Advantages Of A Good Business Plan in Lagos Nigeria.
1) The need for Business Planning in Lagos Nigeria.
Planning is a vital ingredient in the success of any business in Nigeria. Developing a business plan is not just a requirement in Nigeria, but a basic necessity for building one’s business nowadays. It is an honest truth that every business in Lagos Nigeria needs a plan, starting from large corporations to entrepreneurs. Developing a business plan will help one build a framework that would push his business to his actual destination in the Nigerian and Lagos Market.
A business plan helps us develop work guidelines, map out strategies, understand one’s target market, measure performance, monitor progress, make future plans and raise additional capital either for expansion or to boost operations. These are just part of the advantages of a good Business Plan in Lagos Nigeria.
2) Economic Challenges & Business Planning in Lagos Nigeria.
Quite often, the thought on the mind of most business owners or investors is failure. The only way to overcome this failure is to address the common reasons why businesses fail up front in your Nigerian/Lagos business plan.
Presently, the world is facing though economic challenges, global economic meltdown, high cost of commodities, high rate of foreclosure and difficulties in obtaining credit from banks, stiff competition, complicated tax laws and high operational costs, etc.. All these challenges faced by businesses today, even make it more challenging for start-up businesses to survive. In today’s world, both small and large-scale businesses have come to realize the need to evaluate their business potentials and formulate strategies for the future. The ability to cushion these economic challenges are some more advantages of a good Business Plan in Lagos Nigeria.
3) Business failure and the need for a Business Plan in Lagos Nigeria.
However, inadequate planning has been the reason so many businesses fail, and the rate at which they fail is overwhelming. It is usually believed that most businesses fail in their first year of operation and among those that fail, 80% of them do not have a well researched plan. It has been observed that business failure is not only connected with small businesses alone. Though the rate of failure is highly significant in small businesses, and it is the main reason why a good business plan is needed. Probably for raising additional cash and to provide potential investors and lenders with the information required to make investment decisions. This makes developing a business plan extremely important.
A good business plan has to stand out and the projections has to be firm due to higher competition in attracting funding for the business. Investors no longer risk their money on businesses that do not prove to have great potentials for them.
4) What really is a Business Plan in Lagos Nigeria.
A business plan is like a road map, it shows one the route to take, the pitfalls to avoid in order to reach the desired destination. For instance, if one decides to travel by road from one place to another, he would first get a road map that shows him/her the route to take. There will be the need to determine the distance and how much gas the car/vehicle will need to arrive at the desired destination. Moreover, there will be the need to calculate how much the journey will cost, if the intention is to raise money, if the intention is to borrow, what is the plan for refunding the money.
Putting all this into consideration, you now have a traveling plan that will take you to your destination. In the same vein, that’s what a business plan in Nigeria provides you with, the strategies, the route, and a road map to success. These are just part of the advantages of a good Business Plan in Lagos Nigeria.
5) Business Plan in Lagos Nigeria and staying focused.
Incidentally, the idea of working with a business plan in Lagos Nigeria is for one to keep focus on his set goals. Statistics has it that many businesses fail due to inadequate planning. If one doesn’t know where he’s heading to in the Nigeria Market, any route seems to be the right one. Most people make great mistakes by jumping into business without adequate preparation and planning. A good business plan in Lagos Nigeria helps one maintain focus on his goals and execute the strategies that the plan assisted him in creating.
Just like a road, one’s business plan has to be consulted to ensure maintaining focus and not running business in a layman’s way. Staying focused is one more major advantage of a good Business Plan in Lagos Nigeria.
6) Having a map for your Business in Lagos Nigeria.
Working with a good business plan in Lagos Nigeria, will prevent you from entering unfamiliar territories. The business plan becomes a working map for you and your organization. A good Business Plan spells out the things to do and things not to do in your business, the functions and how everyone and every department should operate in the Nigerian market.
It helps one become more efficient, reduce waste and redundancy, channeling one’s resources to rightful place and being a guide to the successful running of your business in Lagos Nigeria.
7) Advantages Of A Good Business Plan – as a Performance tool.
One of the numerous advantages of a good business plan is that a good business plan serves as a performance tool, while means a good business plan measures the progression of goals in one’s business by tracking, monitoring, as well as evaluating, and can also be used as checkpoints in measuring performance.
The world today, is so dynamic that what applied today might not apply tomorrow, and as a result of this dynamism, a good business plan needs to be setup in order to protect one against risks associated with business. This among others is one of the advantages of a good business plan in Lagos Nigeria.
8) Advantages Of A Good Business Plan – Contains valuable Sections/Tools.
In addition to being a performance tool, one of the numerous advantages of a good Business Plan is that it contains other necessary/valuable tools/sections in it, which really makes it a perfect plan. It must have a human capacity section, a marketing and strategy section, financial section and most importantly, a good business plan must serve as an investor’s guide. A well-defined business plan attracts others to be part of the vision.
A good business plan has to have a well-defined goal and objective that will set the stage to bring others into the business. It should inspire teamwork and creativity among its people and ensures everyone understands the goals and objectives.
9) Marketing Mix – People, Place, Product and Price.
A good business plan defines one’s target market; the class of people the business intends selling its products/services to, how to reach them, and how products will be promoted. In addition, one of the added advantages of a good business plan is that a good business plan defines one’s market mix – People, Place, Product and Price, which is popularly called the four (4) “Ps” of marketing.
* People – this defines the people involved in the promotion of one’s goods and services.
* Product – when we talk of Product, this defines what one’s goods and services are.
* Place – this defines the location which also includes the means of delivering the goods and services.
* Price – this defines how much one’s products and services are worth in the market, which will enable the business to analyze and evaluate expected returns on investment (ROI).
A marketing and strategy tool/section defines the business’s strength, weakness, opportunities and threats.
10) Financials – Business Plan Writing in Lagos Nigeria.
Being a financial tool or having a Financial section is one of the advantages of a good business plan in Nigeria, because it enables us understand the business’s financial position, develop the budget and determines how the finances will be allocated. The financials also calculate the business’s return on investment, analyzes the income statement, cash-flow, balance sheet, break-even point i.e. the analysis that tells us how much sales is needed in order to cover expenses while operating in Nigeria, which gives the basis for pricing the products and services.
11) The Perfect Communication tool – Business Plan Writing.
One of the advantages of a good business plan in Lagos Nigeria is that it communicates one’s ideas to people, a good business plan communicates mission, objectives, management approach, responsibilities and demonstrates how one’s strategy will increase profitability and performance.
A business communicates in two ways – Internal communication and External communication.
* Internal communication includes communication of corporate vision, shared values, strategies, guiding principles and employee motivation.
* External communication includes branding, customer relation, marketing, advertising, media and public relations, etc.
12) Investor Funding – Advantages of a good Business Plan.
Another of the advantages of a good business plan is that a good business plan in Lagos Nigeria helps to attract funding from investors. Most investors will look at a business plan as a decision-making tool.
There are certain things investors in Nigeria look out for in a business. These include;
– the management team, every investor will want to know a business owner’s managerial skills, passion, and his dedication to his business.
– A comprehensive description of how the products or services should be discharged, the customer base, the market and financial analysis. A business plan should have a realistic financial forecast.
– Every investor in Nigeria will always like to see the business’s most realistic possible return on investment, cash-flow and breakeven analysis. Hence, a well written business plan in Nigeria is the key to attracting investors.
13) Common Business Marketing Strategies.
i) Business Plan Writing in Lagos Nigeria.
Business Planning is the process of determining a commercial enterprise’s objectives, strategies and projected actions in order to promote its survival and development within a given time frame.
A Business Plan is a document that describes a business, its products or services, how it will earn money, leadership and staffing, financing, operations model, and other details that are essential to both operation and success. Entrepreneurs create them as part of the start-up process while existing businesses often write them when changing direction or strategy. Most business plans cover the company’s first three to five years. Click on the link to know more about Business Plan Writers in Lagos Nigeria.
ii) Feasibility Study/Research in Lagos Nigeria.
A feasibility study is a research that is carried out in an attempt to generate information that would guide the intended CEO or Management Team that is considering starting a new venture/project. Also, a feasibility study provides step-by-step information of everything that needs to be known towards starting-up anything new (or expansion). Feasibility studies also helps to determine if the proposed idea, venture or concept is viable / feasible or not. Click on the link to know more about Feasibility Study Writers in Lagos Nigeria.
iii) Business Growth Consulting Services in Lagos Nigeria.
The job of Business consulting firms is to advice business owners on the best possible ways to grow their individual businesses, and also strategize with them on the most effective ways of overcoming their business challenges. Business Consultants in Lagos Nigeria and also Business Consultants in other parts of the world are also responsible for organizational structuring and business process analysis and structuring. Business consultants can be seen as Business Doctors; they study businesses with different approaches, they analyze businesses, they help businesses to grow and stay healthy by giving professional advice and techniques to business owners.
iv) Proposal Writing Services in Lagos Nigeria.
Proposal is a formal request for something, sent from one party to another.
A Proposal can also be said to be the act of offering or suggesting something for acceptance, adoption, or performance.
In a number of cases, a Proposal is an idea, concept, or new approach seeking acceptance, and usually presented in a written format.
Writing a Proposal can be seen as an act of putting forward or stating something in writing for consideration by another person or group of persons. Click on the link to know more about Proposal Writing Services in Lagos Nigeria.
v) Company Profile Writing Services in Lagos Nigeria.
Business Profile or Company Profile can be defined as a detailed and graphical document that aims to introduce a Company/Business to the general Public. So, a Company Profile answers all the key questions that are usually asked by people coming across your Company/Business for the first time. Click on the link to know more about Company Profile Writing Services in Lagos Nigeria.
vi) Logo Design in Lagos Nigeria.
At the very basic level, logos are symbols made up of text and images that help us identify brands we like. But they can be so much more! A good logo is the cornerstone of your brand. It helps customers understand what you do, who you are and what you value. That’s a lot of responsibility on a tiny image! A good logo should infuse the spirit of your brand throughout all visual elements and marketing channels. Click on the link to know more about Logo Designers in Lagos Nigeria.
vii) Search Engine Optimization Services (SEO) in Lagos Nigeria.
Search Engine Optimization (SEO) is the process of improving the quality and quantity of website traffic of a website or a web page for search engines. SEO targets unpaid traffic (known as “natural” or “organic” results) rather than direct traffic or paid traffic. Click on the link to know more about Search Engine Optimization (SEO) in Lagos Nigeria.
viii) Website Design Services in Lagos Nigeria.
ix) Speech Writing Services in Nigeria.
Many Individuals and corporate bodies need speech writers or copy writers to help them pass/convey messages that are capable of delivering the needed results. This is where some business development firms come to play. Click on the link to know more about Speech Writing in Nigeria.