Mr. Student

In: Business and Management

Submitted By opeyemi1
Words 1424
Pages 6
What is a Business Plan?
A business plan provides a complete description of a business, explaining its products or services, marketing and sales strategies, the management team, operations and predictions of financial forecasts. In order to demonstrate the viability of the business idea, you should identify that the product or service has a definite market, outline the advantages in terms of competition, and appraise the costs and profit margins. The business plan, therefore, enables a business idea to be taken from the initial conception stage towards a fully reasoned and realistic plan of action.
The plan also serves as a working document and essential management tool as it sets out how the business will proceed and the strategies it will employ. It enables possible obstacles to be highlighted and avoided, targets to be focused upon and achieved, and effective structures to be put in place for finances and business strategies. Businesses should use the plan to guide decision making and it should be reviewed, modified and developed as the business progresses and evolves.
Businesses that implement their business plan and keep it up-to-date are able to monitor their growth and are in a better position to seek out external funding to assist with future developments.

Small-scale businesses in Nigeria and other developing nations hardly grow to big businesses mainly because of lack of direction on the part of owners of the businesses.
Besides, they usually do not conduct feasibility studies before starting the businesses.
According to a survey carried out by Radat Business Logistics, a business consultancy outfit, 80 per cent of small-scale enterprises fail because of lack of business plan by the owners.
It is not only capital (money) that makes a business to flourish. An entrepreneur with a good outlook…...

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