Choosing a Business Plan Consultant

25 Jun

Writing a business plan can be hard for most people, particularly when this is the first time. A business plan is crucial for a business to access funds or to develop a strategy to guide the business owner in handling the business. When prepared poorly, a business plan will not communicate clearly the company’s objectives, which are essential when formulating business strategies and attracting prospective investors or lenders. While some can effectively prepare a good business plan on their own, most business owners will be better off by hiring the service of a business plan consultant.

Qualities of a Good Business Plan Consultant

A business plan consultant must possess an expertise in preparing business plans. The internet has a wealth of information and consultant services, but it is better to find a person or a company who can deliver. As mentioned, a business plan done poorly will make things harder for the business to succeed or even access funding. Make sure that you are hiring a reputable consultant who has a good experience in preparing business plans in your industry. During your initial interview with the consultant, find out more about their experiences in preparing business plans that are similar to your situation.

Besides a good reputation, find a business plan consultant who has the ability to treat the project objectively. A business plan should provide realistic and practical analysis and projections in order to determine the soundness of the business. The business plan consultant must be able to prepare a business plan that will prove to be feasible and not tailored just to acquire funding.

While professional business plan consultants can be very serious about planning a business, it is also a good trait to be able to foster good work relationship with their clients. Business planning is not the sole responsibility of the consultant. Rather, the client and the consultant must work together to prepare an effective business plan. By combining the business owner’s knowledge in the industry and the consultant’s expertise in preparing a business plan, the endeavour would be a definite success.

Lastly, hiring a business plan consultant can be very expensive. Find out first how much most consultants charge for their services and determine if you will be able to afford it. Because preparing a business plan entails a huge amount of time and effort, most consultants will charge extra, depending on the size of the business and the projected amount involved. Set a reasonable budget that you can afford and discuss it with the consultant during the initial interview. This way, you will be able to make agreements that will be beneficial for the both of you.

Business planning can be tough job, but you can prepare your own plans if you are determined to learn how to prepare one. However, if you can afford it and the size of the project justifies hiring a consultant, then go ahead. Your business is at stake here, so make sure to give it the best support it needs for it to succeed. Remember, though, that finding the right business plan consultant is crucial in this endeavor.


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