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Benefits of a Business Plan as a Nigerian

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A business plan is a document that describes and analyzes your business, the market it operates or hope to operate in, the strategies of attaining your business goals and gives detailed projections about its future. A lot of people think of a business plan as a tool to help a business/project secure finance; it transcends that! A business plan is more like your business course of action. Never ever start a business without a business plan; it aint over-rated, it simply enables you to see different angles to your business.

However, writing a business plan is not an easy task, it requires an investment in time and other resources.
If it’s a lot of work I hear you say; then why write it in the first place?
Well for a variety of reasons

5 benefits of a business plan

  1. It will help you in getting funds.
    Before anyone can commit their money into your hand, they need to be sure that your business has a high chance of succeeding. Your business plans provides them with that information and believe me, these folks can almost always spot holes or gaps in your proposal/plan. It’s their job to be thoroughly sure you are going to repay their money.
  2. Helps you ascertain your chances of succeeding
    The beautiful and yet deceptive thing about ideas is that when they come upon you it seems like you have hit a jackpot; with every chance of succeeding. This conviction gives you the nudge to seek to bring this idea to reality. And that’s fantastic in itself because it takes just that level of conviction and belief to seek paths you have not sought before.
    But how do you know if you are on the right path? How do you know if you are going to make it work just has you had envisioned? Most people jump right in without finding this things out.
    Your business plan gives you this information
  3. It clears the rough edges around your idea
    During the process of developing a business plan a lot of questions will have to be answered that could redefine your idea. Business plans explore your idea from all angles possible; it is a 360 degree approach that would give you a better grasp of your business. You can tweak things to reflect current realities and you could also readjust your assumptions.
  4. Improves your odd of making it
    Yes it truly those if you have thoroughly covered all the angles possible; 360 degrees anyone? When you have a better grasp of something, its easier to make that thing work than when your knowledge is sketchy. Not having a business plan is like groping in the dark looking for something at night when you could have walked in with torchlight. Your business plan is your torchlight
  5. Becomes a yardstick to gauge your progress at any point in time.
    Six months after the commencement of that business, you will like to know if your assumptions still hold, the business plan helps you get a feedback. You may want to know what has worked and what hasn’t; the business plan will provide you with a basis to measure that.

Need some further clarification or a business plan today? Hit us up at Streetott.
We wish you success in your business adventure.

Promote your songs, business brands, or any advert on Streetot.com.ng contact us @ 09015885101 (WHATSAPP), streetotmail@gmail.com

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