Professional Business Plans: How To Create Them
Seeking the help of a professional when you create your business plan
, whether an accountant, lawyer, business plan consultant, or writer, is highly recommended. However, it is important to remember that throughout the development process you still have a key role to play. You can never truly outsource the creation of your business plan and must stay in control over the product that is created.Strategic Decisions
While consultants, lawyers, and accountants may have strong recommendations for how you should craft your strategy, the final decisions on strategy must come from you. Take the information these professionals bring to your attention and do your own research into alternatives for your marketing, operations, and overall business strategy. No one protects your interests like you do after all, and you should never follow the recommendations of an advisor blindly. After all, you are the one who will have to execute upon the plan. It is important that the business plan be the blueprint you intend to act upon. If the plan becomes just a sales tool built towards raising funds, you run the risk of misleading funders who expect you to deliver on what you write.
Familiarity With Research
Although writers or consultants who work on your plan may be the ones who do the legwork of market research for your plan, it is important that you be exceedingly familiar with the data that is used in the plan as well as data that supports it. You may be called upon to explain your assumptions and research to funders and, in this situation, you had better not answer by saying someone else wrote that
Accounting Basics
Although you may not understand entirely how your pro forma financial statements were put together, you had better understand what they mean and how they translate into cost and revenue targets you must attempt to deliver on. You should also know what type of compensation and profits you can expect if you hit these targets and make a decision about whether you are comfortable with this return for the work you are putting in and risk you are taking. To understand this much, you will need to know the basics of how the income statement, balance sheet, and cash flow statement function, as well as standard financial ratios on which you will be judged.
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