7 Tips On Writing Your AGSMEIS Business Plan
You need an AGSMEIS Business Plan to get a loan from AGSMEIS. In a previous post, we listed this body as one of the provisions made by the government to support Nigerian SMEs. Writing a business plan can be quite challenging especially when you need to submit it to AGSMEIS.
In this post, we will provide you with some tips on how to write an AGSMEIS Business Plan. Before then, here’s a brief introduction to AGSMEIS.
What is AGSMEIS?
AGSMEIS is an acronym and it stands for Agricultural Small and Medium Enterprise Scheme. This body was established by the Banker’s Committee in line with the government’s desire to support Agri-businesses in Nigeria. As such, AGSMEIS can be described as the vehicle for employment generation and sustainable economic development.
The above-mentioned committee approved the establishment of this body on February 9, 2017. Based on this, every bank in Nigeria is expected to separate 5 percent of their PAT for this scheme. Now that you know this, let us look at a few tips to help with your AGSMEIS Business Plan.
Tips to help you write your AGSMEIS Business Plan
Before you can access a loan from AGSMEIS, you need to write an AGSMEIS Business Plan. The question is what should your business plan contain? This is where many people falter in their bid to get an AGSMEIS loan. We don’t want you to suffer the same fate so we have put together these tips to help you.
Research over and over
Before you put your pen to paper or contract anyone to write your plan, you need to carry out research. These are a few questions you need to ask during your research:
· What product or service do you plan to sell?
· Who is your target audience?
· What is the best way to reach your target audience?
· Who are your major competitors?
· How much do you need to start and run this business?
· Do you need to employ staff or not?
When you carry out sufficient research, it gives you a clear direction in writing your AGSMEIS Business Plan. It also helps you to properly evaluate different aspects of the business and tells you about the market. The answers to your research questions will help you to write your plan.
Write a Company Profile
You can do this while working on your research. A company profile tells the reader about the history of your company as well as its products or services. It also gives a clear indication of who the target audience is and what problems your company wants to solve.
In a nutshell, your company profile presents the reader with an overview of your business by highlighting its key aspects. This way, you can show off your major selling point.
Propose a marketing plan
You cannot write an AGSMEIS Business Plan that is void of a marketing plan and expect approval. Whether the business plan is for AGSMEIS or not, it should have a strategic structured marketing plan. This plan shows how you plan to penetrate the market, fix prices, sell products, etc. Below are a few objectives that your marketing plan should address:
· How to introduce your products or services.
· Entrance into new territories.
· Boosting sales of products.
· Fixing prices and raising prices without affecting sales figures negatively.
· Improvement in product or service delivery.
Each objective must come with a set of goals leading to its achievement. When proposing a marketing plan, you need to be as precise as possible. This means that there is a marginal room for error. Do you now see why researching is very important as your first step?
Work on your financials
This is one of the most important aspects of the AGSMEIS Business Plan or any business plan at all. Why? If an investor wants to inject funds into a business, they hope to make a profit. As such, you must include in your business plan how you plan to make a profit.
In the case of AGSMEIS, you need to show that you are capable of running the business and servicing the loan. Again, you cannot afford to be vague with your figures. As much as possible, come with exact figures for your financials.
If you haven’t run the business before, then you need to make projections. These projections will come from efficient market research. Your financials should contain your income, outflow, profits, break even analysis, and profitability index to mention a few.
Adapt the plan to AGSMEIS
You cannot just write any business plan and submit it to AGSMEIS, that wouldn’t work. This body has a specific format for its business plan. As such, it is your responsibility to ensure that you follow this pattern.
There is also a language pattern synonymous with AGSMEIS Business Plans. You should get all of this at your EDI training. Infuse all of these into your business plan as they will make the plan relatable and easier to approve.
Show some passion
Sometimes, people wonder why their business plans aren’t approved even though they got everything right. One major ingredient that most entrepreneurs leave out of their business plans is passion. Do you know that when an investor reads your business plan, they can tell if you are passionate or not?
If you have very little passion for your business, why should AGSMEIS support it? This is why it is important to write your AGSMEIS Business Plan by yourself. It allows you to express why you want to run this business.
Modules of the AGSMEIS Business Plan
This is our last tip for you. Remember we discussed adapting the business plan to suit AGSMEIS standards. Well, these are the modules expected in your plan:
· Executive summary
· The company
· Company vision and mission statements
· Marketing strategy
· Products or services
· Financial analysis
Ensure that you have all these aspects ready before writing your business plan.
We have just provided you with tips to help you write your AGSMEIS Business Plan. However, we suggest that you visit your EDI to get more guidance on how to submit your plan. Do you have any questions? Drop them in the comments section below.