Business plan consultancy firms are often seen as a blessing to many entrepreneurs who are facing challenges in the vicious business world for creating a small company, like me. And now that we're in a recessionary period, a help on the business plan services are needed more than ever. Business plan services are not only vital for entrepreneurs struggling to maintain their business, but also for startup business that is looking for a breakthrough against many business proposals or for new investors who are setting up a new business like a restaurant, a café or an IT service.
Even though it's a shame to see many entrepreneurs failing to seek the services of professionals when they need it, a professional business plan consultant can be quite handy in charting out the growth map of your business. Yes, we understand that entrepreneurs are risk-takers, but none of us knows everything about development and managing a business, and at times, it makes sense to seek the counsel of professionals.
Below, we look at the top 7 tips for choosing the best business plan services that are right for you and your business.
Reputable and performing business plan agencies often hire or have business plan writers who have been in the industry for long. These specialists have accumulated business experience, knowledge of business-plan writing and formation contents which makes their consultation valuable and worth your money in this short time. They have different options in formats that can be customized to your needs
When it comes to experience, examples of required qualifications are having an MBA or CA from an Ivy League university is not simply enough in building a consultancy; experience is not a skill that is learned overnight. To put in other words, a good business plan consultant should have a solid real-world experience in running companies and knows what potential investors are looking for in regard to the plan itself.
My suggestion is, you should look for a consultant with 10 years or more of accumulated business experience.
Hiring a business plan consultant with specific experience or rather hiring an agency that specializes in writing business plans in line with the line of business that you want to establish is vital for the marketing and sales aspect of your business.
For example, if you're starting out a café, it would be prudent if you hired an agency that specializes in writing business plans for the food industry since it has a strong foundation on the industry, understands the basic of the domain, your clients and the potential you're yet to utilize. It will be pointless for you to hire an agency in a different from your line of specialty which is not the near match even.
3) Quality of their Plans
Every business plan agency can prepare a business plan for you. In fact, most of these agencies use generic business plan template generated by software to write business plans. However, professionals don't just write a plan for you, they develop a plan in close consultation with you.
When choosing an agency, select one that provides you with a structure or rather layout of how you're going to achieve your objectives. And since you're the expert in your business, the agency should walk side-by-side with you throughout the entire business plan writing. This consultative process will ensure that you have a plan that is effective and sure to improve your success.
4) Turnaround time
If you're an experienced entrepreneur, you know that time is of the essence and a valuable resource when it comes to business matter. Therefore, turnaround time is an important consideration to make, and you should look for a company that is able to deliver your services as soon as possible. Before hiring, it's crucial that you ask them how long they're going to take before they deliver.
Resources of an agency play an important role in their success. When looking for the best business plan agency, look for one that has adequate resources to drive your quest for your business growth. For instance, some of the reputable agencies have free tools, online guide, seminars, and programs aimed at making the best for your business.
At times, what is on the paper might be deceiving. Therefore, a sure-fire way to authenticate what is on the paper is examining their past projects. Have a closer look at some of the projects they've tackled before and what are their results.
And now that we're in the internet era, you can go online and read their reviews. Positive reviews should give you a go ahead, while plenty of one-stars and negative feedback should be a red flag.
To many entrepreneurs, the cost is often the determining factor in choosing a business plan agency. In as much as you're working on a limited budget, you should never compromise your business on the basis of cost. Never hire an agency just because they're providing cheaper service.
On the other hand, this is not to mean that you should go for the extreme charges. You might be overburdening yourself, and you're not guaranteed of results.
When it comes to cost, the trick here is to strike a balance between cost and quality/value. Find business plan agency that is within your budget range, but most importantly, an agency that meets all your business writing needs.