WRITE YOUR OWN BUSINESS PLAN? OR GET IT PROFESSIONALLY WRITTEN?
THERE ARE DEFINITELY SOME CASES WHERE WRITING A BUSINESS PLAN YOURSELF IS PREFERABLE AND OTHERS WHERE AN EXPERT THIRD PARTY MAY ADD VALUE TO THE PROCESS
Writing your business plan yourself For micro businesses raising small amounts of investment (say under ÂŁ50,000) this is likely to be the best approach. Apart from anything else it doesn't make sense spending 10% or 15% of the funds you are trying to raise on getting someone to help you write a plan! Most high street banks offer on-line applications or software templates to help you. Just beware that you may have to repeat the application process several times in different format if you don't have a stand-alone business plan.
When selecting business plan writing services there are a few good guidelines worth following: Commercial Experience Track Record Pricing Ownership Funding
Commercial Experience The ability to write well is not enough to make your plan investable - this is not simply a copy writing exercise. If you are going to secure funds you need to construct a business case that integrates all commercial aspects of your business. So, be sure that the people writing your plan have several years of senior commercial experience - the broader the better. This commercial experience should include budgeting or forecasting - your financials are a critical part of your plan..
Pricing Services range from around ÂŁ2,000 for small start-ups upwards to ÂŁ15,000 for larger corporate plans. As with most things, you get what you pay for and the price generally reflects the complexity of the business model. Make sure you ask for a specific proposal that outlines exactly what you are going to get for your money, the timescale and price. Consider "virtual services" rather than "face-to-face" consultants to reduce your costs but not the quality of work.
Ownership one potential disadvantages of having a plan written for you are that you will not "own" the business plan and be totally familiar with it. So, ensure that you are fully involved in the process and that there is time scheduled for you to review and discuss the financial forecast and written plan with whoever is writing the plan for you.
Funding Have plans that they have created secured funding? Whilst funding depends on a wide variety of factors and not just the quality of the business plan (state of the market, availability of capital, product, service, proposition, management team etc.) any specialist service should be able to quote a few examples where their plans have helped to secure funds.
Track Record Many business plans are confidential so do not expect to see many examples. However, companies should be able to provide written and attributable testimonials from clients.
For most people who do not possess experience of writing business plans you may improve your chances of securing funding by engaging a specialist writing service to help you create a plan. However, make sure you are fully involved in the process - you need to own the plan at the end of the day and know it inside out and backwards - your future is in your hands not theirs!
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