If you read my previous article on various business plan
options available to Nigerian entrepreneurs, you’ll understand why I’m writing
this piece. I made a promise that I will expatiate on this topic with a review on
why you should choose either a professionally written business plan or self-written
business plan and I even went further to discourage my readers from ever
patronizing any business plan writer who specializes in selling
ready-made/already written business plans.
Today we are here to find out what makes professionally
written business plans and self-written business plans the best two options for
people seeking funding for their startups or expansion of their existing
businesses here in Nigeria. If you didn’t read that article you can follow this
link best
business plan options in Nigeria to find out more about the article.
Kindly note that in this article I am assuming that anyone
who wants to write his/her own business plan has exceptional research and
writing skills and can present a standard business plan at least to a reasonable
extent for it to be called a bankable business plan.
What makes
professionally written and self-written business plans the best options?
These two options from my experience are the best for Nigerian
entrepreneurs and I will give you 7 reasons why they stand taller than the
other available options;
1. They are both current with market/economic realities
The market situations in all economies change slightly over 5 to 10 years and drastically over 10 to 20 year periods such that certain trends, marketing approaches, market situations and buying factors which were relevant in the past suddenly start losing their relevance and influence on how the market will respond to a new product, market opportunity or strategy. Other business plan options don’t do much especially in researching the current and emerging market situation and economy to arrive at their assumptions.
2. They contain the most accurate assumptions and forecasts. Compared to all the other business plan options, these two options tend present more accurate assumptions and forecasts. This is very invaluable when preparing sales forecasts, financial projections and personnel planning.
3. They tend to contain more thorough analysis. Professionally written business plans and self-written business plans also have a meeting point in that they tend to be more thorough with analysis. Usually there are visits and revisits of ideas already penned down as the research begins to unearth new ideas, findings and data
4. Most precise research available. These two business plan options also tend to ask the most pensive research questions that will give the writer a solid direction and flow when carrying out market research especially in determining market size, consumer behaviours, competitive analysis and cost effective marketing strategies.
5. Offer plenty of room for corrections and improvements.
Due to the dynamic and open approach in clarifying facts, there are many opportunities to change, improve and even alter aspects of the business plan that don’t seem to measure up with realities on ground. Other business plan options are less flexible.
6. Achieve greater funding results.
From my experience, the business plans which achieve the best results in terms of receiving bank loans, attracting investors or achieve very concrete financial and marketing results are those written in person by either the entrepreneur or a professional business plan writer.
7. They are both tailored to your specific business need.
Unlike other business plan options which don’t consider your specific business needs, a custom made or self-written business plan looks at your specific business needs – the opportunity, your company setup requirements, corporate goals, growth strategies and personnel plan. The other business plan options fail to be customized satisfactorily in this way.
1. They are both current with market/economic realities
The market situations in all economies change slightly over 5 to 10 years and drastically over 10 to 20 year periods such that certain trends, marketing approaches, market situations and buying factors which were relevant in the past suddenly start losing their relevance and influence on how the market will respond to a new product, market opportunity or strategy. Other business plan options don’t do much especially in researching the current and emerging market situation and economy to arrive at their assumptions.
2. They contain the most accurate assumptions and forecasts. Compared to all the other business plan options, these two options tend present more accurate assumptions and forecasts. This is very invaluable when preparing sales forecasts, financial projections and personnel planning.
3. They tend to contain more thorough analysis. Professionally written business plans and self-written business plans also have a meeting point in that they tend to be more thorough with analysis. Usually there are visits and revisits of ideas already penned down as the research begins to unearth new ideas, findings and data
4. Most precise research available. These two business plan options also tend to ask the most pensive research questions that will give the writer a solid direction and flow when carrying out market research especially in determining market size, consumer behaviours, competitive analysis and cost effective marketing strategies.
5. Offer plenty of room for corrections and improvements.
Due to the dynamic and open approach in clarifying facts, there are many opportunities to change, improve and even alter aspects of the business plan that don’t seem to measure up with realities on ground. Other business plan options are less flexible.
6. Achieve greater funding results.
From my experience, the business plans which achieve the best results in terms of receiving bank loans, attracting investors or achieve very concrete financial and marketing results are those written in person by either the entrepreneur or a professional business plan writer.
7. They are both tailored to your specific business need.
Unlike other business plan options which don’t consider your specific business needs, a custom made or self-written business plan looks at your specific business needs – the opportunity, your company setup requirements, corporate goals, growth strategies and personnel plan. The other business plan options fail to be customized satisfactorily in this way.
What to
expect from Professionally Written Business Plans.
A Professionally written business plan usually involves the hired
professional business plan writer asking you background questions about your business
to serve as an initial guide in preparing your business plan. The procedure is
for him/her to use this information in preparing you a business plan which is
suited to your very business needs and with excellent research skills present
it a very persuasive way to command respect and action from the intended
target. The deadline for submitting a professionally written business plan
varies but should be anything from 5 to 20 working days.
What to Self-written
Business Plans
The self-written business plan on the other hand is a
straight forward thing since you already know your business, have industry information/data
and experience in organizing resources to achieve results for your business,
the only real challenge may be in terms of lacking analytical tools, finding
the right business plan format to work with, access to market research findings
and opinion of other consultants when criticism and review is needed to present
a final document. But an excellent research work can cover all lapses so that
in 20-40% of the time self-written business plan is just as good as a
professionally written business plan – it all boils down to the research skills
of the entrepreneur.
Professional or self-written Business Plans: Which Option?
I honestly cannot answer this question for anyone because if
as an entrepreneur you are really good at research and have excellent writing
skills the only thing stopping you is your busy schedule. If you have the time
to write it my advice is go ahead with it. If you lack the research or business writing skills
then it’s better to outsource your business plan writing to a professional –
with proven track records.
You can
hire such a business plan writer to prepare your custom made, bankable business
plans by simply calling: 0803 206 4106 or email: paulonwueme@gmail.com
No comments:
Post a Comment