dr. Joe Abah speaking at the grand finale of the Abuja Business Plan competition organised by the Abuja Enterprise Agency (AEA) said  it takes an average of 300 hours to develop a business plan and about 37 days working eight hours a day to develop a good business plan.

“Many entrepreneurs tend to avoid writing business plans. By promoting a business plan competition, I believe we are helping to address what I consider a national problem in Nigeria,” Abah said.

A business plan is a valuable tool for every business owner, whether you are starting up, have been in business for years, or are ready to grow.

Think of your business plan as a sales document. It must convince readers that your venture has the potential to be successful.

The most effective business plans are dynamic documents that evolve as your business grows and changes. Your plan should reflect the current reality of your business, the environment in which it operates, and your present and future goals.