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A good business plan is acknowledged to be a critical requirement for the successful start-up of any business idea. This is because a good business plan enables you, as the initiator of the business, to articulate your business idea(s), vision and aspirations; and to communicate to potential investors, helpers and partners (in a convincing manner) the viability of your business idea.  God has deposited something in you…so run with it …remember God has sent helpers and divine connections for a specific time…and the night cometh …John 9 [4]  I must work the works of him that sent me, while it is day: the night cometh, when no man can work.

A period of fasting and prayers is strongly advised to incubate divine ideas and much recommended before initiating God’s works through you. But remember you need to begin with a concisely documented plan.

Business plans are useful for many different purposes: as a key prerequisite to support requests for funding ( I recommend you seek first for equity funding partners and not debt); as a framework to obtain approvals; and, as a tool for operational business management.  You can follow a simple structured process.

1. Define your business activities i.e. clear idea of the business scope and vision of what you want the business to achieve. Also understand the current status of the business
2. Define the external market (including regulations etc), your competition and your market positioning
3. Define your core objectives for the period of the plan and strategy for achieving the objectives
4. Identify the risks and opportunities and strategy for limiting risks and exploiting opportunities
5. Refine strategies into working plans and project costs and revenues and develop a financial model/ plan

Perhaps, the most important tip for ensuring your business plan is actionable and “recession-proof” is however to conduct a thorough Sensitivity Analysis to evaluate the impact of various scenarios of the business environment on your financial plan – i.e. your projected costs and revenues. This is a critical aspect of step 5 of the process listed above.

Business Planning is about a journey and the plan is the starting point. It charts a route to your destination – sets out the method for running your specific business activities over a specific future period. It gives landmarks to confirm progress, identifies the major hazards to watch for along the way and gives strategies for coping with issues and challenges; thereby helping to “expect” the “unexpected”… this can only be achieved through rigorous and effective scenario planning and sensitivity analysis of your financial plan and it is definitely worthwhile to seek some professional input and help in completing this important step of the process. Other specific tips to help to develop a more realistic and convincing business plan in a recession are to:

1. Be conservative (humble) in projecting growth and estimating market size, recognizing that your target customers will likely have a lot less in terms of their disposable income during a recession. 
2. Split up your planning cycle into manageable phases (e.g. by using quarterly instead of an annual financial plan) and conduct periodic reviews to update your planning assumptions based on changes in the environment.
3. Build in cost-cutting options to manage your operating costs from day one.
4. Present a statement of cash flows to show how you will ensure your business generates sufficient cash to sustain your operations.
5. Get the plan reviewed by someone who understands the market you are targeting and who can objectively challenge your assumptions

Finally, remember that in order to successfully launch/manage a business during a recession you have to understand why people buy, recognize what people are most likely to buy and this means recognizing new market opportunities. These are challenging times for us economically, but in the greatest challenges there are also often the greatest opportunities.

Finding Divine Connections  -  How to identify people God has assigned to you

How do you recognize divine connections, partners and help God has assigned to you.  A divine connection may only be there for a short season so recognizing how to spot them is important. Kirwaye Grace posted these great tips. Meditate carefully on the scriptures. They will guide you.

1.Each person God assigns to you will solve a different problem for you.(1 Corinthians 4:17,Philemon 1:22-24) and will proudly identify with you publicly.(Acts 18:7-11).  They gladly adjust their plans to accommodate your need.(John 4:3-14)

2.Those assigned to you feel protective towards you( Romans 16:3-4,2Corinthians 11:32-33) and will defend you in your absence(1Samuel 20:30-33)…they can see the dangers and traps you cannot (Acts 20:28-31) and willingly become enemies to your enemies (2Samuel 15:32-37,16:16-23,17:5-14)

3.Those assigned to you will never enter into a covenant of friendship with anyone plotting your destruction (Proverbs 17:17) and will protect your reputation at any cost (Ruth 3:13-14) and will not use information to hurt you(1Samuel 22:11-23)

4. Those assigned to you willingly forfeit the reward of other relationships to stay by your side (1Samuel 23:16-18) and will pay an uncommon price to encourage and support your cause.(1 Chronicles 11:17-19) and can discern greatness in your cause even when your behaviour appears unwise. (Acts 21:8-17)

5. Anyone who breaks your confidentiality is not assigned to you (Proverbs 11:13,20:19) but those assigned to you will have flaws (Luke 22:33-34) and sometimes experience doubts and may initially dread their assignments (Acts 9:10-19)

As you may have rightly concluded, these are rare gifts from God.  God has remembered you … and will send help to you to get started.  Also please do listen to live broadcast “Remember me Oh Lord” by Pastor Adeboye at Holy Ghost service tonight (you can also listen to the broadcast later) by connecting to RCCG  – Remember me Oh Lord.

Our God reigns.  God bless you as you worship and obey Him…Our joy shall be full.  Surrender your life to Jesus Christ.

Ogedi Onyeama, Henrietta Bankole-Olusina (Senior Managers in Accenture), Kirwaye Grace and Bode Ososami.

Resources

1. The Definitive Business Plan by Richard Stutely, Second Edition. FT Prentice Hall
2. Writing a Business Plan in a Recession, by Stephen Nelson.
3. Tweak Your Business Plan in a Recession: Presenting your Business Plan to a Bank in Troubled Economic Times, by Rosemary Peavler.