The Value Of A Business Plan Review
There is a great danger in allowing the first professionals who reads your business plan to be the funders you would like to convince to work with you
. If the plan isnt presented in the way funders desire and does not take into account their preferences and requirements, you may not get a chance to revise and be considered again by these individuals.There are four areas where it will be helpful to have professionals look at your plan. These can all be covered by an experienced business plan consultant, or can be handled by individual experts in these respective fields.
Writing Review
The format, style, and grammar of your business plan deserves a review by someone with business copy editing experience. They will look for ways to explain concepts more simply, to eliminate redundancies, and to change wording when it is awkward or includes words which will not be understood by some readers. Some of the help that a professional can provide is the same that having any separate pair of eyes check your document can. However, a professional can go beyond this because of their understanding of the tone and style that a business plan must strike.
Legal Review
You should review the legal implications of your business with a lawyer. He or she comment on the legal structure of your business, the legal liability issues with a business of your type, intellectual property issues, and any legal issues involved with making claims youd like to make to investors. For example, a private placement memorandum is a disclaimer used to present the risks involved with investing in your business to an investor so you are above the board in this regard. It may not be necessary for a lawyer to review the entire plan, but to instead consult on specific sections and the plans in general.
Accounting Review
The financial statements can be reviewed or even developed by an accountant. This is not a legal requirement, as these statements are not submitted to the SEC or IRS for a private startup company. However, an accountant can review the financial ratios your plan presents and hopefully compare these to their background in businesses of that industry. He or she can also verify that your financial statements are in the proper format and you are using accounting terms correctly. An accountant who expects a long-term relationship with your business may even offer this type of consultation free of charge.
Strategy Review
Finally, the business strategy, including marketing, operations, and hiring, can be reviewed by a business professional with entrepreneurial strategy experience. If this individual has been involved with startups or created business plans before, he or she may be able to save you from making costly mistakes by asking the type of questions investors will have before funding your company.
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