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Monday, June 26, 2017

Professionally Written Business Plan versus Self-written Business Plan

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.

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