WHAT IS A BUSINESS PLAN?

This week, we would ‘plaiz awa focuz’ on BUSINESS PLAN. We’ll be looking at what a business plan is, why you and your business needs one, the pros and cons and more importantly how to write a business plan of your own in a LIVE INSTAGRAM CLASS.
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Let’s start with what a BUSINESS PLAN is.
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A business plan is simply a written document that explains/ summaries the operational and financial goals of a business. It detailedly explains how a business intends to run, compete favourably and make profit.
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Your business plan is the road map of your business. It explains and capture HOW VALUE IS CREATED, DELIVERED AND CAPTURED.
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HOW VALUABLE IS CREATED: By this, it is meant that your business plan explains the method by which you create the solution(s) your business offer/would offer. It does not only explain but helps you and your members of staff effectively communicate the value to customers and potential investors.
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HOW VALUE IS DELIVERED: Value creation is useless until delivered. This means that the value/solution you have created is completely useless if it is not delivered effectively  to those who need it. Hence, a business plan helps you and your members of staff understand how the value you have created is uniquely delivered to your customers in a way that is gives you a competitive advantage.
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HOW VALUE IS CAPTURED: A business runs successfully on giving and in-turn capturing value. Value here means profit. A business plan explains and effectively communicate how your business capture/intends to capture value.
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There are number of other things a business plan does, like explaining your marketing plan/strategy, your financial plan, management plan,market analysis, executive summary etc. It is therefore important that you create one for your business and map out a detailed plan on how you go about running your business. Do not leave it to chance.
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Did you just say “I don’t have a business plan, yet I make profit…who needs it anyway?”. Yes you can make profit without a business plan(startup level) but YOU CANNOT SCALE YOUR BUSINESS without it. I’ll explain tomorrow, stay here. Good morning.
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Do you have a business plan? Would you like to have one? Let me know in the comments.

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