A well researched, analyzed and written business plan can make the difference in the long term success of a business. A detailed plan provides the entrepreneur with an in depth look at a planned business venture or a close view of expanding an existing business. A business plan is also the document that investors will carefully scrutinize when making an important investment decision.
One of the initial decisions in preparing a business plan is deciding whether to personally write the plan using one of the many available plan writing software packages or retaining a business plan writing company to write the plan. The term, "business plan writer" applies to both scenarios for different reasons.
Entrepreneur Prepared Business Plan
Engaging a company to write a business plan can be an expensive proposition. For that reason alone, many start up businesses choose to write their own business plan using a software package designed to simplify the development and preparation process. A business plan software program should include the following features to help the writer:
Follow the traditional 10 section business plan format.
Include graphics to highlight performance and finances.
Allow the writer to research other similar companies.
Clearly describe goals and strategies to achieve marketing and sales goals.
Assist the writer in addressing investment issues.
Develop a proposed developmental budget.
Avoid common mistakes.
Mistakes can be made in writing a plan. The first one is the deadliest -- a business plan is unnecessary. Nothing could be further from the truth, especially when looking for investors. The plan also gives the writer an opportunity to evaluate the idea and decide if it is viable.
Another critical mistake is failing to clearly communicate a long term vision for the company by describing how its product will capture a market beyond its introduction and impact. Why will the company be successful?
Business Plan Writing Companies
There are several companies that consult and/or write business plans for other companies and individuals. There is a distinction among these firms. Business plan writers typically depend on the client to provide the information needed to write the plan. They ask a series of questions and prepare the plan based on the data provided.
Consultants, on the other hand, research and analyze a company. The consultant helps the client define strategies and ideas. The result is a fully developed and customized business plan designed to raise funding, grow profits and revenues and build a business that can be profitably sold at a future date.
The advantage to using a good and well regarded business plan writing firm is that they have written many plans for businesses of all sizes and in diverse geographic locations. Along with experience, they provide insight and objectivity into a company's current condition, finances, management and goals.
The Final Draft
Business plans are, when done correctly, uncomplicated documents. They are also time consuming and difficult to create. Regardless of who prepares the business plan, A finalized business plan should precise and concise. It should clearly and fully articulate a company's tangible goals and intangible vision.