"Failure to plan is a nice plan to fail" either ways you are planning but the difference is that when you plan there is a higher probability of attaining your desired goal than when you fail to plan.
Agribusiness is a good and lucrative business that one can venture into with the confidence of multiplying capital and making profit. Unfortunately as good as it is, it can turnout to be a bottomless pit of investment with little or no returns when an investor fails to plan the cost, risk and returns of the business before investing.
WHAT IS BUSINESS PLAN?
A business plan is a document written to show the step by step operations and strategic actions to be executed in the course of running a business. A business plan should show the purpose of the business, that is, what gap is the business going to cover.e.g. cowpea farm, what is the level of demand of cowpea, is it of high demand or low? Cost requirement of the business, how,when and what to spend on, Risk of the business, what are the expected challenges of the business and what is the plan to overcome? Returns of the business, what is the level of profit to expect from the business after all risk and labour, when to expect profit and most especially plans of marketing and distribution of products.
Growing a successful agrobusiness involves more than expertise, huge capital and skilled labour. All these factors are also very important but only with a good plan can they be brought together efficiently to give outstanding results. You can have all these factors in place but without a good business plan you can still have a negative outcome.
Every aspect of agriculture to be commercialised needs a good business plan. Be it production, processing, marketing or whatever, it needs a plan. Most people believe that it is only when huge capital is involved that you require a business plan, no! every business small, medium or large scale deserves to have a plan.
It is not ideal for you to embark on an investment before setting your plan. It is after proper evaluation of one's business plan that one can decide to continue or back off a business venture. In other words a business plan has or should have the ability of informing the investor the future outcome of the business before it’s commencement. It is when you as the investor is satisfied with the outcome of the plan on paper that you should execute.
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