HIGHLIGHTS OF SESSION III:"BUILDING A BUSINESS PLAN"

On May 5, 2018, Dr. Lydia Aziato and Dr. Roger Atinga of the School of Nursing and Midwifery (SONM) and the University of Ghana Business School (UGBS) respectively facilitated a seminar which was dubbed “BUILDING A BUSINESS PLAN” as part of the Deans Capacity Building Session III. They offered expert advice and professional services on how to develop a Business Plan to help state business goals, reasons they are attainable, and plans for reaching them. Learning a Business Plan in Schools, maximize market value while making responsible and productive students after graduation.

"The economy is hard and mostly employs politicians. A person can choose to become a political, entrepreneur, and will flourish with their party in power, however, suffer when party is out of governance" Dr. Roger Atinga.

"What do nurses need a business plan for? Upon hearing in the news that last Night that Nurses’ are agitating about being paid Ghc700.00 on the Nation Builders Corps, then I realized Nurses really need a good business plan” Dr. Roger Atinga.

 FACILITATOR: DR. LYDIA AZIATO

FACILITATOR: DR. ROGER ATINGA

 

 

 DEFINITION OF A BUSINESS PLAN

  ·         It is a written document that provides directions about a business, future prospect and help it avoid obstacles.

              It is simply a business guide.

·             It is like the root of your business, thus starting with something small and grow it.

 

A  SECTION OF THE AUDIENCE

 

 WHY BUSINESS PLAN?

1.       It defines the purpose of the business as in meeting a need and making money as well.

2.       It helps determine growth patterns.

3.       To predict problems and effectively solve them.

4.       To help secure finances and investors.

 

COMPONENTS OF A BUSINESS PLAN

1.       Executive summary

       Is the summary of the whole plan which is at most 2 pages and should include;

§  The Company profile

       Give relevant information about the company. They include:

·         General business overview.

·         Human Resources: give information on CEO(s) with their ranks and qualifications.

·         Company strength: state your unique services.

·         Weaknesses: describe them and emphasis how you can turn them into strength.

·         Mission, vision and values of your business enterprise or company.

 

o                 Mission – A Company’s mission is what it seeks to do now.

o           Vision -  This is where the company seeks to be in future.

o                  Values – This refers to where and what a Company or an Organization stand for.

 

§  Products and Services

                ·         Describe your products and/services in depth.

                ·         Determine positive competitive factors

                ·         Include future projections and expansion

                ·         Technical specifications, drawings, photos of land, brochures, etc should be added in the appendix.

 

§  Marketing strategy

                ·         Conduct a market survey in the following areas:

 

       o   Market trends

       o   Past and future industry and consumer trends.

       o   Size and demographics of target market

       o   Projected share of the market

       o   Geographic boundaries and seasonal trends and customer service policies.

 

§  Competition

       Make a research and address the following:

       o   Current competitors, their size and market share.

       o   Their strength, weakness and how to be better off.

       o   Your passion and cost to be competitive.

 

§  Sound marketing and sales strategies:

       o   Traditional media promotions/ advertisement.

       o   Social media advertisement

       o   Special services eg. a monthly massage or hamper for committed and regular customers.

       o   Use of sales agents

       o   Incentives or bonuses schemes.

 

§  Operational information

                ·         It involves plans on how to operate from overhead cost through to final distribution to customers.

             Example: total cost, quality control, suppliers, distribution, employees, assets, logistics and insurance policies.

 

§  Financial information

                ·         Prepare projections of income, expenses and cash flow

                ·         Review the amount required

 

       WHAT TO DO WITH A COMPLETE BUSINESS PLAN.

o        Communicate it to potential partners.

       o   Talk to your bankers

       o   Talk to people in governance and NGOs

       o   Also communicate it to other financial or entrepreneur support institutions.