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.
Source url - http://enterslice575.blog.fc2.com/blog-entry-57.html
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