Opinion |

March 4, 2022

March 4, 2022January 31, 2023 Inspiration 92.3 FM

The Importance Of Having A Business Plan

A business plan is a 15-20 page document that details how you intend to achieve your business goals and includes information about your product, marketing strategies, and finances. You should make one when you start a new business and keep updating it as it grows.

Small business entrepreneurs usually use business plans to guide them rather than putting themselves in a situation where they may need to seek for directions or even circle back and start over. This allows individuals to see the big picture, plan, make critical decisions, and improve their overall chance of success

The Importance Of A Business Plan

6 Reasons Why You Need A Business Plan

You may be wondering, "Do I need a business plan? It sounds like a lot of work, and I've heard they're out of date, and I prefer to figure things out as I go..."

The answer is that you do, in fact, require a business plan! "Going into business without a business plan is like going on a mountain trek without a map or GPS support—you'll eventually get lost and starve!" said entrepreneur Kevin J. Donaldson. Though it may appear tedious and time-consuming, business plans are essential for starting a business and ensuring success.

Here are Six (6) reasons why you need a business plan for your small business to highlight the importance of business plans and make the process seem less intimidating.

To Help Making Critical Decisions

The primary benefit of a business plan is that it allows you to make better decisions. Entrepreneurship is frequently a never-ending exercise in decision-making and crisis management. Sitting down and considering all of the implications of any given decision is a luxury that small businesses cannot always afford. That's where a business plan comes in.

Making a business plan allows you to anticipate the outcome of some of the most important business decisions.

To Avoid Making Big Mistakes

Only about half of small businesses have made it to their fifth birthday. While there are numerous reasons why small businesses fail, many of the most common are addressed specifically in business plans.

According to CB Insights data, some of the most common reasons for business failure include:

No Market Demand: There is no market need for what you're selling.

Cash flow issues or businesses simply running out of money are examples of a lack of capital.

Inadequate team: This highlights the importance of hiring the right people to assist you in running your business.

Tough competition: When you have a lot of competitors in your space, it's difficult to generate a consistent profit.

Pricing: Some entrepreneurs overprice or underprice their products or services, which can be disastrous.

The exercise of developing a business plan can assist you in avoiding these major blunders. Whether it's cash flow forecasts or a product-market fit analysis, every component of a business plan can help identify potentially critical errors before they happen. For example, don't be afraid to abandon a great idea if it turns out there's no market need for it. Be truthful to yourself!

You can also avoid these mistakes by reaching out to professionals today.

To Set Better Benchmarks And Objectives

Without a business plan, goals can become arbitrary, with little rhyme or reason behind them. A business plan can assist in making those benchmarks more intentional and consequential. They can also help you stay on track with your long-term vision and strategy, as well as gain insights into how your strategy is (or isn't) coming together over time.

To Prove The Business Viability

Many businesses are founded on passion, and while this can be a great motivator, it is not a great proof point.

The most important step between concept and reality is figuring out exactly how you're going to turn that vision into a successful business. Business plans can help you confirm that your big idea is a good business idea.

The market research section is an important part of your business plan. Market research can provide in-depth information about your customers, competitors, and industry. It can not only enlighten entrepreneurs who are starting a new business, but it can also better inform existing businesses about activities such as marketing, advertising, and the release of new products or services.

To Be Financially Secure

Did you know that having a business plan increases your chances of getting funded? If you want to pitch to venture capitalists, borrow from a bank, or sell your company in the future, you'll almost certainly need a business plan. After all, anyone interested in investing in your company will want to know it's in good hands and will be profitable in the long run. Business plans are the most effective way to demonstrate this, and they are typically required for anyone seeking outside financing.

To Have A Better Understanding Of The Broader Landscape

No business is an island, and while you may have a firm grasp on what's going on inside your walls, it's also critical to understand the market landscape. Writing a business plan can help you better understand your competition and the market you're in more broadly, as well as illuminate consumer trends and preferences, potential disruptions, and other insights that aren't always obvious.

January 21, 2022

January 21, 2022 Inspiration 92.3 FM

Reasons You Should Take More Oranges

An apple a day keeps the doctor away, but what of oranges?

Oranges are one of the cheapest and most common fruit in Nigeria today. They also add many benefits to one’s health.

Here are five reasons you should take more oranges;

1. Oranges increase water consumption for the day

One orange is the equivalent of half cup of water. Men are supposed to take roughly four litres of water, and women should drink about three litres of water in a day.

Drinking enough water helps your metabolism, organs, helps with weight loss and gives you energy.

2. Protects the skin

Oranges contain Vitamin C. Topical Vitamin C or oral Vitamin C works like magic on your skin. They protect the skin from free radicals that can cause wrinkles and skin damage.

3. Protects the eyes

Oranges possess carotenoids, and this keeps the mucus membrane healthy thus maintaining almost perfect eyesight.

Macular degeneration also affects eyesight as people age; oranges reduce damage ageing brings.

4. Lowers blood pressure

Another nutritional component of oranges is Vitamin B6 and magnesium. These nutrients promote good blood health. Vitamin B6 increases the production of haemoglobin which regulates blood pressure.

5. Helps with constipation

Oranges are a source of soluble and insoluble fibre. If you are feeling constipated or have irritable bowel, oranges help with the smooth running of the stomach.

Taking whole oranges is better than drinking packaged orange juice. You might be fooled into thinking that drinking orange juice is just as good as an actual orange but they are packed with calories and preservatives that are not so healthy.

Freshly squeezed orange juice is better.

Nevertheless, some people might be allergic to oranges because of citric and ascorbic acid which may cause heartburn.

7 Tips To Work Smarter Not Harder

Working smarter, not harder, entails working on a whole lot of factors like, improved time management, understanding what has to be done when, and leveraging tools to keep you on target.

Working smarter also boosts your productivity and performance while improving your job happiness and satisfaction. It can also help you become a valued asset where you work, therefore enhancing your job security. Although working smarter involves some experience and growth to put the methods in place, still, it is not a herculean task.

Here are 7 ideas in to help you work SMARTER, not HARDER.

1. Make your to-do-list concise

Keep your to-do list concise and focused on the first three most significant tasks for the day. Tasks that will make you feel incredibly productive once accomplished. Concentrate on these tasks, one at a time, before moving on to less critical ones. Also when you realize a task is getting too difficult, leave it and move on to the next task then come back to it later. A refreshed mind might just be what you need to detect that error.

2.Respond to people or things quickly

Make it a practice to respond to people or things as soon as possible. For example, if you receive an email that demands a response, reply quickly to remove it from your to-do list. Furthermore, if you need to reply to a mail later or get back to a person about something, write it down so you don't forget and make an effort to do it within 24 hours.

3.Work in 90-minutes block

According to studies, your brain can best focus for up to 90 minutes at a time. So, consider taking more breaks and break down your day into 90-minute blocks. This will help boost your overall productivity by maximizing your brain's natural capacity to focus. Take a walk, get into a conversations with people around, you can rest your head for a while by taking a nap and then continue with your task for the day.

4.Practice stress-reduction techniques

Asides the 90-minutes block, you can use stress-reduction techniques such as meditating, listening to music, or doing yoga. These techniques can help you manage stress on the job and enhance your physical, emotional, and mental health.

5.Keep that pesky phone away.

Make sure you put your phone away! According to research, having your phone nearby, even if you are not using it, might cause you to perform 20% less than if it is out of sight.

On the other hand, you can also cut off the internet or distracting websites with apps like StayFocusd or Freedom.

We all desire the best possible use of our time. Therefore, your productivity will skyrocket by learning how to manage your time and energy.

6. Stop Multitasking

Multitasking is a very efficient tool when you have so many tasks in front of you but, when you realize you are doing jobs halfway and end up dumping it or too many tasks are just pilling up, you take a step backward and try picking your task one after the other. For the sake of emphasis, try to ensure you finish one task completely before taking on the next task.

7. Chunk similar tasks together

Batching similar tasks can help you be more efficient because you're not switching back and forth between different types of work. This is especially useful for small tasks because you can knock out a bunch at once (and get a nice kick of productivity).

Plus, you can be intentional about blocking off time for the things that distract you—such as answering text messages or checking your social feed. You can even chunk small tasks together and get them done between meetings.

Try out these techniques and see how well it works out for you.

How To Cultivate a Saving Habit In 2022

In this New Year, everyone wants to make more money, grind harder, and live their best life.

It is all fun and sunshine until it is time to implement and put things in action to achieve your goal.

In this New Year, cultivate a saving culture; it doesn’t have to be elaborate. It might be a bit difficult in this economy, and the depreciation in naira value doesn’t help matters either. But the truth is, saving actively doesn’t just jump on you; one has to start somewhere small to achieve more. If you save a thousand naira per week, that’s 52000 naira in a year, small I know, but you saved that amount; your discipline made that happen.

Here are a few tips to help save actively this year:

Budget

I know it sounds cliché, and maybe you are like ‘budgeting’ doesn’t work for me at all, I understand you, but perhaps you are not disciplined enough uhnn(table shattered). If you have an active income coming in every month, budgeting should be your best buddy; listing your needs in the order of priority will always save you stress. Now, I’m all about spending on yourself, satisfying your food cravings, living the baby girl/boy life (as you should dears). However, doing everything in excess can be detrimental to your bank account.

Do not indulge your cravings every time, and there is food in the house!!

Set saving goals

Setting goals will give you the suitable ‘ginger’ to save. If you are trying to save for a new phone or your passport or saving for an important examination, these goals can motivate you to save better. Why?

Well, because you have an expected end in mind.

Get apps that help you track your savings

There are a lot of fintech startups that help you save actively; apps like Cowrywise, Piggvest will help you on your journey to saving actively. It helps that these apps have a lot of flexible features to help you save.

Have an accountability partner

Although, this is not necessarily very important.

Your accountability partner does not have to be your friend, or family member.

Your partner can be your tracking app or your account officer. When you feel like relaxing or losing your motivation, having someone to answer to will help you put things into perspective.

All it takes to start saving is discipline; if you do not have that, these tips may not work well. Cheers to starting this journey; we’ll all review how far and well we’ve done after the first quarter.

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Category: Opinion