Biz Hub Africa

CHAPTER ONE Whoever said you don’t need a formal business plan to start or expand your business was certainly not addressing those who need funds from creditors and investors. Like many successful businesses have done, you can launch your business idea without the benefit of a formal business plan—but this applies only if you have all the funds you need or you are just testing the business waters to see how it turns out.   Why You Need a Business Plan for your Small Business Writing your business plan is not the end of your business planning process because business planning is a never ending process. However, it’s an important intermediate stage ( failing to plan can mean planning to fail ). If you are just starting a business, having a well-written business plan shows that you have really done your homework. And if you are planning to expand an already established business, it demonstrates that you have carefully considered the pros, cons and odds; and focu...

TABLE OF CONTENT The actual complete structure of your business plan will look like the following: Cover Letter Title Page Table of Contents Executive Summary Company Profile Industry Research Sales and Marketing Operations Financials Now, let’s go into real business… The cover letter, title page, table of contents, and executive summary make up the opening section of your business plan. This section is the last thing you will work on, but it is the first thing anyone looking at your business plan will see. And because it can make or mar your fund-raising quest, it is very important to use it to create a good first impression in the reader’s mind. Now, let’s discuss each component of the opening section in more detail, giving tips on how best to craft each.   The Business Plan Cover Letter     The cover letter serves the same purpose as it does when you submit one along with a resume as a job candidate; it introduces your business plan to the...

Business Skills A business review is a narrative account of a customer’s experience with a company’s products and services. It presents the customer’s assessment of the company’s offerings, so that potential customers can make an informed decision as to whether the company is a good match or their needs. According to research, more than 70 percent of customers base their decisions about doing business with company on the reviews that others have written about that company. In other words, more than half of potential customers decide what bank to switch to, what PR firm to hire, what smartphone to buy, or what hosting service to choose based on other people’s experiences with these products and services. The above statistic drives home the point that a business review could actually attract potential customers to business or repel them from it. As a customer, there are times when you are so much satisfied with a product or service that you want others to know about it ...

Business Skills No product will attract customers by osmosis. If your business is launching a new product, you need to tell your potential customers about it. Of course, they can only buy it when they know it exists. An easy and cheap way to tell your potential customers about your new product is to send them a business letter introducing the product. This will make them aware of not only the product’s launch, but also of the benefits they stand to gain from the product. Whether your potential customer will be interested in buying your product depends on how well you craft your letter of introduction. A compelling and professionally written letter of introduction will create a positive first impression that will instantly trigger the reader’s interest in your product. But a poorly written letter will make no impact on the reader, so your product won’t really interest them. So, every business owner, manager, and marketer needs to know how to write a good letter of int...

    Standard Bank, Africa’s largest lender by assets, and General Electric on Tuesday reaffirmed their commitment to Africa at a power financing roundtable held in Washington DC. The partnership sees both parties aiming to bridge the power financing gap in Africa and forms part of the US Africa Leaders’ Summit, the largest gathering of African heads of state and government as well as key stakeholders to visit Washington on any one occasion. The strategic partnership has already seen both companies commit to a $350 million financing agreement aimed at improving access to power infrastructure in Africa. Africa needs to add an extra 300 gigawatts (GW) of power generating capacity over the next 15 years in order to meet demand which is expected to grow at an average annual rate of 3 percent over the next two decades. According to the International Energy Agency, sub-Saharan Africa requires more than $300 billion in investment to achieve universal elect...

U.S. manufacturing giants General Electric Co. (GE) and Ford Motor Co. (F) see Africa emerging as the world’s next big growth market and are rushing to expand there. “Everything is pointing toward a surge in the African economy,” Jim Benintende, Ford’s head of operations in the Middle East and Africa, said in an interview yesterday on the eve of the U.S. Africa-Business Forum in Washington . “We’re really focused on this region like never before.” Ford is looking to expand its manufacturing plants in Africa, as it introduces new models like the Mustang sports car and forecasts industrywide auto sales will grow 40 percent by 2020. GE yesterday announced plans to invest $2 billion in the region by 2018 and double its workforce on the continent. “Africa is one of the most important growth areas, purely from an economic standpoint,” GE Chief Executive Officer Jeffrey Immelt said at a media event for the start of the U.S.- Africa Leaders Summit in Washington being hosted by ...

Congratulations to President Obama for hosting the Africa Leaders Summit. The summit is historic, measured not only by the number of African leaders it assembles but also by the depth and breadth of the issues it brings to the table. Similar summits have been hosted by China, Europe, India, and Japan, sparking competition for Africa’s raw materials as well as for trade and investment opportunities. Such summits signify a paradigm shift, from an aid-centred “donor-recipient” mindset to a partnership that is grounded in common interests and mutual respect. The shift in paradigm is driven mainly by the growing economy in Africa. With the change in Africa’s economy has come a shift in the world’s opinion of the continent. This is best reflected in the seismic shift in the editorial opinion of the Economist magazine whose cover page metamorphosed from “Africa the Hopeless Continent”...