Starting a consulting firm needs a Business Plan Consultant

Starting a consulting firm needs a Business Plan Consultant, doesn't it sound intriguing and strange at the same time? Yes, it does. To understand how and why we first need to learn what consulting firm and business plan consultant means. So let's get started with the introduction.

What is a consulting firm?

A consulting firm is a company or organization that has a team of experts who have clear and thoughtful insights into the business. Such an organization provides professional advice to an individual or an organization for a fee.

Who is known as a Business Plan Consultant?

A business plan consultant, as the name suggests, is a person who advises businesses or organization on achieving various objectives such as generating revenue, attracting clients, time management, etc.

These consultants play a significant role in inviting investors to invest in the business and ensure that the company is following the business plan. They make the goal and vision of the company transparent to the members.

In a nutshell, a business plan consultant is somebody who lays out the business plans and strategies or outlines the future reformations of the company.

Why is a business plan consultant necessary for starting a consultant firm?

Here are the following reasons:

·        Defines the scope and vision of the company

Before starting any business, having a clearly defined goal is pretty imperative so that one can understand why they are working and for what. A business plan consultant determines the objectives and vision of the company clearly to the members of the firm.

·        Streamlines the workflow within the company

For the proper functioning of a business, it's requisite to streamline the workflow within the organization, and for the same, you need to have a correct business plan in place. Therefore, if you're starting a consulting firm, then you must hire a business plan consultant because they will address the challenges faced by you.

·        Advice on raising funds

It's quite evident that start-up businesses need funding for a great beginning. Business plan consultants help them to attract investors for seed funding and any further investments later. It completely depends on the consultant and his/her business plan that what sort of investment you're likely to receive from the investor.

·        Finding and eradicating loopholes

Good business plan consultant will determine the ambiguities in the company and will suggest steps to eradicate them.

·        Keep track of your competitors

It's crucial to have knowledge of the outer world, especially of your competitors, what strategies they are following, if they are leading or lack behind you, etc. You must have a proper report of extensive market research and must always keep an eye on competitors. A business plan consultant will keep a proper track of your competitors and will help in market research and analysis too.

·        Specifies the financial goal

The prime objective or intention of every business in the world is to earn as many profits as possible. Hence, it's pretty essential to have a clear financial goal of the company, and a business plan consultant will help you with this.

Conclusion

From the above discussions, it's clear that for starting a consulting firm, you must consult a business plan consultant first because he or she can guide you to move in the correct direction, and help you to overcome the challenges in the way.

If you're looking to hire one, then contact Enterslice. We have a remarkably intelligent and experienced team of experts to guide you in outshining your business.

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How to make a proper Business plan?

A formal business plan is invariably required by most of the businesses, whether small or big. Generally speaking businesses go in for a formal business plan under three scenarios:-

a.       Start-ups or established businesses that need loan from banks. The business plan in this case typically needs to focus on the financial plans and projections of the business, market condition analyses and a brief on existing competitors in the market.

b.       The internal business plan when an existing organisation plans to tap another industry vertical or increase its existing product line etc. In case of small businesses the business plan would be much simpler as compared to that of large-scale companies with multiple products and services and present throughout different geographical locations.

c.       When looking out for equity financing, new business houses or ones with specialized technology or innovative product and services, may require venture capitalists or angel investors to invest money into the business. This is when they need the business plan to be done with due diligence so that the potential investors are impressed thoroughly to put their money in the business.

How Business Plan consultant can help you?

A business plan consultant will work hand-in-hand with the team of the business to prepare a plan that is relevant and practical after considering factors like:-

·         Industry statistics

·         The demand and supply opportunities in the market

·         Profile of potential customers

·         The competitive landscape – direct and indirect competitors

·         the products and services of the business house

·         revenue model of the business

·         sales and marketing plans

·         financial projections

·         details of the top management and employees

·         SWOT analysis of the business

·         Details of the investment plan, their compensation, exit strategy for investors etc.

·         Additional information like accolades, licenses, agreements etc.

Choosing the right business plan consultant is hence highly critical for not only defining an achievable goal for the business but also a practical approach to achieve the same and impressing external and internal audience simultaneously.

What are the things to be considered before hiring a business plan consultant?

A business house, small or big, planning to hire an external business plan consultant needs to ensure the following:-

·         First and foremost is that the consultant should be certified to do the job.

·         Second important parameter worth considering is whether the consultant has relevant experience in the particular domain or not. For example, a business looking at attracting investors will require more clarity on financial points like budgets, overheads, fixed costs, cash flows, sale forecasts, assets, projection of growth etc. And larger the business, the scale of funding is also going to be substantially higher which would require specialized skills for writing the business plan. However, if funding is not the primary objective and it is more to do with strategizing sales and marketing, the consultant needs to be experienced in that particular domain.

·         Checking the credibility of the consultant is another important thing to do. What has been their record in creating successful business plans in the past? Are their previous customers satisfied with their work? Checking up on the business plan consultant website is good to understand his approach towards work.

Conclusion

It is essential to understand here that the growth or success of the business is largely dependent on the business plan. Hence if the consultant is not ready to collaborate and handhold with his client, it would not make sense to hire his services. From defining the mission statement to formalising the exit strategy for investors, the consultant needs to on the same level as the business. This relationship also needs to be dynamic as the business plan is not a static document. The plan requires constant review and should evolve as the business grows. An annual review of the business plan where the consultant is involved too helps in conducting a structured gap analysis and update the same if decision is taken to the same effect. Drafting and writing the document too requires expertise and cannot be treated casually.

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What is Business Plan? A Step by Step Guide

A business plan is a written statement or document that gives detailed description of a business or a division, mentioning its objective and goal and the method of achieving the same. In fact before starting the operations of a business, defining the business plan is a pre-requisite for various reasons, getting the right kind of investment being one of them. The business should be reviewed annually for understanding gaps and shortfalls, if any.

Preparing a business plan requires specialized knowledge of the domain. In order to prepare an impressive and winning business plan – a plan that is realistic, practical and achievable – it is important to hire experienced and premier business plan consultants so that a viable plan is drawn up.

What are the reasons for preparing a business plan?

Commercially, business plan is prepared to reach out to two types of audiences – the internal audience or external audience. Business plans that are prepared to impress and attract funding from banks and even investors are the ones that focus on external audience. These plans are also good to portray when companies are put up for sale or when looking out for new alliances. Business plans are prepared for the internal audience which mainly constitutes of employees and the management, in circumstances when one needs to explain and share certain business goals with them.

Formal business plans are given shape in case of starting a new business, or looking for a financier or looking to grow the business.

Constituents of a business plan

In general, a typical business plan comprises of all or few of the sections below:-

a.       An executive summary which is basically a summarization of the entire plan.

b.       Mission statement that defines the reason behind the existence of the business

c.       A description of the business

d.       Analysis of the particular industry and environment

e.       Analysis of the Strength, weaknesses, opportunities and threats to the business

f.        Analysis of the market, potential customers and the existing competitors.

g.       Detailed plan of operations, sales and marketing strategies and financial plan.

h.       Summary of the management team

i.         Achievements and milestones, in case of existing businesses.

What are the major steps involved in Business Plan?

The different stages that a typical business plan consultant will work through during making a business plan include:-

·         Researching and analysing the current model; the industry, the market conditions, competition scenario, production and operation capabilities of the organisation and overall industry, demand and supply conditions for the particular product or service etc.

·         From the findings of the above step, the consultant will collaborate with the business owner and management team to plan the next course of action.

·         Once the plan is drafted, it is put down on the paper so that concerned parties can review it.

·         On reviewing, there will be points that would require editing and reformatting. After much to and fro and detailed discussion, the final format gets ready and then the formal business plan is ready for the external and internal audience.

The business plan consultant’s job is highly complex. Every business – new or old – needs a plan made by a professional.

Hiring a consultant who is certified to do so is the foremost parameter to check for a business. Also getting to know about their previous record and experience helps determine if they are the right people for your type of industry, business, product etc. Checking with few of their past customers will help you decide if the business plan consultant is the one that can give proper shape and definition to your business goal.

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Why is Business Plan Consulting Required?

Business Plan

When planning a new venture it is important to plan out everything in detail and prepare a detailed written plan stating the main objectives, goals, organizational structure, policies etc. to achieve such objectives. This intricately laid out written document is known as a Business Plan.

Business plan provides a roadmap for better management and growth of organization. Business plan provides a much required support in an organization’s formative years as well as in case of any expansion plans and new ventures. It helps in following manner:

1.     To check whether the business idea is actually feasible enough to be executed in the current business conditions.

2.     to prepare an effective work flow for execution of plans

3.     To impress and secure funds from prospective investors.

Why is Business Plan Required?

Many wonder if there is an actual requirement for hiring professionals for preparation of business plan or to prepare an actual business plan at all. The answer to such a question is yes. When exploring a new area of operation it is important to do proper research and preparation on our part. It prepares us in dealing with uncertainties in a better way.

Business Plan helps in persuading the investors to understand your vision and securing investments for such future ventures. A compelling business plan is the key to success as the investment package is in direct proportion with the feasibility of such business plan.

While the plan is in the development stage the factors that are to be kept in mind are:

ü  If the plan is in sync with the organization’s visions and main objectives.

ü  As the business plan is a sales document, it must be precise still effectively reflect the complete business strategy to achieve its goals in an effective way.

While preparing a business plan various factors are to be kept in mind like;

·       Thorough Market Research

·       Preparation of marketing Strategies

·       Identification of target audience

·       Staffing on management and official levels

·       Goals, long term as well as short term

·       Obstacles that the business might face.

WHY HIRE A CONSULTANT?

In order to develop a detailed and effective business plan a lot of time as well as expertize is required. Expertise can be found in house but time is one luxury which budding entrepreneurs do not have. All the time that they have is invested in business development, market analysis and identifying the right partners.

In such scenarios, Business Plan Consulting plays a key role in taking over the business plan development part through their professional expertise in such field of work.

Hiring a professional business plan consultant has following benefits:

1.     Customized Business Plans: They understand your business needs and help in development of customized plans.

2.     Experienced Service ensures quality: As the consultants professionally provide such services, they have expertise in development an enticing business plan.

3.     Extensive market Research: They have team of experts who first understand the insights of your business and conduct market research on the basis of that. This helps in development of a more viable business plan.

4.     Consultancy Services: business plan consultants not only help in just development of business plans, sometimes they also provide additional consultancy services or can even help you connect to prospective investors.

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