A business plan will help you as a potential entrepreneur to answer various strategic questions and to help minimize future risks.
A business plan is a document in which a business opportunity, or a business already under way, is identified, described, and analyzed. The business plan examines its technical feasibility, as well as its economic and financial viability, the business plan helps develop the procedures and strategies necessary to convert the business opportunity into an actual business.
Why Prepare A Business Plan ?
Preparing a business plan helps anticipate risks, and strategies for mitigating them before they become real problems. It is written to increase your chances of success. It is an essential step in starting and financing enterprises. In Nigeria, business plans are suited and required for MSMEs intending to borrow or access funding from banks and other formal sources.
In addition, Business plans also:
• spell out the business goals and objectives and clearly outline how and when they will be achieved.
•Provides a road map to owning and operating a business.
• Communicate the business opportunity to financing agencies or investors and become the main discussion paper and basis for funding or investment decisions
• Record your intentions and reasons for starting
•Act as yardstick for prospective investors and bankers to monitor progress of the MSME.
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