Writing a Business Plan

Common Mistakes When Outsourcing Business Plan Writing

The decision to outsource the creation of your company business plan could be the beginning of your problems . . . Unless you know the most common mistakes entrepreneurs make when they turn their business plan writing over to a professional.

There is no shame in hiring someone else to write you business plan.

In fact, with competition for investment dollars at all time high it makes a lot of sense to outsource your business plan to a firm with the expertise to create a business plan that appeals to potential investors.

But the decision to outsource the writing of your business plan doesn't outsource your responsibility for making sure the job is done right.

At a minimum, you should avoid the most common mistakes small business owners make when they decide to trust an outside firm to write their business plans:

• Going Cheap. Even though cashflow is tight, you need a business plan right now. Your first instinct is to contract with the most affordable company you can find - but that's a big mistake. Without a quality business plan your business will never be able to achieve its growth potential. Cost can be a consideration, just not your first one.
• Bad Fit. When you outsource your business plan, it's important to find the company that is the right fit for your business. From business philosophy to industry experience, everything is a factor in deciding whether or not a business plan writer can deliver a plan that accurately represents both you and your company.
• No References. Client references are still the most effective way to assess the competency of a business plan writing company. What you hope to find are satisfied clients who can't say enough about how the business plan writer delivered a quality product on time and on budget.
• Total Disengagement. It's vital for the business owner to remain involved throughout the business plan writing process. Unfortunately, a lot of business owners completely remove themselves from the process and the result is an ineffective, disjointed final product. If your business plan writing company doesn't keep you in the loop, you will have to take the initiative and insert yourself into the process - even if it means irritating your business plan writer.
• Inaccuracies & Unrealistic Projections. No matter how unprepared you feel to write your business plan, never forget that you are the expert when it comes to your business. If you aren't comfortable with the forecasts, projections or other material that appears in your business plan, address your concerns with the business plan writer instead of automatically assuming he is more informed than you are.

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