Most decks try to impress. The ones that secure meetings remove doubt. Committees want a single source of truth where the model, the market case and the operating plan tell the same story. They want to see how the business generates revenue, how it maintains control over currency and costs, and what happens when conditions turn against the plan. The task is not to sell. It is to prove.
Begin with unit economics. Put the cash engine in plain view. Show landed cost, conversion cost, overhead and price, then the path from gross margin to free cash flow. Split fixed and variable elements. Identify the few inputs that move the margin and quantify their effect. Do not bury these numbers inside a large workbook. Place them in the front of the pack and reconcile them to the model.
Treat foreign currency exposure as a design choice, not a footnote. State clearly which costs are in dollars and which revenues can be indexed or earned in hard currency. Explain the mix of dollar and cedi funding and why it fits the cash profile. Show what happens at realistic exchange rates and how management will respond. If there is natural hedge, show it with invoices and contracts. If there is pass through capacity, show the evidence in past pricing behaviour.
Working capital is where many packs fail. Replace assumptions with settlement behaviour. Evidence the average days to collect from each major buyer, the days to pay each critical supplier, and the inventory turns by product line. Use bank statements, aged reports and signed schedules to prove the cycle. Then show the cash consequences when a buyer pays late or when import clearance slips. A short section that connects the working capital line in the model to the way money actually moves will reduce noise in diligence.
Describe the plan to deliver capacity with dates and accountability. Stage capex against demand that can be verified. Link drawdowns to vendor milestones, acceptance tests and permits. State what has been paid, what remains, and what performance guarantees exist. If there are long lead items or utility connections, show lead times and contingencies. Committees price delay. They reward sponsors who recognise time as a risk and manage it.
Set out the demand story without slogans. Separate firm orders from indicative interest. If there are offtake agreements, include the key terms and countersignatures. If the plan rests on distribution reach, map it with quantities and recent throughput. Where growth depends on new products or geographies, present realistic ramp profiles and explain the route to market. A single chart that reconciles forecast volumes to named buyers and channels is worth more than pages of adjectives.
ESG content must be specific and testable. State the indicators that matter for this business and provide a baseline. Jobs, local sourcing, energy intensity, water use or diversion from landfill can be valid if the data is clean and can be tracked without disproportionate effort. Show the measurement method, the frequency, and the owner. If there is a credible carbon or similar revenue stream, explain the methodology and readiness to verify. Impact that can be evidenced can improve terms. Claims that cannot be evidenced increase scrutiny.
Governance reduces spread. Include a short view of the board, management responsibilities and the control environment. Disclose related party activity and pricing. State auditor status and the last opinion. Put tax and regulatory compliance beyond question with current filings and proof of payments. If there are open items, list them, show the cure plan and include dates. Silence is not neutral. It reads as risk.
Keep the model simple and aligned to management accounts. Use transparent logic, limited macros and clear audit trails. Label every sheet. Lock inputs in one location and flag them in the deck. Present three scenarios that move more than one variable at a time. Show debt service under each case and keep the repayment schedule simple. Provide a one page map that reconciles the model to the financial statements and the unit economics shown earlier.
Build a small data annex that proves the claims. Include bank statements for recent months, tax receipts, top ten customer and supplier schedules with terms, major contracts, payroll summaries, utility bills, and key licences. The aim is to let a risk officer test the story in a morning without a request list. Version control matters. Number the documents, date them, and keep the same names across the pack and the annex so nothing drifts during reviews.
Write like an operator. Use plain language. State what you know, what you assume and what you will do. If a number moves, explain why and show the lever you will pull. If there is concentration risk, address it with a plan. If there is a supply constraint, show the second source or the stock policy. Avoid graphics that say little and photographs that absorb space. Committees read for control, not colour.
For Ghana, add the practicals that shape bankability. Explain power reliability and back up arrangements. Set out import timelines and port clearance history for critical inputs. Note any tariff approvals or regulatory steps that affect pricing. If the business benefits from localisation or export incentives, cite the instruments and the status. These details anchor the plan in reality and lower perceived execution risk.
Finally, bring the pieces together. The deck, the model and the annex should align without exceptions. The story should show how cash is made, how risk is contained, and how debt is repaid under normal stress. If you achieve that, the committee will move from curiosity to work. Term sheets firm. Conditions narrow. Pricing improves. You will have removed doubt, which is the only purpose of the pack.
