IFE ADEDAPO examines the key features of a business plan that will attract investors
The ability to generate business ideas
is not a problem for budding entrepreneurs, but their capability to
attract external funds is a major obstacle.
Experts advise that every business owner
should have a business plan to show a comprehensive research has been
conducted on the business concept and indicate commitment to seeing the
project to a successful completion.
What are the objectives of having a business plan?
The CEO, Angela Itambo Company, Mrs. Angela Ihunweze, says a business plan is a written document that outlines the goals and objectives of a particular business activity.
She says it can be used for the purpose of starting a new business, expanding or being able to show the competence of the company to handle a particular activity for a client.
She observes that most entrepreneurs in the country use business plans to raise funds
or attract partners, however, she says that it is a map that provides
alternative routes to an individual or business entity to get to its
destination.
Ihunweze adds that it is a working
document that should be owned by all businesses including those that do
not require external funding.
According her, the plan for every
business should be updated on a weekly basis to reflect the changing
trends in the business environment such as the inflation rate, the high
cost of raw materials, changes in tariffs, taxes among others.
For instance, she says the current state
of the economy and the way it has affected some of the business
parameters should be reflected whenever the plan is reviewed.
“It can either be typed or written with a pen depending on its use.
A standard business plan
should be written in a language and manner which makes it interesting
to read devoid of technical jargon that make it unappealing to read,”
she adds.
The physical qualities of a business plan
