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Misconceptions of a Business Plan

Convincing would-be entrepreneurs and already entrepreneurs why they need a business plan is no small task. You hear the following comments?

  • I don’t need to borrow so I don’t need a business plan?
  • When I start the business, I will have a business plan
  • I have years of experience so I don’t need a plan
  • I know what I want to do, it is in my head.
  • I don’t have the budget for that
  • I am working with someone who has experience in the business.

In answer to number 1 comment, if you are not borrowing, good for you; however don’t waste your hard earned money. With a business plan; you are sure of direction and if you run into a hitch, you have a backup plan on what to do next.

“I know what I want to do; it is in my head”.  Suppose you lose your memory? Suppose you are not present, something takes you away, what happens to your business? A business plan is a manual on how your business should be run with or without you.

A lot of people have entered the world of business and the competition is global.

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When I concentrated my business on business plan, I heard people saying; business plan writing and consulting isn’t a business, 16years later, you see every Tom, Dick and Harry advertising business plan writing services. Wake up; the business world is getting hotter

Comment 2; when I start the business, I will have a business plan, you don’t start a journey that you have no clue on how to get there, it is ludicrous, a business plan is your GPS, it guides you from point A to point B, it also shows you what to expect on your journey and what to do if there are setbacks

Comment 4; I know what I want it is in my head, hmm really? Can you remember your mood and what you were thinking yesterday, suppose you have an accident, God forbid. A business plan is a document of reference, where you consult from time to time

Comment 5 I don’t have the budget for that, do you have a budget for failure? before you commit a naira or a dollar to any business, have a detailed business plan. I have clients who left the shores of Nigeria, only to have a rude awakening that to open an account for their business, the bank was asking for a business plan. We had a client who was doing well in her catering business and wanted to manage an international lodge, only to be told that the foreign CEO needed a business plan because the CEO wants to be sure that the business has the right cash flow to meet their needs.

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Finally; the last comment; I am working with an experienced technocrat and I don’t need a business plan. Hmm, my Christian bible tells me that the heart of man is desperately wicked, he or she is working for his or her own good, what if the relationship ends, you are on your own. There are stories where the partner works away with the technical framework of the business; leaving the founder stranded (may that not be your portion).

Please, be wise, get a business plan, learn about business planning. If you want to know how to write a business plan, send an email to the email address below.

I remain your business plan consultant.

Angela Ihunweze
Angela Ihunweze
Angela Ihunweze (Mrs) is a business plan consultant and writer, the CEO of Angela Itambo company who have prepared countless grants/loan winning business plans for Micro, small and medium enterprises in Nigeria, Uk and Canada. She has also sat as business plan judge for companies such as Shell, Zenith on the (Mind your business) entrepreneurial challenge, MTN business plan challenge e.t.c Reach Angela via [email protected]



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