The Business Plan Writing Debate occurs regularly among scholars, academics, and business owners. Business plan writing is an integral part of the business world.
One of the hallmarks of a proper business plan writing process conducted by a seasoned Business Plan Writer is being open to strategic recommendations and critique. Any reputable Business Plan Writer will provide you with factual and informed recommendations on the hypotheses you made on your new business idea.
Now let us apply that principle to whether to approach a business plan company. You may think you have a good business idea as a budding entrepreneur. I mean, all your friends and family members told you so. They were all excited when you told them about the next big thing you would be starting!
And yes, maybe it’s OKAY to do what most new business owners do: Wing it, then adjust as you go. Some advice to new startups. Don’t forget about spending some time outside your business. In 2022, your Startup Dreams should focus on Time.
The Business Plan Writing Debate: Against
- First, if I am honest, most Business Plans we come across are template-driven works of fiction, predicting a future that refuses to be open for negotiation. 90% of the information is based on a hypothetical ideal future, underpinned by the business owner’s dreams and believe that this new business idea will never fail. In most cases, there is very little factual substance.
- Secondly, a comprehensive Business Plan should not just be used to raise money. It will never guarantee that you will successfully raise the required funds. The Business Plan is the first – albeit most critical step – in the overall funding application process. It boils down to how prepared the business owner is to answer all the gruelling questions posed by investors. Whether he or she is well-informed and prepared. The Business Plan merely opens the door to that first interview!
- Finally, if you have any chance of getting startup funding – and very few businesses do – then the strength of your idea, relationships, and track record will WOW investors. The Business Plan should be your biggest ally, wingman, and best friend, but the Business Plan won’t close the deal! You must!
Remember, the Business Plan is vital, but Business Plans don’t succeed; people do! So, should you go through a Business Plan Writing process? In my opinion, the answer is YES. When you do, look at these tips on finding the correct company to partner with, detailed in our article Business Plan Writers and 5 Easy Tips to Finding One.
Business Plan Writing forces your management team to get clarity and agreement on purpose, approach, priorities, and information gaps. That’s useful even if most of its assumptions prove incorrect, even if it doesn’t help you raise any money. In contrast, the “Wing It” model is a bit like heading on a trip without a destination, let alone directions. A good Business Plan provides a decent map with a big X. That will help focus your efforts on what you need to do to get there. And how you will adapt when you hit those inevitable obstacles. So do “enough” planning to serve your purpose, but don’t skip the Business Plan Writing process entirely.
Business Plan Writing is an integral part of starting a new business. A business plan is a very important strategic tool for entrepreneurs. The reality is that business plans take a long time to write. Moreover, it requires that you have a tremendous amount of data at your fingertips and compile financial projections, even though many entrepreneurs don’t have an accounting background.
So beware!
Any person telling you they can write a business plan for you in a few days doesn’t know the first thing about a business plan and the complexity of the task. A business plan can arguably only be compared to a mini-MBA thesis. It is that comprehensive. It requires that amount of research and investigation. It will keep you awake at night.
