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.
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.
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!
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.