Swiych,
15 mins

S006: Tips on Writing a Business Plan – with Aderonke Awomolo

August 31, 2016
Business Plan Mistakes in Nigeria Aderonke Awomolo

S006: Tips on Writing a Business Plan – with Aderonke Awomolo

In this Episode, leading business consultant and lead trainer at Sophamis Consult, Nigeria, explains key tips on writing a business plan. A business Plan, according to entrepreneur.com, is a written description of your business’s future. If you have written that on a piece of paper, it is also a plan. However, there is much more.

Episode Takeaways

In this episode, you will learn

  • why our guest, Awomolo Aderonke, teaches soldiers entrepreneurship,
  • what a business plan really is,
  • key areas Investors first go to when reading your business plan,
  • why you should not copy and paste business plans written by someone else or downloaded from the internet, and
  • how assumptions in your business plan can ruin your chances of walking home with that investment.

Tips on Writing a Business Plan

Writing a business plan differs from other forms of writing in that it has strict layout and formats. Because of this, many entrepreneurs spend a lot of time writing one. Even at that, it is possible to forget to cover key areas. Our guest assesses countless number of business plans on a regular basis and knows important tips on writing a business plan that you need to write an effective business plan.

Writing one is not a day job

In addition, this episode helps you understand that writing a business plan is not a day job. Some spend a whole year writing this very document. Worse still, it can become obsolete the very moment it is completed. At that point, do you give up? This episode: Tips on writing a business plan, answers that question.

Tips on writing a business plan with Aderonke Awomolo Swiych Podcast
Writing a business plan can be easy. (Photocredit: businesstutsplus.com)

What do Investors first check?

Any business plan typically consist of The Executive Summary, Business Description, Products/Services, Market Analysis, Marketing Plan, Development Plan, Management, Operational Plan, Financials, Offering/Funding Request, and Appendix. Given this different parts, it is not strange to wonder where exactly investors, banks, or evaluators first go to when you submit your business plan to them. Our guest has you covered in this podcast (on tips on writing a business plan).

Why doing this is dangerous

In the end, she painted the true picture of how dangerous it can be when you sit down in the comforts of your room and write a business plan without getting out there to ask potential consumer questions. The very best business plans are the ones written in the field. You need to download this podcast!

Today's Guest

Aderonke Awomolo is the lead trainer and business consultant at Sophamis Consult. She holds a diploma in Market Oriented Small Business Development from the International Training Centre of the International Labour Organization (ITC-ILO), Turin, Italy. She also worked with the past federal government on its grant programme called YOUWIN as a marker, content provider and facilitator. She currently teaches Economics and Entrepreneurship in the Nigerian Army School of Finance and administration.

  • takeaways…executive summary and financials…miss these parts, and your business plan is best for the dustbin

    • You are right. I remember one pitching event, I thought I was doing a great job at until one of the evaluators muttered: “take us to your financials”. In my mind, im like “I haven’t even talked about marketing yet!”. Once they understand what your product is and how it will make money, they want to see the financials. How much can this whole thing yield? and how long will it take?

  • Aisha

    Your executive summary has to be captivating and summarize ur whole plan. Even though I have heard this over n over again, what she said is a good reminder that every entrepreneur needs at every point in time. Business plan isn’t a one time thing, it’s a live document that needs to be updated regularly. Well done Seven

    • Gbam! Yu get the true picture! We miss this all the time as entrepreneurs, and we are easily frustrated by it.

      Now, we know that, even though it takes time to write, a business plan is a living document that can be outdated in no time if we neglect it.

  • Omoloro Fasuyi

    Learning something new again. I have never had to create a business plan for an actual business, but in all the hypothetical business plans (and the real marketing plan) i have had to create, I always assumed the financials was the part you did not have to pay much attention to. I always assumed you could just make the numbers look good and bullshit you way through. Good to know early on that i actually have to pay attention to it.

    • Lmaooo @omolorofasuyi:disqus . I understand where you coming from. I once wrote a business plan with figures I just made up to look good. The strange thing (at that time) was how easy it was for the evaluator to see through all the lies!

      Every single part of a business plan is linked together. If you tell a lie in one part, the other parts will tell the truth.
      Now if you succeed in telling lies in the whole plan, your investors and evaluators’ experience will tell you the truth you have been avoiding.
      Now, if for some reasons, you scale all these stages with your lies or “Over-ambitious” assumptions, you will fail when you executing such business plan. You will must likely end up worse to where to use to be before getting the funds you so craved for.
      Her advice is pretty much simple: Just get it right from the beginning.
      Thank you for dropping by Omoloro. I have already written an epistle in reply lol

  • chized

    LOL @ the sound effects of marching soldiers and bombs. I actually had to get a pen and paper to take down points. A business plan is a road map.. Business class 101.

    • Hehehehe, well, we hope you liked it @sound effect. Just trying to spice things up lol. Thanks Chized? Anything you think we should be doing or could have done better?

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