A business plan is a written document that identifies a business’s goals and includes a strategy for achieving them. For most small businesses and startups, it’s an integral document that involves extensive research, projections, hard data, and information about products and/or services.
Once written, a business plan can be used to attract investors. In other cases, business plans serve to attract employees, suppliers, or prospect for new projects and ventures. Some companies use business plans to simply understand how to better manage their workload.
Some companies hire business consultants to create a business plan for them. For some small business owners, there is a considerable advantage in the expertise that someone with experience can provide. For instance, imagine a skilled and experienced baker decides to open a bakery. Although this baker likely has experience with many of the day-to-day operational aspects of running a bakery, he or she might not have the skills and expertise to create a detailed financial or marketing plan. In such a case, it might be valuable to hire a professional to develop all or part of a business plan.
Should You Hire a Business Plan Writing Service?
If you’re the owner of a small business, you might have a hard time identifying whether some or all of your business plan’s parts should be delegated to a consultant. Keep in mind that you have to run the business, and the more familiar you are with your business’s goals and how they’ll be achieved. Even if you don’t do the work of writing every part of the business plan you will need to understand it fully.
In other words, a business plan consultant or writing service may be able to work with you to design the plan, but you are tasked with enacting the plan. If, within six months of your company’s launch, you aren’t meeting your business objectives, you may even need to revise and rework the plan to reflect your company’s reality. That’s where understanding the basic assumptions underlying your plan will come in handy.
If you do decide to hire a business plan writing consultant or firm, you will want to keep in close contact with your consultant. You should both be working from a mutual understanding. It’s important to ensure that both you and the consultant come to an agreement on the deliverables, timetable, and payment schedule before the work begins. Plan for more than one draft of the plan; you should have the opportunity to suggest changes once you start to see results. In addition, you will need to agree on how you’ll handle it if some or all of your plan needs to be reworked.
As a new small business owner, you have a lot to learn. Creating your own business plan can help you to understand all the nuts and bolts and inner workings of your company—you should do as much as you possibly can on your own. If you do decide to hire a consultant or firm, stay engaged with the process. The more engaged you are, the more likely you are to be successful in enacting your plan.