September 23, 2023

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Intended Business Owners must be involved in their Business Plan


P ermit to reiterate the place of Business Plan in start-ups. As a matter of fact, Business Plan becomes a must for those who will seek financing from a third party who needs to ascertain to a considerable level success before putting money. Though it does not represent 100 percent guarantee against failure, but statistics have shown that failure at any stage of the business life is more prevalent among those business that were started without a plan

Business Plan in its simplest meaning is a document that shows direction about how you intend to start your business, run the business and where you are actually heading which is your short and long term goals. So its parts should include technical plan, administrative plan, marketing plan, financial plan and the rest. Writing a plan can sometimes be a difficult task especially for those who are not in the field of business writing, it is therefore understandable that the services of business plan professionals are sought for that purpose. In agreement, I strongly advise to approach a professional to document your plan for you especially if you are seeking funding from investors or credit operators.

That being said, no matter how professional your ‘plan writer’ may be, the business is yours and it is therefore your business plan; that is, you must know what is contained in the plan. How do mean? A lot of people get professionals to develop their plan without actually understanding what is contained in the plan. They have a business plan without a full knowledge of the business itself. According to the plan, the business is lucrative and they go into it without internalizing those critical issues that will make the plan to work and make the business survive and thrive. These are what I call Critical Success Factor(s), CSF

While you are engaging the service of a professional to write your business plan, engage your yourself to study the business as may be contained in the plan. I have had to deal with clients who are not interested in having a full understanding of the workings of the intended business. They are mostly concerned about the acceptability by investors and the projected profit. Such often get the funding, get the business started without getting the profit

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