Writing your own business plan can be a valuable exercise. But sometimes you're better off outsourcing your business plan to a professional.
To guide your decision, we've compiled a list of common small business scenarios that might make a business plan writing company a more appropriate option than writing your business plan yourself.
Reasons to Outsource Business Plan Writing
- Too Inexperienced. Don't fool yourself. The quality of your business plan will have significant ramifications for your business. If you don't know what you're doing or if you lack the confidence to deliver a top notch strategy, the process of writing a business plan will be frustrating and ineffective. Professional business plan writers can create a quality end product – but they can also show you how it's done so next time you might feel more equipped to do it yourself.
- Too Experienced. Too experienced to write your own business plan? It can happen, especially if you have always handled your own business plan and strategic planning documentation. Stale business plans don't produce. But outsourcing your business plan can deliver new ideas and fresh perspectives to your business plan, not to mention your business model.
- Too Biased. As a small business owner, you are too biased to provide an objective analysis of your company's current condition and future prospects. The need for unbiased analysis alone should be reason enough to look outside the company for help in writing your business plan. Even if you decide to write your own business plan, common sense dictates hiring an outside consultant to offer an unbiased analysis of your plan.
- Too Short-Staffed. A team approach is usually the best approach for writing a business plan. If you are already short-staffed, it could be difficult to involve others in the business plan process. If that's the case, you can use a professional business writer to augment your team. Although you can still be integrally involved in writing the business plan, outsourcing can give you the ability to incorporate additional perspectives into the business plan.
- Too Busy. Time constraints are the number one reason most entrepreneurs outsource their business plan writing. The process of creating the kind of business plan that makes an impression on investors takes time, and business plan writing companies are a convenient way to increase the number of hours in your day.