paper 4 essential elements of business plan - ronald olusegun olaiya
Post on 19-Oct-2014
537 views
DESCRIPTION
TRANSCRIPT
![Page 1: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/1.jpg)
Essential Parts of a Business Plan
By
Ronald Olusegun Olaiya
Managing Consultant/CEO
Bestride Consulting Limited
04/07/23
Bestride Consulting Limited: Essential Parts of Business Plan 1
![Page 2: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/2.jpg)
Executive Summary
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
2
Except when it is absolutely necessary, the Executive Summary should not be longer than one page.
It should describe the product/service concept, and in some cases, it should summarize the key issues in a concise manner.
Except where it is otherwise stated, use “bullet” points (•) rather than sentences and paragraphs—your key points will stand a better chance of being understood and remembered.
In many cases, this forms the most important part of the report as many busy readers may form their basic conclusion from this page and may never get past the Executive Summary.
![Page 3: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/3.jpg)
Body of the Business Plan
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
3
This part contains several headings and sub-headings for your Business Plan as well as a list of possible questions and issues that are required to be addressed
In some rare instances there may be overlap
It is important to establish the relevance of such topics to the overall business plan, otherwise they should be dropped
Where there appears to be significant gaps in information that you will have to address, please give it all the efforts required to bridge such gap. Many will require only a moment’s thought and may be addressed in a single sentence. Others may be more demanding.
![Page 4: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/4.jpg)
Product/Service Description
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
4
This part gives the reader a clear view of the business you are proposing to get into.
It contains information on its product or service and how it will look like.
In the course of the above, it will explain how the business will generally fit into commercial picture.
In short we are trying to address the question, “What is this all about?”
![Page 5: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/5.jpg)
The Market
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
5
This section is to give the reader a clear view of the market opportunity for the product or service.
It answers the question, “What is the nature, size and life span of this opportunity?”
![Page 6: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/6.jpg)
Competition
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
6
The purpose of this section is to give the reader comfort that the business is in touch with reality; that it understands the barriers to success and has a plan to overcome them
It answers the questions, “Can this business survive in the market that now exists? Can it survive in the market that its success may create?”
Keep in mind that, in the absence of obvious competition, “the way things are done now ”can be formidable “competition.”
![Page 7: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/7.jpg)
Fit With Your Experience and Skills
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
7
This section should give the reader a sense of how you can make this business succeed.
It answers the question, “What do you offer this business venture?”
![Page 8: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/8.jpg)
Fit With Existing Businesses, Competence & Assets
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
8
If you are expanding an existing business, then this section should give the reader a sense of how the current business can help this new business succeed.
It answers the question, “What do we have to offer this new venture?”
This section also identifies any negative impact the business will have on existing products and services.
It answers the question, “If this business succeeds, will it hurt us somewhere else?”
![Page 9: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/9.jpg)
Entry Strategy
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
9
This section should give the reader a clear view of how you propose to get the business started.
It answers the questions, “What do we have to do to be in the marketplace?
How are we going to get our initial paying customers?”
![Page 10: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/10.jpg)
On-going Operations, Technology & Engineering
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
10
This section gives the reader a sense of the technical and operating feasibility of your business.
It answers the question, “Can this be done?”
Describe the functional technical requirements of the product or service
Is the needed technology readily available:
- internally?
- from a potential vendor or alliance partner?
![Page 11: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/11.jpg)
Growth & Expansion Strategy
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
11
This section should give the reader a clear view of how you propose to sustain the business.
It answers the question, “What do we have to do to grow and remain viable in this market?”
![Page 12: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/12.jpg)
Exit Strategy
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
12
This gives the reader the comfort that risk is under control.
It answers the question, “If we are wrong, if something we hadn’t counted on comes up and we need to get out of the business, how do we do it without “losing our shirt” Or damaging our reputation?”
![Page 13: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/13.jpg)
Regulatory & Legal Issues
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
13
This section answers the question, “Will the regulatory authorities let us do this?”
![Page 14: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/14.jpg)
Resource Requirements (Human, Operating, Technical & Others)
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
14
This section gives the reader an understanding of what resources will be required to launch and sustain this business.
It answers the question, “What will be our investment in resources and where will we get them?”
![Page 15: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/15.jpg)
Financial Projections
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
15
This section is to demonstrate a clear view of the financial feasibility of the business.
It answers the questions: “When will we start making money on this venture?
How much will we make if we meet projections?
If we don’t meet projections?” “When and how will we be able to pay off any loans required?”
![Page 16: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/16.jpg)
Near Term Action Planned
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
16
This section is to answer the question, “If we approve this loan, what will you do in the next several months?”
Describe what you plan on doing in the next 90 days should your Business Plan and loan be approved.
What near term decisions and resources are needed to implement your plan?
![Page 17: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/17.jpg)
The Inescapable Reality
Reality - No matter what, it’s not everybody that can afford to access development funds/loans despite their inherent benefits. Reasons? Answer – Stringent conditions
Way out – All those who cannot access development loans are advised to opt for network marketing or MLM that is usually cheaper, at least to start with
Those who have successfully accessed them are also advised to take advantage of network marketing or MLM to add to their streams of income
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
17
![Page 18: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/18.jpg)
Alternative Lines of Business
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
18
Listed below are links for alternative businesses that can be pursued by interested persons, especially for those who do not have what it takes to access loan facilities from financial institutions:
http://www.sfi4.com/12058229/FREE
http://www.tripleclicks.com/12058229/wave
http://www.profitclicking.com/?r=56cKwzXTq0&p=opp
https://www.profitablesunrise.com/?upline=olusegunolaiya1
![Page 19: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/19.jpg)
About the Author
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
19
Ronald Olusegun Olaiya is a Management Consultant, Online Marketer & Entrepreneur. For enquiries on this write up and other business interests, please contact him via [email protected]; [email protected] or mobile phone +2348184559437
![Page 20: Paper 4 essential elements of business plan - ronald olusegun olaiya](https://reader033.vdocuments.net/reader033/viewer/2022061106/5444cafcb1af9f680a8b4a66/html5/thumbnails/20.jpg)
Tags
04/07/23Bestride Consulting Limited: Essential Parts of Business Plan
20
Business, Business Plan, Product, Service, SFIMG, Tripleclicks, Profit Clicking, Profitable Sunrise, Network Marketing, MLM, Multi-Level Marketing