How to write a business plan a Nigerian bank will actually read

A business plan is not a formality. When a bank, an investor or a grant panel reads one, they are asking a simple question: will this money come back, and how sure can we be?

Lead with a one-page summary

Write the executive summary last, but put it first. In one page say what you sell, to whom, why they will buy from you, how much you need, what the money is for and when you expect to break even. If a reader stops after this page, they should still understand the business.

Show you know your customer

"Everyone" is not a market. Describe the people or businesses who will pay you, how many of them are within reach, and what they buy today instead. Name two or three competitors and say honestly where you are better and where you are not.

Numbers that add up

Lenders turn to the financial plan early. They expect:

• a startup budget: every item you need to buy before you open, with a cost,
• sources of funds: your own money, loans, grants or investors, adding up to the budget,
• projections for three years: sales, costs, profit and tax,
• a break-even point: how many sales a month cover your fixed costs,
• monthly cash flow for the first year, so they can see the tight months.

Keep assumptions visible. "We sell 300 plates a month at ₦3,500, growing 4% a month" is easier to trust than a total with no working.

Name the risks before they do

Every business has risks: power, exchange rates, a key supplier, a new competitor. List the main ones and what you will do about each. It shows judgement, and judgement is what a lender is really assessing.

Build yours in fifteen minutes

Our free Business Plan Builder asks the right questions and writes the plan for you, with a SWOT, startup budget, break-even and three years of projections. Save it to your Floray account, print it as a PDF, and when you want an expert eye on it, share it with our business advisory team.