The Spokes of the wheel called Entrepreneurship; Business Plan and Work Life Balance
The Business Plan is a road map for a business. When an entrepreneur seeks partnership and collaborations with different organizations many will ask for the business plan to get deep insights into your business.
The following are the components of a Business Plan;
- Executive Summary
It gives a snap shot of the Business Plan and a summary of what the Business Plan contains.
- Company Description
This gives a history of the business, its founders, the products and services that it sells.
- Market Analysis
This is an in depth study of prevailing market conditions; the target market of your products and services, the opportunities identified and how your organization will meet the needs of the target market.
- Competitive Analysis
This entails proving how your business has an edge over other businesses in the market.
It entails a S.W.O.T. analysis that is highlight the business’ Strengths, Weaknesses, Opportunities and Threats.
- Management and Organisation
This part of the Business Plan proofs that the business is on solid hands. Here the Business Plan shows the experience and skill set and responsibilities of the management of the business. One can also include an organisational chart showing reporting lines within the business.
- Products and Services that are offered by the business.
In the Business Plan the products and services that the business offers are captured in detail, their features and the benefits that they offer their consumers.
- Marketing Plan
How does one intend to get their products and services to ones clients? How will they be promoted and what budget is required is what this section of the Business Plan details.
- Sales Strategy
This involves hard selling of the goods and services. Forecasts of sales and how they will be achieved.
9. Financial Projections
This section shows the anticipated revenues of the business in detail in the next one year, and annual projections for the consecutive five years.
- Anticipated collaborations.
Depending on which organisation one is pitching to, this section highlights the collaboration that is anticipated e.g. funding.
From my career as a Business Development Professional I have had the opportunity to come across several business plans. A good Business Plan is well thought out and clearly articulates what the business is all about. It leaves no stone unturned. Many entrepreneurs go the extra mile to get a professional to help them come up with a winning Business Plan. Have someone proof read your Business Plan, get a designer to give it a catching layout, when put to print choose quality paper, layout and font design to give it a winning edge.
Work Life Balance
As this blog has always advocated; like the African three legged stool – life is a balance of several things. It is not about overworking oneself but delivering quality work as an entrepreneur. Unfortunately, this is one issue that many entrepreneurs struggle with; knowing how much work is enough and knowing when to take a rest and relax.
Work and indeed Life is about prioritizing what is important to you. Know what is urgent and what is important when setting priorities in your life.
Noone can do it all! Trying to do it all is a precursor to burn out. One should know when to share roles and responsibilities with others. A wise entrepreneur should delegate some responsibilities.
Have a diary, a planner, learn to work on a schedule rather than haphazardly.
Finally, as so many articles in this blog have advised; live a healthy lifestyle. Eat balanced and nourished meals, have some physical exercise, sleep enough, take time for rest and vacation.
This brings an end to focus on Entrepreneurship month 2018 on “Wacha niKwambie” blog, where we discussed in detail the key things that make up the running of a business.
Many more exciting and soul searching focus areas in this blog remaining in the last third of the year, beginning with spiritual and emotional wellness where we will dwell on dealing with loss and grief.
Happy New Month!
© Kwambie Nyambane,
Lead Writer and Founder,
The Best Lifestyle Blog Kenya – BAKE Awards 2018 Nominee
The writer of this article is a Business Development Professional in a leading bank in Kenya. By night she is a Wellness and Lifestyle writer. She holds an MBA in Marketing from the University of Nairobi and is passionate on matters Entrepreneurship. The Small and Medium Enterprise (S.M.E.) segment is a key driver of the economy of her native country, Kenya.