Approved 3 types of business Plans for Nigerian Entrepreneurs

Biz Start-up

August 19, 2022

Approved 3 types of business Plans for Nigerian Entrepreneurs

Approved 3 types of business Plans for Nigerian Entrepreneurs – Highlighted here are Operational Business Plan, the Executive Summary, and the Complete Business Plan. As a matter of fact, there are other different types of business plans. And, that also explains why there are a variety of definitions for it. So, a business plan may mean different things to two or more different persons. Read more about Approved 3 types of business Plans for Nigerian Entrepreneurs.

This post will let you know how you see your business plan and how you define it. It will also let you know how others see business plans. In this case, it will let you know how and when to use any type of business plan.

Therefore, get expert business planning tips at cessummit.com to take your business to the next level. So, read, understand, and follow the handful of strategic ways to grow your business. They are hot, profitable, and untapped business growth ideas in Nigeria.

Contents

1 Business Plan: General meaning – Approved 3 types of business Plans for Nigerian

Business Plan: General meaning – Approved 3 types of business Plans for Nigerian

The business plan is defined variously. It’s seen as a business roadmap. It’s also seen as a document that summarizes the operational and financial objectives of a business. Again, it is seen as a document used to create an effective strategy for business growth. It’s also a document to determine a business’s future financial needs. Others see it also as a document to attract investors and lenders.

As you can see in the various definitions, individual business need determines what to present in their business plan. In this article are 3 different types of business plans. Going forward, we shall be explaining to them attaching examples of suitable business plans for each type of business plan being discussed.

Approved 3 types of business Plans for Nigerian Entrepreneurs

Types of Business Plans:

These 3 types of business plans explain what we mean that a business plan has multiple types and meanings. Here we present the operational, Business plan Executive summary, and Complete business plan. For this reason, you will eventually make different sets of Business Plans depending on what you want to accomplish. So, different functions and different situations call for different sets of plans.

Therefore, knowing what you need for your business means picking the right type of plan variables that will showcase a better roadmap for your future. As a matter of fact, a business plan guides the management, owners, and investors. So, there could be other types of business plans such as strategic plans, operational plans, internal plans, and many others. These are the subject of our next article. But bookmark this page for link-up. Read more about the Approved 3 types of business Plans for Nigerian Entrepreneurs

Furthermore, do you need Consultation for your business planning? At cessummit.com our consultancy services cover your business challenges in developing business ideas and planning, business incorporation and other start-up issues. Unlock and leverage the untapped potentials of your business, contact +234 8034347851 or +234 905 313 0518 today!

The 3 Types of Business Plans:

Operations plan – This type of business plan also called an annual plan, focuses on mapping out the day-to-day operational activity needs of a business for a year. It’s designed to achieve tactical goals and can be part of the business strategic planning. For easy administration and implementation, this type of plan details the responsibilities of management, departments, and employees. It also shows how the various operator segments contribute to the company’s overall success. Therefore, the layout of Operations plans will cover the following;

Organization’s objectives
Goals or activities required to complete objectives
Required resources needed for the activities
Manpower/staffing requirements
Implementation milestones/deadlines
Progress tracking processes
Approved 3 types of business Plans for Nigerian Entrepreneurs

Cessummit business support service offerings cover the development of operation plans. These are your annual budgets highlighting specific objectives and goals requirements. Designing resource needs and project timeline implementation monitoring is very essential for your business operational planning. Just call for a service need.

Business Plan Executive Summary:

This can also be called a summary business plan. It’s a brief summary of your business plan. Therefore, it must restate the purpose of the business plan. And shows what your business objective is and the problem that it solves. Then it highlights the major points of the business plan and describes any results, conclusions, or recommendations from the plan. In fact, it showcases enough information that will interest the audience to want to see the Complete Business Plan. Check out the Approved 3 types of business Plans for Nigerian Entrepreneurs

Generally, a business plan executive summary is intended for external use. As a matter of fact, it’s usually requested by investors, and banks to offer you a loan, or to attract essential employees. A typical Business Plan Executive Summary could run between 3-10 pages.

Approved 3 types of business Plans for Nigerian Entrepreneurs – It’s worthy mentioning here that understanding of the way this particular document works is important. We noted above that it’s your complete business plan summary. Therefore, the business plan executive summary does not come from the sky. The comprehensive business plan must be in existence before you can extract the executive summary. This knowledge is important because many clients call requesting a business plan executive summary thinking it can be gotten without developing a complete business plan. Now, you can get the gist of the complete business plan in the next paragraph.

Approved 3 types of business Plans for Nigerian Entrepreneurs

Complete Business Plan

A Complete Business Plan can be for external use. Majorly this is when you are looking for funding. So, for equity funding, loans, or grants, this type of plan is important.

This type of business plan shows the audience the full picture of your business. Again, this type of plan may get up to 30 and more pages. And will include a financial projection – Profit and Loss statement/Income statement, Balance Sheet, and Cash flow analysis – for a certain period of time. An average time of 3 years is ok. Others ask for 5 years or more. In this plan, you have to explain your business ideas in detail to potential investors, strategic partners, or even potential buyers of your company. As a matter of fact, this should clearly state the specific requests you’re making with your business plan and what your company can bring to the table.

Our business plan Template must show the following;

Executive Summary.
Company Description.
Products and Services.
Market analysis.
Strategy and Implementation.
Organization and Management Team
Implementation timeline
Financial plan and projections
Financial Ratios
Exit strategy
Conclusions
Approved 3 types of business Plans for Nigerian Entrepreneurs

Cessummit business plan offerings:

These include a variety of business plans, such as

Strategic plans for scaling up business
Operational/internal plans,
Comprehensive business plan
Business plan executive summary
Business Plan Financial Analysis Segment
And, Business plan Pitch

There are different business plan templates at cessummit.com. In fact, we provide all types, sizes, and purposes of business plans of your choice. We have some ready-made illustrative samples in this website. You just have to contact us for your copy. And, now, visit this to read about how to avoid business failure in Nigeria.

Read Also for Approved 3 Types of Business Plans for Nigerian Entrepreneurs.

Summing up: Approved 3 types of business Plans for Nigerian Entrepreneurs

3-Types of Business Plan for Nigerian Entrepreneurs highlights the Operational Business Plan, the Executive Summary, and the Complete Business Plan. They are 3-types of business plans you must need at any time. Their usages, requirements, and purposes are fully detailed above, detailed also are their contents and how we can partner with you to develop your business plan. And, If you want to be a professional visit here

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And, Now, Do you need help?

You may need any of our business support services. They are for your business upliftment. So, do you need help for your Executive summary, Business plan Pitch, and business proposals? Any need for an updated business Profile and Business plan financial analysis? And, do you need to be trained for CBN/BOI/ NIRSAL MFB AGSMEIS and other loan facilities? Sometimes, there could be a need for business incorporation, with C.A.C. and other incorporation changes for you @ C.A.C. – change of MEMART, Director, Shareholding, etc., and annual returns, You can contact us as shown below.

Approved 3 types of business Plans for Nigerian Entrepreneurs

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Approved 3 types of business Plans for Nigerian Entrepreneurs

Business Plan: General meaning – Approved 3 types of business Plans for Nigerian

Approved 3 types of business Plans for Nigerian Entrepreneurs