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Creating A Business Plan. by saninng (m): 12:48pm on September 22
Sani Ibrahim
Abubakar Tafawa Balewa,University
Agricultural economics and extension
100Level, Nigeria.
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There are many
important steps to consider when developing a business plan
for your company, but the first step is to fully understand the
main uses of a business plan. The four main uses of a
business-plan are as follows:
A Business Plan is a written document that you can use in
your search for external financing.
A Business Plan is a tactical planning and management tool
for your business.
A Business Plan is a document showing the capacity of your
team to control and manage all the aspects of the company.
A Business Plan brings you new ideas to refine your project by
checking and estimating the induced hypothesis.
The necessity of Business Plans
The drafting or update of your business plan is essential to the
good management of your company. It can be used when
searching for a business partner, for obtaining external
financing, and for defining some stages of the development of
your company, such as:
The creation of your company.
The launching of a new product.
The establishment in a new market.
The transfer, buy-out, or the structural development of your
Should you call in a consultant or write the Business Plan by
You should be the main (if not single) author of your business
plan, because the Business Plan is, so to speak, your own
“baby”, it is a reflection of your personality; it is by this means
that your investors will discover the person with whom they
But your project may be too important and you may want to
call in a consultant for help and consultation. Even so, you
should stay in control of its development!
Tips for developing a quality business plan.
1. To be credible, a business-plan must be coherent and each
parameter in the Business Plan must be based on facts.
2. There are many methods to build Business Plans, but very
few can help you correctly carry out reliable financial
projections based on preliminary commercial engineering and
market study.
Indeed, one frequent mistake when building Business Plan’s is
to first define the target in terms of market share, and then try
to “find” the number of customers necessary to fill these
objectives! This process should be reversed.
3. Also, one essential point in a Business Plan is to define
concrete policies and measures. This definition aims to gain a
reasonable number of customers, based on sufficient
knowledge of the market. The quantitative estimate of this
gain must be calculated on realistic monthly and annual
increase rates. A well-founded pricing policy then makes it
possible to estimate the sales turnover in the years ahead.
The calculation of the costs of the planned actions in your
Business Plan is essential and makes overall financial
projections possible. In short, financial forecasts including
those related to the financing of the project must be
elaborated from the basic elements of the project. They
should be proceeded by a commercial engineering study that
projects a realistic estimate of sales.
4. In a Business Plan, the marketing plans as well as the
financial forecasts require a basic understanding of how these
important elements are calculated. You can use good
software some of which is free to facilitate the development of
your Business Plan.
5. The last point and certainly not the least significant: A
Business Plan is never ended “once and for all”. A regular
follow-up and comparison between the theoretical Business
Plan and the reality of its execution are essential. You can
then modify your Business Plan and adapt it to improve
performance and achieve your goals.

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