The necessity of business plan in Ghana
The Business Plan in Ghana is the most important document for any business and even more specifically it is more important than the capital need to invest in business. Whether a business will be successful or not, is totally depends on the blue print or road map of the business. The write-up of a business plan is a guideline but it does not mean to offer a complete solution to the Business Plan requirements. The investors need to bear in mind that the step by step development of the idea is better in terms of starting any business.
Steps of making a business plan
Initially the investors must have a business concept statement. A business concept statement must contain such things what have been stated in the following:
Business Concept Statement
In the business concept statement, business name, indication of business opportunities what the investors intend to achieve should be mentioned. Besides, there should be provided some answers of the questions like what would the investors do? Do the investors know of any new entrants in the market? Investors must be clear and need to indicate the challenges and barriers to entry in the area, how different the services or products would be from that of the competitors which is recommended. The other questions are why should people change from using an existing product or service to use yours? To viable of the business concept, indication of the products or services would get to the customers is very important and find the answers of the question how the customers would get access to the products or services? When would the business start making profit? At the beginning of the business, how much money would the company require to register? How about in the second year, third and fourth years? How much money would the business make in the periods of 1 year, 2-year, 3-year and 4-year?Costing of the initial project and how the investors would intend to increase it, this is another big issue to make a business plan in Ghana. Besides, the investors need to indicate the sources and specific amounts of financing they would need from these sources along with indicating how and when the investors would be paying up in Ghana if these sources include loans should be mentioned.
Entrepreneur experience and commitment
The qualifications and work experiences should be mentioned in the business plan along with mentioning the intention of starting business. Besides, how long the investors think about the business as well as any experts you have been in touch with about the business could be mentioned by the investors who intend to start business in Ghana. In which the investors will follow to get succeed also should be mentioned. There should be a clear indication of how much of their own resources they are willing to invest in the business. For example, Maya Inc. is a software company that builds software systems. The other job is to verify the authenticity of products on the market and the most important thing is the legal form of the business is Partnership. To verify the products what the consumers buy on the market hence reducing counterfeiting in our market and verifying the origin of products to ensure the safety of consumers and it is the main objective of the company.
Product and Services
As discussed company is doing building SMS and website development that is permitted users to verify a product for consumption is certified by the Food and Drugs Board (FDB) or not as well as whether it has been permitted or now allowed by Ghana Standard Board (GSA). In this system, the user would send the name of the product or the FDB number to a short code for the SMS service or enter it at the Web interface which containing the manufacturer’s name, product description.
The Market and Competition
The market size for the above stated product is about 7500,000 people and the manufacturing company believes that the market penetration of about 5% in the first three years. To do a lot of radio advertisement and public announcement systems for taking the product to the customers is the GO-TO-MARKET strategy of the company.
Operation and Management Team
The details of the operation and management team of the company should be provided in the business plan in Ghana. For example, the above stated company starts their business with the team of two engineers, two Marketers, a Peoples Person and a C.E.O. One the engineer is a graduate from Valley View University. The other four are students of the University of Ghana. The C.E.O is one of the engineer and the Peoples Person Study Computer Science while other engineer has graduated from Computer Engineering in University of Ghana.
The nature of this enterprise gives the flexibility with financial statements like 70% of the revenue has been made in last year. Without business plan in Ghana is almost impossible to be successful in business and any sector (s).