While knee-deep in launching and growing a business, many entrepreneurs seek outside help to develop their business plans. The decision to bring in an expert should be made after considering many factors, including one's budget, skill sets and needs, the audience of their plan, and the level of strategic input they require.
Business Plan
Writers vs. Business Plan Consultants
When searching for
outside assistance, an entrepreneur should consider the difference between
"business plan writers" and "business plan consultants." The difference
is depth or the degree to which the engagement will be an advisory relationship
versus mainly a documentation job.
"I Needed My
Business Plan Yesterday!"
Many entrepreneurs are
in a significant rush to get their business plans written; therefore, they are
looking for a "quick fix." And as a result of this need for speed,
there are myriad options to get the job done ASAP, ranging from templates and
software to very inexpensive documentation services with rapid turnaround
times.
While all these
options are fast and cheap, entrepreneurs should be aware of the significant
risks of rushing the business plan development process. And that's a key point:
The value of a business plan is in the process - not just in the document
itself.
Make no mistake: You will need the document to get a bank
loan or to capture the attention of a partner at a venture capital firm. But
unless you have gone through a rigorous strategic planning process, you
significantly decrease your chances of success.
A sound business
planning process involves:
- Analyzing your business opportunity thoroughly.
- Understanding your market and your venture's
competitive advantage.
- Developing a strategic marketing plan.
- Building a sound financial model.
If you have the time
(and discipline) to follow this process, you dramatically increase your chances
of raising capital and achieving your operational milestones.
"I Need This Done
Right"
A consultant's job is
to guide you through the process and ultimately develop a document that will
impress potential investors, create realistic and obtainable milestones, and
position you for success. Two key benefits of hiring a consultant are
experience and objectivity.
Based on previous
client engagements, an established consultant (or consulting firm) can leverage
relevant experience to provide helpful advice regarding the entrepreneur's
opportunity. Aside from just writing the plan, a consultant provides insight
that an entrepreneur would not likely otherwise receive without conducting tons
of competitive and industry research.
Also, a consultant is
there to provide third-party validation of your opportunity. The consultant
should rigorously question the feasibility of your business opportunity and the
likelihood that you will succeed in raising capital, attracting customers, and
achieving business success. This is a rigorous process -- but it's certainly
better to investigate the validity of an opportunity at the onset rather than
investing time and money into a poorly planned venture. After all, isn't that
the point of a business plan?
For hiring best
business plan consultant we recommend you to get in touch with Maven
Business Plans.
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