Lessons from the 5th Nairobi meeting
In our last meeting, Lawrence told us about his business plan for his cheddar cheese production. It was well written out and extensive.There are so many ways of compiling a business plan, and it is easy to find a template that fits your purpose and fill it with your data.
Then you have a bigger or smaller pile of paper – and then what? Let it sit there and collect dust?
Carry it around and show it off to anyone who is and isn’t interested?
Even if you are the kind of entrepreneur who has all the plans and numbers in her head, a business plan is still for you.
1. A business plan is a road map - It’s not just about coming up with a fancy story about how your business came into being to impress
others. A business plan can guide you, motivate you and hold you accountable for the future development of your business.
2. A business plan is a reference - Investors don’t want to read about your dreams. They want to see what you already have done. A business plan can help you with the documentation of your achievements so far and make your business more credible.
3. A business plan is rarely read - At least in Kenya that’s the case, especially when you go to a bank to ask for funding. “Banks don’t want literature,” said Daniel, a DJ. And Zak, organic farmer and teacher, added: “If you want to get money, it’s better to start first, instead of drawing a business plan on paper and then doing nothing.”