plan
It’s my birthday today. I’ve gotten lots of great gifts from my lovely family and loved ones. I’m feeling so happy and magnanimous that I’ve decided to share what goes into the preparation of an excellent business plan; well, the way we do it at Herança Financial. I’m expecting guests from 2:00 pm, so I’ll make this quick.
The first part should be the Executive Summary. As part of the name implies, it is a summary of the entire document. This means even though it comes first, it is usually prepared last. Essentially, it should have briefs on the most important aspects of the company to banks and prospective investors – profile, market analysis, start up cost, and projections.
Next is the Company Overview. This is where you put in the profile of your company (logo too, if you have one), your motto/slogan, your clear-cut mvvpp/mission, vision, values, philosophy, and positioning statement; your products/services and the pricing, your management structure, and the equity distribution of your company.
The Marketing Plan comes next. It is most likely going to be the bulkiest part of the plan. It should have a comprehensive profile of your primary and secondary target markets, analysis of your competition (direct and indirect), SWOT analysis of your company and the competition, your competitive strategy/unique selling point (usp), your market share analysis and potential, and your marketing strategy for making sales to your target customers.
Next, if you choose to or would find it advantageous, develop a Networking Plan. This will basically list places where you’d regularly socialize (to market yourself and your business), your goals (to meet mentors, investors, and/or prospective customers), your budget, and the frequency of attendance.
Then, it’s time for the Operations Plan. Here, you list prospective location options and analyses of the various locations (including zoning and the layouts), required personnel (yourself, included) and respective job descriptions, and the compensation plan (wages/salaries, overtime pay, bonuses, severance packages, study leaves, maternity/paternity leaves, and so on).
Another optional section is Government Assistance. You can include this for your personal use and/or to demonstrate you’ve done your homework on grants available to entrepreneurs and SME owners in your industry and proposed area of operation.
Finally, the most important section to banks and investors, the Financial Plan. This will house your balance sheet or personal net worth statement (if your company is not yet operational), start up cost/SUCs (include the utility bills projections and wages for defined length of time), your revenue model, sales forecast/projections (monthly, quarterly, and Year One to Year Three/Five), loan repayment structure, and [projected] income statement.
If you want to go the extra mile, like we do, put in a Customer Service Plan. This will have your code of conduct, dispute policy, employee discipline and evaluation practices, social media decorum, and so on). You can also add your Corporate Image Package/CIP. This will simply have samples of your brochure, business card, invoice, letterhead sheet, and flyers).
That’s it.
If it seems like a lot of work, it’s because it is!
You can always contact Herança Financial for assistance.
All the best!
profitable
There is something you can do that no one else can, or something you do better than most people. That’s your skill, your talent, your gift from God.
You might need to go get an education to discover/perfect it, or get some sort of degree or certification in order to legally practice, but once it’s awakened, there’s no mistaking it.
In order to make trade with your skill, you need to have a plan on how to monetize it and creative in your quest for business opportunities.
In essence, you need to be entrepreneurial.
Even though “entrepreneur” is loosely used these days, but an entrepreneur isn’t necessarily someone who purchases and resells goods – that’s a trader, and there’s nothing wrong with that.
An entrepreneur, in the true sense of the word, is a solution provider who people pay to solve/for solving their problems.
Entrepreneurs create products and/or services that meet the needs of people and make a profit due to their creativity and ingenuity.
Take Aliko Dangote, for example.
He provides cement, salt, and sugar through Dangote Industries, and as long as those products are valuable to people, and he will continue to be profitable.
Take Mitchell Elegbe, for example, also.
He provides digital payment solutions through Interswitch, and as long as those services are valuable to people, and he will continue to be profitable.
Clearly, being profitable isn’t reserved solely for Christians, but as a Christian, you have an advantage due to your easy access to Jesus and the power of the Holy Spirit.
Unfortunately, most Christians are lazy; they want God to do everything for them. He gave you a brain for thinking, so use it, but He’s always available to advise and guide you, if you ask.
So many Christians may have a lot of explaining to do when they return home because God expects you make good use of the talent(s) He gave you since your conception. He expects/wants you to be valuable and financially secure.
You want to be profitable?
1) Identify a need.
2) Think while you ask God to reveal the solution to you.
3) Once you have it, start making plans while you ask God to provide you with the means to execute it.
4) Go for it! With the power of Holy Spirit, you can’t lose.
However, as you execute, please think globally. Don’t stop with Lagos or Nigeria. Expand your sights beyond your locale to explore the application of the solution(s) regionally and internationally.