Why hiring a professional business plan writer?
A business plan is the essential document that summarises the operational and financial goals of a company. As a strategic roadmap, it presents the projected business development in figures and shows how the achievement of the goals will be financed.
For the same reason you consult a doctor, a lawyer, or an accountant, an expert, is also helpful in preparing a business plan: expertise and experience froma professional businessplan writer. Often there is only one chance to convince an investor. Here it is essential to lay the right foundations for long-term success with the help of an expert’s knowledge.
Another critical point is lack of time. Many people have the skills and expertise to create an effective business plan. However, creating a business and financial plan can take several hundred hours of work. This time can be invested much more efficiently in the company’s further development, such as customer acquisition.
Since the business plan must be tailored in form and content to the addressed investor, bank, or employment agency, the expertise of an expert is often indispensable.
Finally, the business concept is analysed and presented from an external and neutral perspective. This ensures that banks and investors can also understand the business plan.
The business plan, the basis for funding
A professional and well-thought-out business plan dramatically increases the chances of obtaining funding. For bankers and investors, the business plan is the essential decision-making criterion in addition to professional suitability. It must clearly and precisely explain the “why” and the importance of the idea. In addition, the business plan must describe the business idea in detail, the product and service portfolio, and marketing concepts.
The business plan summarises all relevant vital data, such as capital requirements and unique selling points. Thus, the business plan fulfills the decisive advisory role for investors and banks to approve financing or get involved in a first meeting.
What you should look for when hiring a professional business plan writer
There are many business plan writers for hire. But especially in the digital age, choosing a reliable service provider is all the more difficult. Fake valuations and hidden costs are just the tip of the iceberg. Therefore, you should pay attention to the following points when choosing a service provider:
- A free initial consultation. Here you can answer important questions and assess whether the service provider is a good fit for you personally.
- The offer of a free business plan check. Based on the comments and suggestions for improvement, you will get a better feeling for the expertise and knowledge of the potential service provider.
- Certifications and listings for subsidies such as the german BAFA consulting funding. This can reduce the cost of preparing the business plan by up to 90% and assures you that a government agency has authorized the company.
- Network and further expertise. Since the business plan is only the beginning of the venture, an extensive network of experts is essential to avoid mistakes. This includes, for example, reliable tax advisors and notaries. In addition, it can be advantageous if the service provider also offers you in obvious services such as acquisition, as this makes the assumptions in the business plan much more accurate.
- Up-to-date references and Google reviews. Unlike review portals such as Provenexpert, Google reviews are difficult to fake and give a reliable impression of customer satisfaction. Current concerns on the website with a detailed description offer an insight into the work and successes of the company.
- Internet presence. A clear, structured website should be one of the most important selection criteria of the service provider. How should a company produce a professional business plan if its internet presence is old-fashioned and unappealing.
Typical mistakes in the preparation of a business plan
Most “bad” business plans have one or more of the following problems, which can be avoided by hiring a professional businessplan writer:
1. Unrealistic financial forecasts
Most Entrepreneurs know the start-ups in the CBN show “Shark Tank” that vastly overestimate the value of their company and leave the show without a deal. This is one of the most common business plan mistakes. Banks and investors expect a realistic picture of where your company currently stands and what development it will make in the coming months. So if the plan is overly optimistic and does not explain the projections, the business plan will most likely be rejected.
2. Use of business plan templates
Templates provide general guidance on what information is needed and how to organize it. However, these are often only the basics and cannot be used universally for every business. So much expertise, custom wording, and work is still needed to get your hands on a bankable and investor-ready business plan.
In addition, you need sufficient sector knowledge to apply financial models to your specific business and create them accurately. The calculations must make sense and show the company’s prospects for success at a glance.
3. No definition of the target group
No business will appeal to everyone. You need to define your specific target market, outline how you have made these assumptions, and outline how you will target this market.
Small businesses often divide their customers by gender or age. For example, a women’s clothing retailer targets its promotional efforts at women. Conversely, a plus-size men’s shop targets its marketing efforts at tall and heavy men. Other elements such as income level, lifestyle, and buying cycles can further define the target audience.
4. One writer, one reader
Be sure to ask several people to review your plan before you submit it. This will ensure that your business plan is understandable from a neutral perspective and that the layout and structure make sense.
5. Knowledge of financing options
Knowledge of the various financing options, subsidies, and the requirements for applying is essential. Otherwise, the business plan may leave a bad impression or be rejected due to the wrong financial calculations. Therefore, one should deal with this topic even before the question “How do I draw up a business plan” arises and bring an expert with a proven history of success on board.
Other typical mistakes when preparing a business plan without an hiring a professional businessplan writer:
- Poor competitor analysis
- Hiding one’s weaknesses and ways to combat these challenges
- Too much information and excessive length of the business plan
- Inconsistent descriptions and wording
- Poor market research
- Use of superlatives
7 success factors for a professional business plan
As already described, banks and investors expect a precise, structured, and easy-to-understand business plan. The following seven tips have proven to be essential for applying for business funding:
- Use a clear, comprehensible structure so that the reader can easily find their way around.
- Use a standard format and fonts such as Arial in size 10 font. Creativity can certainly go into the marketing and operations sections, but the plan should not have a distracting shape or structure.
- Before you put the business plan down on paper, extensive research must overcome any potential obstacles before the writing process.
- Financial assumptions that will determine the income and costs of your financial plan must be explained in detail in the plan.
- Demonstrate a clear market opportunity. This requires both a description of customers who need your product or service and competitors against whom you can build a competitive advantage.
- The business case is specific. The investor or bank must be able to track results against the plan. Every business plan should include tasks, deadlines, dates, forecasts, budgets and metrics to make it measurable for investors.
- Responsibilities must be clearly defined. Individuals must be identified who is responsible for each critical task and function.
For more in-depth knowledge you can read our article about writing a business plan that succeeds.
Hiring a professional business plan writer – the optimal procedure
As a growth consultancy, M&M Consultants prepares bankable business plans at a fixed price. With our experience in creating countless successful business plans, we can drastically increase the chance of obtaining financing. Our complete solution includes:
- Free initial consultation
- Free and no-obligation check of your existing business plan (draft)
- Refinement of the business model, including the unique selling proposition
- Preparation of the written part of the business plan (approx. 30-50 pages)
- Preparation of the financial plan and calculations
- Drafting after 1-2 weeks
- Feedback meeting and incorporation of your comments
- Advice on a suitable financing strategy and subsidies
How much does it cost to hire a professional businessplan writer?
A professional business plan writer cost starts at €1,500 and can quickly become expensive for large projects. The final price is determined by factors such as the target group of the business plan, the business idea, the scope, and the level of detail of the financial planning.
In any case, the external preparation of a business plan should be combined with free funding. Please feel free to contact us for more information on the individual subsidies and business plan preparation.