Why You Need a Well Written Business Plan

By Karani Kelvin.

Your business plan is your key to unlocking your great business potential. It can mark the genesis of your successful stint in the world of business or it can also mark the end of your ambition.

Writing a good business plan is no child’s play. It requires a great deal of thinking and imagination. You cannot wake up from your dreams and, bang! you have the greatest business plan !

You need to take time to ask yourself a couple of questions. Do you need a business plan? What do you intend to do with it? How should you write it?


There are many ways of writing a business plan as there are for writing a curriculum vitae. However, certain things are always present.

However you craft it, remember to include these categories:

• Executive Summary – A short description of your business. This section must be clear, realistic and imaginative as it is the first thing that gets read. This is the section to sell yourself and your business!

• Company Description – Under this section, give a true account of your business. Let the reader know about the history and ownership of your business.

• Products and/or Services – Here, give a description of your products and/or services. You must convince the reader that they are unique and competitive.

• Market analysis – Who are your customers and competitors? How big is the market and what growth prospects are there?

• Strategy – What is your marketing strategy? How do you intend to implement your plan?

• Financial plan – Here, talk about sales, cash flow (revenue and expenses) and profits.

Ensure that your business plan reads well. It must be clear, devoid of grammatical and typographical errors and logical (realistic and full of sound business reasoning).

Given that writing is not everyone’s forte, you might want to subject your business plan to experienced business people (that you can trust). Hiring a professional to do the writing for you is the best thing to do.

Whether you want to use your business plan to seek for funding, define your business objectives or establish the true value of your business, it must be well written.