WHEN you are operating or planning a small business that is seeking funding for less than five million dollars, it's wise to consider writing your own plan. WHY you are the best qualified. You probably have superior knowledge of your target market, prospective customers and your product or service. If not "superior," at least, you have adequate knowledge. You are probably resourceful enough to find the necessary data and general information. Are you planning to write a novel or describing a set of business conditions and functions? Your descriptions need only to be accurate, factual and realistic. You are equal to the task if you know how to construct simple sentences. There's ample free or inexpensive advice available to edit your writing output. Good writing results from re-writing. Many of the business plan guides available in your local community are free. There are plan writing coaches with reasonable rates and arrangements. Compare the benefits from writing your own business plan with the costs and shortcomings of a plan written by a third party. 1. Personal development is a spinoff from your investment of time and energy. Being able to write a plan is a valuable management skill that remains with you. 2. During the writing process, you create additional ideas and variations. Your pride in your accomplishment will be apparent to your readers and others. 3. Your composition is easier and less costly to revise. Business plans are noted for quickly becoming out-of-date because data, circumstances and events are ever changing. Different lenders or investors have varying requirements and almost all request some alteration or additional information. Suggestions from associates and reviewers are easily inserted. Your visions remain adjustable and flexible. 4. Confidential data remains in YOUR files where you can easily access it for applying to other purposes. 5. You are more aware of discrepancies or inconsistencies which you can defend or correct. Your investor or lender may be able to supply privileged information such as economic analyses, highly protected marketing intelligence or pending legislation. 6. Ease in converting into internal project plans increases your return from your major writing investment and reduces "re-inventing the wheel" for subsequent projects or plans. Writing your own business plan requires a little courage. If you are operating or planning to operate your own business, it's a good bet you've got loads of that! The next requirement is time. Study the benefits listed here and I'm sure you will manage that accordingly. |
