Having a strategic business plan is encouraged for a multitude of reasons. A robust and well-thought-out business plan can convince investors that you’re serious, you understand the market, and you have a vision for how your product or service will succeed. It demonstrates that you mean, well, business.
For your business plan to pack all the punch it’s capable of, I believe using a single person to write the bulk of the content is the most effective strategy. After all, the purpose of a business plan is to craft, streamline, and simplify your systematic approach to success. The more people involved in this planning process, the less straightforward it gets. Here are a few reasons I think less is more when it comes to trusted help.
1. You need to stand out.
Investors read hundreds of business plans a week. And quite frankly, most are not ready for the big leagues. The uniqueness of your idea needs to be compelling; it needs to demand a second look. Writing a plan that engages investors while succinctly explaining your badass potential is not an easy task. It comes through in the word choice, design, overall story arc and more. And while I’m sure you’re fantastic at whatever you do, unless it’s business plan consulting, consider outsourcing. This person will do the “heavy lifting” so you can focus on other priorities, such as building your team and honing your product.
2. You need objectivity.
One thing you’ve probably considered is writing the plan yourself. After all, who better conveys your company’s ethos and outlines the plan of action than the leader? You have the passion, the fire in your belly. It should be all on you, right? Well, maybe not. I believe business plans are too necessary to write yourself. First of all, some ideas aren’t that great. It would be best if you had someone to look at what you have in mind and refine it before you go into a boardroom. Second, it is possible to care too much about a project.
Your proximity to the goal can blur essential considerations. Would you go to court without a lawyer or file taxes without an accountant? Would you aim to be an Olympian without a coach? Probably not. So why would you consider approaching investors without consulting with a business expert? Of course, your involvement is necessary. The person you choose to develop the plan needs to understand your vision thoroughly, mission statement, financial situation, etc. Full transparency will be required to enable them to write a plan that works. There is no point in drawing up a fluffy, homerun business plan that isn’t feasible for your current situation.
3. The more, the … less merry.
Having one business plan expert in your corner allows for smooth communication and a higher chance of developing a plan that is suited to you. When you cloud the creative process with additional input (whether from your team or the business planning experts), the goal can feel further away rather than closer.
In a one-on-one meeting, you can expect initial discussion(s) regarding your needs and the preparation of an agreement. Details will be poured over in additional meetings, ensuring both parties understand and agree on all significant elements of the plan. Your pitch will be one of the essential elements, and your hired expert will craft and review this with you to ensure that all facts, figures, and financial projections are accurate and ready to present.