Plan your business

Musa wants to own and live in a storied building. In his mind he knows just the building he wants so after buying a plot of land, Musa called some builders to site.
He pointed where they should dig the foundation and told them to get on with it. You must be thinking that Musa has something wrong with his mind, right?

When it comes to business, many people are like Musa. They get the business idea and straight away move to implement it without a plan.
The result is usually loss of money and time on the part of the entrepreneur.
What planning does is that breaks large tasks into sub tasks with clear time frames for implementing each sub task. Here are some of the things that a business plan will cover.

A good plan will identify your prospective customers and the reason why they should buy your product or service.
The plan will also specify the products you ought to sell and how you should advertise and deliver them to customers.
The business plan will also clarify operational aspects of the business such as the key activities your business requires and who does what; the partners you need to succeed and the tools your business needs.
A final but important aspect of a business plan is the financial projections.

The financial projections will help identify how much money the business needs at what point in time.
Business plans are important that is why serious financiers such as banks and equity investors will not talk to a business that does not have a written business plan.
it is wise to involve a consultant to develop your business plan so that it is well thought out.
Remember a good plan is so when it is implemented.

James Abola is a business and finance consultant. Email: [email protected]