There is no multiple choice when it comes to the question “Do I need a business plan? The answer is, and always will be, an emphatic and resounding “Yes!” The question that does have an option is “Should I hire professionals to formulate a business plan for me, or try it on my own?” The popular answer is to go the DIY method . The general thinking is that it saves time and money because you are not paying a business plan consultant and you know your own business better than anyone – certainly well enough to explain your plan. That is not always true!
What you have to consider first is not just the cost of hiring someone to create your business plan in dollars, but in opportunity cost as well. If you are spending a significant amount of your time working on your business plan, you are also potentially missing out on opportunities. You are likely putting off or delegating duties you normally assume. Either way, business suffers when you are not focused on the job at the helm.
A business plan consultant can come in and do it all for you. They are used to the process because they are always working on plans for someone – it’s their business! They already know every tip and trick in the book to make you look good and provide you with a well polished, comprehensive business plan that will withstand even the most intense scrutiny. Perhaps you can do a serviceable job of creating a business plan on your own, but for something so important, why settle for serviceable?