Business Plan Writer or Software – The Choice is Yours! Entrepreneurs need to piggyback on a solid business plan when getting their startups off the ground. While they can always write the business plan on their own, busy businessmen turn to one of the two alternatives – use a business plan software or hire a professional business plan consultant. As each alternative comes with its own pros and cons, let’s take a deeper look at both:
Content: A business plan software does take the pain out of writing a business plan. It is easy and interactive with step-by-step instructions. There is basic text for each section of the plan; however this is mostly re-edited matter from standard templates. While you can always edit the text or add your own stuff, the pattern and phrases will continue to sound typical. On the other hand, the driving force behind a professionally crafted business plan is the customization with unique subject matter, tone and presentation. All you have to do is outline your business idea, vision and goals to the business plan consultant and the team will take it ahead from there.
Research: Only when a business plan is based on solid market research and analysis will it come across as realistic and compelling. While the plan writing team will conduct indepth research with latest tools and have access to the most up-to-date market data, plan writing software leave the onus on the entrepreneur to assess the market by conducting surveys, exploring the competition, testing the product/service and much more. Some paid software do provide access to industry profiles, ratios and other current data. But you yourself are charged with foreseeing possible business hurdles whereas professional consultants are well-equipped to anticipate potential challenges and design business strategies accordingly. Charts: Both business plan writers and software take care of the financial analysis and projections, be it cash flow, break-even levels or growth rates. The numbers are attractively presented as intuitive tables, graphs, charts, ratios and more. Here again, the entrepreneur has to input all the date himself in the software while the plan writers will be responsible for crunching the numbers and presenting them in a perceptive format. Time: Hiring a business plan writer is a long winded process as the business plan can take days or weeks of writing, editing and approvals before it is completely ready. Whereas, software-powered business plans make the work quicker and you can work as per your own timeframe. If needed, a business plan can be prepared with a day itself! Cost: While you can purchase a professional business plan software at a reasonable price, numerous free versions are readily available online. In contrast, getting a business planning consultant on board calls for a substantial investment running into hundreds of dollars.
In sum, both options of business plan software and business planning consultant have their own advantages and disadvantages. The final decision is yours – choose well based on your own abilities and industry requirements.