Business Plan Writing – Important Things You Should Know

BusinessmanBusiness plans are important documents that help businesses pitch their ideas to potential customers, creditors or investors. Business plan writing, thus, requires conciseness and precision. A well written business plan will articulate and highlight the company’s long term goals as well as its unique selling points. It is, after all, the only chance that a company gets to impress potential customers, creditors or investors and make them feel interested in its services or products. A successful business plan will have all the elements required to outdo one’s competitors. Thus the focus of a business plan should be to target the audience by answering their specific questions.

A business plan template is often used for business plan writing. This basically means writing the outline of the business plan. A business plan template helps in writing the basic structure of the business plan. Different businesses require different business plans. Thus, a business plan for a restaurant business is different than that for software or IT service provider business. Hence an expert business plan writer will recommend you against the use of a generic business plan structures. There are many books and web based materials, both paid and otherwise, that give sample business plans for hundreds of businesses. It is still better to hire the services of a business consultant or business proposal writer to write the business plan. This way one can get the perfectly customized business plan as per one’s business requirement.

The main components of a typical business plan are Executive summary, Company description, description of product or service that you are selling. It also includes market analysis, strategy of implementation, key members of the management team and financial plan layout including profit loss statement, break-even analysis and cash flow. Research has shown that even experienced entrepreneurs have made the mistake of not giving enough attention to business plan writing. As a result they have failed to achieve their long term goals. Hence it is a must to hire a professional business plan writer to do the job. Many entrepreneurs do not want to trust their ideas to unknown business consultant or a writer, hence getting the job done from well established firms is a must. If you do not write a good business plan, chances are that someone will launch a similar idea before you anyway.

A business consultant harnesses the necessary information by taking the time to get to know a company and its business. He will issue questions to the company to answer and these, when analyzed, will build an effective business plan writing formula. With years of experience in different industries, a good business consultant can show how you can maximize profits and minimize costs and at the same time introduce your company to important connections to bolster your business. The key things one should look for when hiring a business plan writer are Education, Experience, and Designation. One should take a look at the portfolio to see if they have done similar tasks before. Finally, references, cost that a writer charges and the association that a writer belongs to are also some points one should consider before signing up  for his services.

A business proposal is an important document that a seller presents to a potential buyer to answer the buyers’ specific questions or persuade him to select the sellers’ company for a product or service. Some business proposals may be large with a number of business consultants working on them, while others might be small, prepared by a single person. A proposal submitted to the Government may be different than that submitted to private companies. Also the business proposals may be of two different types: solicited proposal where the buyer/customer asks for the proposal or unsolicited one where you initiate the proposal without being asked for. Thus there are differences in proposal writing and an experienced business proposal writer can expertly write different forms of such proposals.

The key to good business plan writing or business proposal writing lies in answering the questions, “Who, What, Where, When, How and Why”. This way you can ensure that the proposal covers all the customer’s questions like identifying the key team members, and how they plan to go about the implementation of the project and also how much the project will cost the customer. By covering the important key questions a customer is bound to be impressed simply because your plan or proposal has answered all his doubts. This will give you a competitive edge compared to your competitors simply because you did a better job of answering all of the customer’s questions.

The five key elements of successful business plan writing are: Solutions, Benefits, Credibility, Samples and the right words. There should be a solid presentation as to how your customers can benefit from the Solutions your Company can provide. Also the proposal should show your company’s credibility using third party endorsements. Samples of jobs that you have done before can also go a long way in building customer confidence. Proposals and business plans are all about communication; thus using the right terms without too much of technical/financial jargon is the right approach.

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