Kachi is a consultant with experience in financial services and the legal profession. Her work experience includes relationship management, research, business development, and credit management, and cuts across finance, education and taxation. Some of her specialties are business strategy, operations design, business transformation, and business advisory.
Tell us a bit about yourself
I am an MBA Candidate from Lagos Business School in Nigeria. I earned a lifetime membership of the Beta Gamma Sigma (BGS) society, an international business honour society that recognizes the most outstanding students of business at institutions accredited by The Association to Advance Collegiate Schools of Business (AACSB). Although my background is in law, I have over 5 years of experience as a corporate banker. I have also worked as a researcher, and as an inhouse legal counsel. As a consultant, I have provided consultancy services to entrepreneurs across industries including Construction, light manufacturing companies, retail, healthcare and fashion, as well as legal advisory.
What made you choose your specialization in strategy and finance?
I have a passion for helping entrepreneurs find creative ways of addressing their challenges and achieving their objectives. As a corporate banker, I observed that businesses were often faced with challenges that impeded their ability to play their role in job creation and national development. These challenges often results in businesses not achieving the longevity attained by businesses in other regions. I decided to become a consultant to provide the support and guidance those businesses need to survive and grow.
Why did you choose to register as a consultant on Kleos Africa?
I met the Founder of Kleos, Glory Enyinnaya, at Lagos Business school, Nigeria, and decided to be a part of Kleos as I saw an alignment of interests in offering consultancy services. The platform serves gives me access to a larger market, and opportunities to share my expertise and skills with entrepreneurs.
What is a strategic plan?
A strategic plan details an organisation’s direction, and involves the envisioning of a business and how it intends to play in its sector or industry. The strategic plan expresses the vision for the business, its long-term goals and objectives amongst others.
Why is strategic plan important?
Strategic plans give all stakeholders in the organisation an understanding of what is important to the organisation and how they intend to achieve their objective. A well-written strategic plan creates an alignment of all activities to ensure the achievement of the strategic objectives of the companies.
Strategic plans identify unique factors that will differentiate the company from other players in that sector or industry. It is usually based on an understanding of the organisation and the market in which it is operating, and identified opportunities for the organisation.
What are the elements of a good strategic plan?
A good strategic plan must contain the following amongst others;
- Mission, vision and core value of the organisation
The mission and vision statement as well as the core value expresses how the business was envisioned, the reason for which the company exist, and the guiding principles the company intends to employ as it seeks to achieve its objectives.
- Long-term goals and yearly objectives
It is fundamental for a business to have a clear picture of where it aims to be in the long-term, and to translate the long-term plan to annual performance objectives. A clear picture of where the company plans to be will guide the actions of every aspect of the company, ensuring that decisions taken by the various department, functions and employees further the company’s efforts towards achieving its objectives.
- SWOT analysis
An understanding of a company’s internal factors will ensure that strengths are properly utilised, while requisite capabilities that are lacking will be developed. Identification of opportunities and threats in the market will help the company direct its efforts towards seizing opportunities that exist while mitigating or managing the threats inherent in the market that could significantly impact on the business.
- Action Plan
The action plan ensures that the strategy developed translates to actual activities. The ability to identify and execute the activities requisite for the achievement of the company’s objectives.
What advice do you have for an entrepreneur who is considering creating a strategic plan?
As an entrepreneur, a clear identification of your strategy will ensure that all resources are effectively employed to achieve the desired objectives. The understanding of your organisation and your market, which is gained from the development your strategic plan, will help you identify opportunities and the capabilities required in order to capture those opportunities, and thus achieve your performance objectives.
It is also important to note that the proper implementation of a strategy through the action plan is fundamental. The action plan must be realistic and practical to ensure that the objectives envisaged in the strategic plan is achieved.
Like what you see thus far? Book Kachi for your strategic plan on Kleos Africa today!