Do We Need Business Plan Consultants to Develop a Winning Strategy?
Do We Need Business Plan Consultants to Develop a Winning Strategy?
The investor or bank wants to understand your strategy and your business plan with 5-year financials. “Well, I don’t have one, it’s all in my head and we are doing great” is what’s your thinking, but you do need the extra capital to reach the next level. Now it’s time to ask yourself, “Should I hire a consultant?” If you decide to hire a business plan consultant, what qualities and qualifications should you look for, which services should you expect and finally, how much should you expect to pay?
Initial business plan questions?
Having a clear vision of your enterprise is imperative. The type of audience you wish to target with your products or services is a basic question you should ask before starting with a business plan. Also, how much money do you need to maintain and grow the business? How much of the market do you expect to slice up? How are you getting and keeping your customers? Who are your competition? What sets you apart from the completion? What is the size of the market? What is the most effective marketing and advertising techniques to capture more customers? Are you interested in brand? What does your supply chain look like? What is your operations plan? Who are the key business stakeholders? What is your gross / net revenue? What is your projected revenue for the next 3 years? What is your COGS? Is your balance sheet and profit loss account healthy?
Money or Time: Which do you Prefer the Most?
Almost 70% of the entrepreneurs fail every year because of the inefficiency of prioritizing their money or time. Being judicial about the level of services your business will need from business plan consultantsis the first smart move towards success. If you are good at writing, simply hire a consultant to advise and guide you, but do most of the writing yourself. This is a brilliant exercise of your hard-earned money and will always be an excellent investment if you choose a true professional who values your business.
Do I need a business plan to obtain Bank Financing or other Capital?
This is an area fraught with the threat because you normally only get one shot when it comes to investors. If you meet with an investor unprepared, chances are that they would move on to the next opportunity. Having a skillful business plan consultant on-hand will increase your chances of receiving funding for your business and, your likelihood of success once you get financing. Just ensure that the plan is built on reality, not on fantasy.
How do you get good value?
Work with a business plan consulting firm who will fill in your knowledge gaps and help with some market research. The process is always collaborative and your input is essential. Its essentials to get the numbers right, so work with your accountant and the business plan team! If you have £1,500-£2,500 available in your account, hiring business plan consultants is the only way to move forward to get your business to the next level. It’s a small investment to help you focus, get organized and potentially raise investment. BPW has helped entrepreneurs get high-street bank loans and raise private investment up-to 10M.
