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How to Build A Winning Business Plan

“If you don’t know where you are going, you’ll end up someplace else.” _Yogi Berra, former New York Yankees catcher

“Good fortune is what happens when opportunity meets with planning.” ― Thomas Edison, inventor.

3 Honest Questions

  1. WHY do I need a business plan? 
  2. WHAT resources do I need to actualize my business plan?
  3. WHAT are the key winning ingredients to include in my business plan for success?

Key Business Facts

Each year 657,000 new business ideas are registered globally. Of this amount, only 26% survive beyond the first 18 months.

The Nigerian Context

Whatever idea you’ve got, some other have likely thought about it. The difference between you and them is a strong plan & great execution. 

Why do you need a business plan? 

  1. Investment Funding
  2. Bank Loans
  3. Strategic Roadmap

What resources do I need to actualize my business plan?

  1. People
  2. Skillset
  3. Funding
  4. Market Intelligence
  5. Goodwill

Winning Ingredients for A Successful Business Plan

The Executive Summary: Your Executive Summary is a one-page representation of your business and will be the first thing any potential investor will look at before considering your request for funding.

  • Problem and solution
  • Target market and competition
  • Marketing and sales
  • Operations and risks
  • Financials
  1. Problem and solution: Tell a story of the problem you have identified and how to solve it.
  2. Product/Service: Write an intriguing summary of what your company does.
  3. Target market and competition: Write out in detail the ideal persona of people who will need your product or service. Also find out if there is any other person offering the same service/product and figure out your USP.
  4. Marketing and Sales: 
  • Positioning: Answer your 5Ws & H in as many pages as possible
  • Promotion: Advertising, Social Media, Word of Mouth, etc
  • Pricing: Cost, forecasted revenue, profit margin

5: Operations: How will you deliver your product/service to your customers?

 6: Risks: What are the factors that can slow or stop your growth

Financials: Use graphs, timelines, or charts, to present the revenue model of your product or service. Also, explain how your company will make money and achieve goals. 

Touch upon key metrics here too, such as Life Time Value (LTV), Customer Acquisition Cost (CAC), and Exit Strategy

  • Sales Forecast
  • Profit and Loss
  • Cash Flow + Balance Sheet

Future Roadmap

Define your next steps and goals. 

How much support do you need from your team and investors? What are your timelines? 

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Posted By Eko Innovation Centre