The Private Sector Federation (PSF) has a great mission to promote entrepreneurship and also help professionalise the entrepreneurial sector.
In order to achieve its mission the PSF in collaboration with the Rwandan government and the World Bank initiated a business plan competition.
And now the Enterprise of the Year Awards. These initiatives are just to stimulate entrepreneurs conceive and present innovative and viable business ideas as well as endorse good business practices.
These programmes target young and start-up enterprises with innovative and profitable business ideas. Winning money and awards from such competitions is like a winning football team.
Your team must have an excellent coach who knows tactics and techniques for winning each match.
Similarly, to produce a winning business plan you must take time to study your intended market and get ‘instructions’ as to what your target market requires.
Then the plan informs, persuades and guides the reader about your business idea and shows clearly not tell the achievement plans in practical terms.
Thus, a winning business enterprise plan must dramatise key aspects of your business idea. Reasons must be provided as to why those products/services, their unique selling points or points of difference.
Thereafter, you show your market analysis and marketing strategy. Here pick key points about your customers, by list and description, shade a picture of the supply side and an analysis of your personal strengths and weaknesses.
You should include in this section key success factors usually obtained from competition; what makes your idea win as well as how you will win, retain and grow your customer base.
And also, show analysis of your competitors’ strengths and weaknesses, plus how you will take advantage of his weakness.
Then show how your management arrangement for business resources (equipment, employees and money).
And how your source of finances and usage schedule, why that approach and show financial projections.
The list anticipated challenges and how you will overcome them will follow an implementation schedule because no plan is a plan without a time schedule.
At the end of it all after application of these key ingredients accompanied with good management, anticipations to win should be high.